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Artificial Lift Systems Market Growth Analysis | 2023-2028
Artificial Lift Systems Market Size, Share, Trend, Forecast & Industry Analysis: 2023-2028
The artificial lift system market is expected to witness an impressive growth of 7.2% CAGR in the foreseeable future.
The Artificial Lift Systems Market was estimated at US$ 9.82 billion in 2022 and is expected to reach US$ 14.98 billion in 2028.
Schlumberger, Halliburton, Weatherford, Borets, General Electric, National Oilwell Varco, JJ Tech, Aker Solutions, NOVOMET, BCP Group, Occidental Petroleum, Shengli Oilfield, Canadian Advanced ESP, PCM, Elkam, APC, Petrolift, Rimera Group, and ChampionX are among the key players in the artificial lift system market.
North America is expected to be the largest artificial lift system market during the forecast period.
Onshore application is expected to remain the major application type in the artificial lift system market over the next five years.
Electrical submersible pumps are expected to dominate the artificial lift system market in the coming years.