The global artificial lift system market size was US$ 25.3 billion in 2021. The global artificial lift system market is forecast to grow to US$ 51.3 billion by 2030 by registering a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
Artificial lift is a technique used to lower bottom hole pressure (BHP). A positive-displacement downhole pump, such as a modern progressive cavity pump (PCP), can be used to reduce the running pressure at the pump intake. It can also be made using a downhole centrifugal pump as part of an electrical submersible pump (ESP) system.

Factors Influencing the Market
The artificial lift is primarily used to generate flow from a well where no flow occurs. Further, it is widely used to enhance the flow from a well. Such application of artificial lift systems will primarily drive the growth of the market.
Increased output of oil and gas from unconventional sources will substantially develop the demand for artificial lifts. Further, rising global demand for energy and the growing depletion of traditional oil and gas sources will trigger the demand for artificial lift systems in the coming years.
Growing investments by key players will also contribute to the growth of the artificial lift system market. In addition, the presence of recoverable shale gas in various places to generate sufficient opportunities will also benefit the artificial lift system market during the study period.

Artificial lifting techniques are used in horizontal shale gas-producing wells to lift the accumulated fluids in the well and help maintain good output. Most new fields and older fields require some sort of artificial lift to produce output. As a result, artificial lift in almost all wells is routinely adopted by all major corporations. On the contrary, the high cost associated with the installation of artificial lift systems may limit the growth of the market.

COVID-19 Impact Analysis
Because of decreased activity in reservoirs, the COVID-19 pandemic had a negative impact on the growth of the artificial lift system market. The oil and gas industry has been hampered by price volatility. The COVID-19 crisis disrupted oil demand and impacted a wide range of industries, including coal and renewable oil and gas. Thus, the global artificial lift system market witnessed a sharp drop due to the COVID-19 pandemic.

Regional Analysis
On the basis of Region, North America is forecast to hold the largest share in the artificial lift system market, owing to the rising demand for artificial lift operations in various aging oil wells. In addition to that, the growing inclination from conventional sources to unconventional sources will also benefit the artificial lift system market during the study period.

Competitors in the Market
General Electric Company
Man Diesel & Turbo SE
Ebara Corporation
Mitsubishi Heavy Industries Compressor Corporation
Atlas Copco Energas GmbH
Solar Turbine Inc.
Burckhardt Compression Holding AG
Ariel Corporation
Neuman & Esser Group
Hitachi, Ltd
Other Prominent Players

Market Segmentation
The global artificial lift system market segmentation focuses on Lift, Component, Application, Mechanism, Well Type, and Region.
By Lift type
Pressurized Water Reactor (PWR)
Electric Submersible Pumps
Gas lift
Progressing Cavity Pumps
Jet pump
Others
By Component
Pump
Motor
Cable System
Controller
Others
By Application
Onshore
Offshore
By Mechanism
Pump Assisted
Gas-Assisted
By Well Type
Horizontal
Vertical
By Region
? North America
o The U.S.
o Canada
o Mexico
? Europe
? Western Europe
o The UK
o Germany
o France
o Italy
o Spain
o Rest of Western Europe
? Eastern Europe
o Poland
o Russia
o Rest of Eastern Europe
? Asia Pacific
o China
o India
o Japan
o Australia & New Zealand
o ASEAN
o Rest of Asia Pacific
? Middle East & Africa (MEA)
o UAE
o Saudi Arabia
o South Africa
o Rest of MEA
? South America
o Brazil
o Argentina
o Rest of South America