The global artificial lift systems market is expected to reach USD 29.61 billion by 2022, according to a new study by Grand View Research, Inc. The market is poised for steady growth owing to surge in technological advancements and innovations in order to provide efficient solutions. Recent developments reduce lifting costs through system components, which resists hostile environment, improve reliability, and optimize power usage. Industry players invest heavily in R&D to provide systems that can be easily used in harsh environmental conditions such as high temperature well and ultra low volume wells. Saudi Arabia significantly pursues oil & natural gas drilling programs due to increasing domestic energy consumption. Due to increasing industrialization and construction activities in India, demand for fuel is rising at a faster pace, which is expected to drive artificial lift systems industry growth over the forecast period. African countries continue to drive oil & gas production,
http://www.grandviewresearch.com/industry-analysis/artificial-lift-systems-market
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