Global Artificial Lift Market is Estimated to Reach $36.4 Billion By 2024, Says Variant Market Research
Global Artificial Lift Market is estimated to reach $36.4 Billion by 2024 with CAGR of 10.7% between 2016 and 2024. Artificial lifts are primarily used in the oil & gas industry to lift oil production in reservoirs. When the naturally determined reservoir, energy is inadequate to push the oil to the surface, these artificial systems are employed to recover the productivity of the well. The market is expected to witness considerable growth, which is attributed to the increase in heavy oil & shale gas production worldwide.
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