Market Size of North America Artificial Lift Systems Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.50 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Artificial Lift Systems Market Analysis
The North American artificial lift systems market is expected to register a CAGR of more than 5.5% during the forecast period 2022-2027. North America was one of the worst affected regions due to the COVID-19 pandemic and implemented large-scale lockdowns and enacted bans on citizens' freedom of movement. As a result, oil and gas companies reduced their output significantly, which further slowed down the value chain, and resulted in a negative economic impact. Factors such as increasing demand for energy, technological advancements, and increasing exploration activities are expected to drive the artificial lift systems market in North America. The growing concerns over environmental pollution and the shift toward the renewable sector for energy generation are likely to hinder the market growth during the forecast period.
The offshore applications segment in North America is expected to witness significant demand in the artificial lift systems market during the forecast period.
Growing investments in R&D activities by private players and government entities, along with technological advancements like real-time data analysis and management, are set to create new opportunities and propel the industry to new levels over the coming years.
The United States accounts for more than 60% of crude oil production and more than 90% of the wells required for artificial lift systems from the very beginning. Hence, it is the largest market for artificial lift systems in North America.
