Artificial lifts are deployed in oil wells to enhance the pressure within the reservoirs, to bring the oil to the surface. These machines are used to recover oil from reservoirs that are witnessing a reduced pressure due to the constant extraction.These lifts can be gas-assisted or pump-assisted. Currently, oil companies are preferring pump-assisted artificial lifts over gas-assisted variants as the former can increase the bottom-hole pressure of the tube string.

Thus, the increasing oil and gas production from unconventional sources, owing to the rapid depletion of conventional reserves, will fuel the deployment of artificial lifts across the world. This shift toward unconventional sources can be attributed to the burgeoning energy demand on account of the booming population and soaring automobile sales. These reserves require artificial lifting systems for exploration and production (EP), to overcome the challenge of the low pressure of such oil reserves.

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Globally, the North American artificial lift market generated the highest revenue during the historical period (2013–2017), and it is expected to continue this trend throughout the forecast period. The dominance of North America can be primarily ascribed to the presence of established players in the U.S. and Canada. Additionally, the increasing number of mature oil fields in the U.S. and rising preference for unconventional oil and gas reserves over traditional fields will support the market growth in the region.

Therefore, the increasing number of mature oil fields and rising availability of recoverable shale gas reserves will augment the global demand for artificial lifts.