Increasing number of mature fields coupled with upsurge in demand for refined petroleum products will accelerate the North America artificial lift systems market growth. Accelerating investments toward development of deep and ultra-deep offshore areas along with shifting trends toward shale plays will foster the business landscape. Robust growth in crude oil and natural gas consumption along with upsurge in research & development activities will foster the industry growth.

Ongoing technical advancements including data analysis & management, and wireless technologies will positively influence the product adoption. A sturdy growth in aging fields accompanied by lower exploration rates of newer oil fields will boost the industry outlook. Furthermore, increasing focus on technological advancement is diverting the industry toward automation and customization of various well redevelopment services, which has further enhanced the industry outlook.

Sucker rod pumps is anticipated to witness growth owing to its low installation cost, simple design, and better efficiency while its utilization in shallow to moderate depth wells.  Additionally, its ability to lift high temperature oil along with their high efficiency of around 55% to 65 % will propel the business landscape.

Onshore artificial lift system market is anticipated to grow on account of wide availability of heavy oil reservoirs along with ongoing recovery of crude oil prices. In addition, growing number of matured wells coupled with low investment requirement toward the development of aging fields will complement the business outlook. Furthermore, increasing funding toward shale reserves along with presence of big players across the region will provide favorable business scenario for industry expansion.

Increasing energy consumption along with upsurge in existence of low pressure oil wells will boost the U.S. artificial lift system market size. Growing focus toward Lower 48 reserves coupled with upsurge in number of matured fields will boost the industry growth. In addition, recovering oil prices along with favorable regulatory policies has further augmented the business outlook. According to BP Statistical Review, the crude oil consumption across the U.S. accounted for 19,400 barrels per day when compared with 18,136 barrels per day in 2014.

Electric submersible pump market is set to grow on account of its capability to produce crude oil at high flow rates, smaller surface area requirement, effective corrosion handling capacity, and its ability to operate at an intake pressure of lower than1 MPa. In addition, better feasibility of these systems in the offshore areas along with its utilization in deviated wells will foster the industry outlook.

Key players operating across the artificial lift system market include Schlumberger, Occidental Petroleum, Weatherford, General Electric, National Oilwell Varco, Halliburton, BCP group, Borets, GE Baker Hughes, AccessESP and Valiant. The industry players are focusing toward inorganic growth ventures and to enhance their business presence across the region.