New York, United States , Nov. 27, 2023 (GLOBE NEWSWIRE) — The Global Artificial Lift Market Size is to grow from USD 6.87 Billion in 2022 to USD 10.61 Billion by 2032, at a Compound Annual Growth Rate CAGR of 4.4% during the projected period.The global artificial lift market is divided into four types: ESP, PCP, rod lift, and gas lift. The rod lift segment, among these, is projected to expand at the fastest rate in the global artificial lift market during the forecast period. Rod lift, also known as sucker rod pump, is a mechanical lifting method that uses a string of rods connected to a pump at the bottom to lift fluids to the surface. This method is adaptable and cost-effective, and it can be applied to a wide range of well types.The global artificial lift market is divided into onshore and offshore segments based on application. The onshore segment is expected to account for the majority of the global artificial lift market during the forecast period. The use of lift technologies in land-based wells is referred to as onshore artificial lift. This segment includes both mature and newly developed fields, as well as a diverse range of well types ranging from conventional to unconventional.
(GlobeNewsWire)