According to the research report titled ‘North America Artificial Lift Systems Market Size By Technology, By Application, Industry Analysis Report, Regional Outlook (US, Mexico), Competitive Market Share & Forecast, 2021- 2027’, available with Market Study Report, North America artificial lift systems market is expected to register considerable growth during 2021-2027.
 

Increasing shale oil production coupled with growing demand for petroleum products are some of the primary growth stimulants of North America artificial lift systems market. Escalating investments towards development of offshore production sites and rising number of maturing oil fields are also aiding towards the market expansion.
 

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Collective inclination towards developing brownfields since they require relatively low investments, increasing R&D investments and subsequent technological breakthroughs are stimulating North America artificial lift systems industry outlook.
 

In terms of technology type, the report states that progressive cavity pumps segment is likely to accrue notable returns for the overall market in the ensuing years. Improving cognizance regarding the beneficial attributes associated with the technology such as ease-of-use, low maintenance cost, improved efficiency, compact size, high reliability and sand cut ratting have augmented the demand for progressive cavity pumps in North America.
 

Based on application spectrum, North America artificial lift systems industry size from offshore segment is likely to expand significantly during the study duration. Focus towards opting for unconventional oil reserves over conventional wells coupled with increasing number of drilling operations in deep as well as ultra-deep offshore regions are adding traction to the overall market size.
 

Highlighting the regional scope, Canada artificial lift system industry share is expected to register substantial growth during the forecast period, owing to increasing production as well as consumption of crude oil and maturing oil fields. Technological advancements and increasing awareness regarding environmental benefits are also fueling the regional market growth.
 

AccessESP LLC, Canadian Advanced ESP Inc., Occidental Petroleum Corporation, BCP Group, Aker Solutions ASA, NOV Inc., Borets International Ltd., Weatherford International plc, Halliburton Company, Schlumberger Limited, and General Electric Co. are the key participants in North America artificial lift systems industry.