Artificial Lift Market growing at a CAGR of 3.9%,Size, Share & Forecast 2024-2030

As per Intent Market Research, the Artificial Lift Market was valued at USD 6.9 billion in 2023-e and will surpass USD 9.0 billion by 2030; growing at a CAGR of 3.9% during 2024 - 2030. The Artificial Lift Market refers to the industry that encompasses the technologies and methods used to enhance the production of oil and gas from wells. Artificial lift systems are employed when the natural pressure in an oil well is insufficient to push oil to the surface. The primary function of artificial lift methods is to increase the flow of oil and gas to the surface when reservoir pressure is too low to sustain production.