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The growth in the global artificial lift market is driven by the need for swift and efficient production of oil and gas. Owing to rapid industrialisation and urbanisation, rapidly growing demand for fuel is driving the need for utilisation of artificial lifts by companies for boosting the efficient oil production. Moreover, the advancing technologies for artificial lift such as multiphase gas-handling pumps, and web-based monitoring services are expected to aid the growth. However, high initial capital cost, regular maintenance cost and lack of skilled labour to operate the lift may constrain the growth in the forecast period.