PORTLAND, Oregon and PUNE, India, November 17, 2016 /PRNewswire/ -- According to a new report published by Allied Market Research, titled, " Artificial Lift SystemMarket -Global Opportunities Analysis and Industry Forecast, 2014 -2022", the artificial lift system market stood at $16,449 million in 2015 and is expected to reach $34,569 million by 2022, registering a CAGR of 11.4% during 2016-2022. North America held two-fifth share in the world artificial lift system market in 2015, and is expected to grow at a CAGR of 9.6% during the analysis period. (Logo: http://photos.prnewswire.com/prnh/20140911/647229 ) Summary of the Artificial Lift System Market Report can be accessed on the website athttps://www.alliedmarketresearch.com/artificial-lift-system-market Artificial lift system market holds promising growth potential, with crude oil prices fluctuating drastically the oil extraction companies are forced to optimize their spending. The fluctuations in oil prices affected the profitability of the company. Hence, in order to ensure the financial targets in position, the companies are cutting their operation costs, of which drilling is integral part. Using artificial lifts in order to achieve oil production targets is a cost efficient alternative against the prospect of drilling a new well. The trend of modernizing the oil wells with artificial lift systems would grow in the coming year or two as a measure to improve the efficiency of operating companies. The market for artificial lifts is primarily driven by increased demand of energy sources and maturing oil fields. Other factors that drive the market are increasing deep/ ultra-deep offshore oil production activities. However, some of the restraints associated with its business attractiveness are a higher project cost as compared to conventional systems and a lack of skilled workforces. This results in a limited impact due to the ability of increasing extraction by artificial lift systems. Additionally, rising subsea drilling activities should contribute to artificial lift adoption in a greater sense.