Companies are taking innovative approaches to traditional systems. Oil and gas wells needed artificial lift long before the market crashed in 2014 and still needed them afterward. Like other sectors of the industry though, the artificial lift market took a hit. A report issued this year by Westwood Energy stated that worldwide expenditures for artificial lift fell from nearly $16 billion in 2014 to about $9 billion in 2016 - a 43% drop.
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