San Francisco, California, Sept 05, 2017: The growing need for oil and gas production world over is a key factor boosting the application of artificial lifting systems to improve hydraulic pumping in extraction wells. This has driven the evolution of the downhole hydraulic pumps market. The imperative for maximizing hydrocarbon recovery in a variety of challenging oil well environments, notably offshore, is a key factor driving the market. The intensifying demand for improving extraction in mature wells by the use of artificial lift systems, coupled with the need for prolonging the life of oil wells, is a key factor propelling the demand for downhole hydraulic pumps among exploration and production (E&P) companies. A new report by TMR Research, titled “Downhole Hydraulic Pumps Market – Global Industry Analysis, Market Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025”, offers elaborate assessment of such trends and factors shaping the market dynamics in the coming years.
The growing demand of versatile artificial lift technologies that need less maintenance is bolstering the uptake of downhole hydraulic pumps among E&P companies. The advent of robust artificial lift technologies in downhole hydraulic pumps that offer easy installation and flexible pumping operation has boosted the market. In addition, these systems have enabled E&P companies to augment the volume of hydrocarbon production, in onshore as well as offshore oil production. The preference of downhole hydraulic pumping systems over other artificial systems is attributed to their suitability in crocked and horizontal oil gas operations in offshore oil locations and environmentally challenging conditions.
The rising prominence of jet pumps that enable E&P companies in extracting high volumes of oil and gas, especially for abrasive well fluids, is anticipated to catalyze the demand for downhole hydraulic pumps in various developed and developing regions. The rising inclusion of bottom-hole assemblies in jet pumps has improved the performance of these systems. Furthermore, the need for pumping high-viscosity crude or shale gas in maturing wells and for decreasing well downtime are crucial factors stimulating manufacturers to design robust systems.
The high investment required to install hydraulic pumping of systems from rigs is a key factor likely to hinder the market to an extent. Nevertheless, recent design advancements in downhole hydraulic pumps have led to the advent of advanced downhole hydraulic pumps that can improve extraction in heavy-crude oil reservoirs, thereby opening up exciting avenues for market players.
Regionally, North America is a prominent market for downhole hydraulic pumps, primarily attributed to the vast uptake of artificial lifting systems in deep-water rigs. The increasing number of shale gas explorations in Europe and Asia Pacific are expected to boost the regional markets. Some of the key players operating in the market are Lufkin Industries Inc., GE Energy, Baker Hughes Inc., Schlumberger Limited, and Weatherford International Ltd.
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