The rising demand for oil and gas production across the globe is one of the major factors that is influencing artificial lifting systems. These systems are designed to improve the extraction from the oil well where natural pressure is almost negligible. This in result has propelled the global downhole hydraulic pumps market. It is noticeable that recovery of hydrocarbon is quite challenging in an offshore oil well environment. This notably has intensified the demand for downhole hydraulic pumps in a mature oil well industry. Owing to this growing demand the downhole hydraulic pumps market is experiencing major boost in coming years.
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Moreover, rising demand of versatile artificial lift technologies in mature oil well industry is expected to bolster the global downhole hydraulic pumps market in coming years. The benefits such as easy installation, reduced cost of oil extraction and flexible pumping applications have also boosted the growth of global downhole hydraulic pumps market.
Growing Prominence of Jet Pumps to Fuel the Growth of the Market
Growing popularity of the jet pumps in the oil and gas industry to extract oil from mature well is expected to boost the growth of the market of downhole hydraulic pumps. The major reason for this rising popularity of the jet pumps in global downhole hydraulic pumps market are the factors such as improved performance, easy availability, and rising inclusion of bottom-hole assemblies. Furthermore, the demand for pumping high-viscosity crude or natural gas in mature wells in order to reduce the downtime is yet again influencing the growth of global downhole hydraulic pumps market.
However, heavy investments required to install hydraulic pumping systems from oil rigs may hamper the growth of the global downhole hydraulic pumps market. Nevertheless, recent technological advancements and introduction of cost effective installation services by various businesses is expected to support the global downhole hydraulic pumps market in coming future.
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