Albany, NY -- (SBWIRE) -- 05/31/2018 -- Since the 1930s, hydraulic pumping is commonly practiced for deploying artificial lifting systems. Downhole hydraulic pump refers to equipment serving as an artificial lift pumping system, which relates to usage of an artificial technique to lift fluids including water and oil, to the surface. A downhole hydraulic pump is used as an alternative to the sucker rods and other conventional methodologies, which also performs the similar task. In the current era, rise in demand for oil and gas products is increasing the extraction of oil from wells, and so the usage of downhole hydraulic pumps has increased to perform the extraction properly.

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The fundamental reason for the significant growth of the global downhole hydraulic pump market is prominent usage of artificial lifting systems. Demand for artificial lifting systems is increasing owing to efficient recovery of oil and gas from reservoirs, by the use of this system. Technological advancements being carried out in the downhole hydraulic pumps is leading to the replacement of existing conventional pump systems. Downhole hydraulic pumps also offer flexibility in functionality such as varied range of pumping rates with fluid control on the surface. Along with adequate functionality, the downhole hydraulic pump also offers some extra benefits, as it uses a power fluid due to which the pump injects chemicals to control corrosion, diluents for reducing the viscosity of the produced fluids, and fresh water to dissolve salt.

The efficient working capability of the downhole hydraulic pump makes it work even for crooked and horizontal hole operations in which other artificial lift methods do not work efficiently. One primary challenge of the downhole hydraulic pump market hindering its growth to some extent is high energy cost associated with the equipment. Design advancements are being conducted to improve the use of the downhole hydraulic pump in heavy-crude oil reservoirs, and thus players are given new sets of opportunity to bring innovation to the market.

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The global downhole hydraulic pump market can be segmented on the basis of product type and region. On the basis of product type, the global downhole hydraulic pump market can be segmented into reciprocating pumps and jet pumps. In case of reciprocating pumps, the back and forth movement of the piston delivers a definite volume of fluid to the system. Jet pumps are the pumps which can interchangeably fit into bottom hole assemblies (BHAs), designed for stroking pumps. Jet pumps are preferred if the pumping bottom hole pressure(BHP) is more as the pressure drawdown capability of the jet pump is inferior as compared to the reciprocating pump. Reciprocating pumps have more maintenance cost as compared to jet pumps as pump seeds need to be monitored daily, with an aim to keep it moderate