ID: MRFR/E&P/6972-HCR | 111 Pages | Author: Priya Nagrale | June 2023
Pump Jack Market is expected to grow at a CAGR of 5.02% during the forecast period (2022-2030)
The global Pump Jack Market is expected to reach the highest CAGR of 5.02% from 2022 to 2030, due to increase in the adoption of pump jacks in oilfield operations.
A pumpjack is a component that consists of the pump in an oil well and motors above the surface. It is also called beam pump, oil jack, and nodding donkey, which extracts crude oil from an oil well. It is used in oil wells when the pressure in the oil well is insufficient to lift oil to the surface. A pumpjack is used to increase the production from the well. The pumpjack market provides detailed information on the utilization of pumpjacks in onshore and offshore applications in affluent oil areas. The major drivers of this market are increasing automation for oil extraction, advancement or innovation in performance in pump jack units, and an increasing number of mature onshore oil fields as onshore oil drilling is more cost-effective compared to offshore oil drilling.
The growth of the global pump jack market is driven by a rise in demand for pump jacks from oilfield exploration and production across the globe. However, limitations of offshore well, high maintenance costs, ample space required, and rapid development of the electric vehicle industry are the key factors hampering the market's growth. On the contrary, the rapid transition from conventional fuel-based power generation to renewable energy generation and the rise in the use of electric vehicles for transportation are anticipated to provide lucrative growth opportunities for the key players to maintain their position in the global market in the upcoming years.
The COVID-19 pandemic spreads all over the world and impacted people physically, mentally, and financially. Almost all the business sectors are impacted by the pandemic severely. To control the spread of the coronavirus, the governments of different countries imposed lockdowns, the shutdown of industries and manufacturing companies. The manufacturing companies face challenges like lack of raw materials and shortage of labor and supply chain disruptions.
The pump jack market was also drastically impacted by the pandemic. Due to the lockdowns, manufacturing of pump jack is halted and hence the demand for the pump jack is declined. After the lift of lockdowns, rapidly the growth of the market is increased.
Growing matured oilfields and several advantages of pump jacks in the primary recovery of hydrocarbons are the major driving factors that propel the growth of the market. The existing oilfields are produced in the mature stage and extracting oil from this mature field is highly typical for primary and secondary oil recovery techniques. Pumpjack can simply solve this problem and is of low cost. Nearly two-thirds of the oil wells in the world are still using pump jack systems.
The global rise in the demand for crude oil is driving the global pump jack market. Renewable power sources are used in various places. But traditional fuel products are favored over renewable power sources. Growing need for saving from the situation of reduced reservoir pressure. Hence the production rate of oil from an oil well is reduced which is boosting the growth of the market.
Pump jacks should not apply to deep and ultra-deep wells. Apart, these pump jacks are not considered for offshore applications. These factors are hindering the growth of the market.
Rising the adoption of pump jacks in oil field operations is creating an opportunity to propel the growth of the market. Pump jacks are manufactured by major key players which are highly efficient and offer various benefits to oilfield operators. The prominent key players are continuously researching for designing innovative devices that include pump jacks also to eliminate the oilfield hazards. They introduced innovative curved beam pumping units in line with advanced pump jack devices that eliminate technical challenges like mechanical wear & tear, risks in oil fields, and inefficient pumping. These innovations boost the growth of the market.
Increasing adoption of alternative lift techniques and energy sources, and up and downs in prices of oil and gas are the challenges of the pump jack market growth.
The global pump jack market has been divided into segments based on Well type, weight, application, and region.
The global market based on the Well type is bifurcated into the vertical well and horizontal well. Due to the increasing demand for crude oil in North America, the vertical well segment is holding the largest market share. Pump jacks are commonly used in vertical wells efficiently and with low-cost installation methods and hence it is expected to grow at a significant CAGR during the review period. Owing to the increasing number of matured oil fields, the pump jack market is predicted to hold the highest growth rate.
By weight, globally, the market weights are trifurcated into less than 100,00 Lbs, 100,000Lbs to 300,000 Lbs, and more than 300,000Lbs. Among them, the weight of the 100,000 Lbs to 300,00 Lbs jack pump is predicted to dominate the market share for its widespread use in the oil well with an average depth of about 5,500ft- 7,000ft.
By application, the global market is categorized into two types as onshore and offshore. Among them, on-shore application dominates the largest pump jack market share because the pump jacks are commonly used for on-shore wells that create around 5 to 40 liters of fluid on each stroke. Additionally, on-shore fields require simple repairs and maintenance.
Region-wise, the global market is classified into five geographical regions such as Europe, Asia-Pacific, North America, South America, and the Middle East & Africa. North America is expected to hold the largest share due to the growing exploration it helps in extracting the oil out from the well.
Geographically, the pump jack market based on regions is divided into five main regions like Asia-Pacific, Europe, North America, South America, and the Middle East & Africa. Out of these regions, North America is holding the largest market share owing to the growing exploration helps in extracting the oil from out of the well. According to the report of the US Energy Information Agency (EIA), in 2017, an increase in oil production in the US due to high oil prices leads to an increase in exploration.
The prominent key players in the pump jack market outlook are the following:
This global pump jack market research includes the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the market drivers, restraints, challenges, and opportunities. The global market forecast segments are Well Type, weight, application, and region. The insights about the Pump Jack global market given in this report will surely help you evaluate the market growth in the upcoming years. Also, the detailed competitor’s analysis helps in knowing about the key players in this market and the growing trend of their market business in the upcoming years.
|Market Size||2025: USD 4,281.0 Million 2030 : Significant value|
|CAGR||5.02% CAGR (2022-2030)|
|Forecast Period||2022 to 2030|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Weight, Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Schlumberger Limited (US), Weatherford International (US), Dover Corporation (US), Tenaris S.A. (Luxembourg), Hess Corporation (US), Dansco Manufacturing, Inc (US), L S Petrochem Equipment Corporation (US), Pentag Gears & Oilfield Equipment, Ltd (UK), Star Hydraulics (UK), National Oilwell Varco (US), Borets International (UAE), Halliburton (US), and General Electric Company (US)|
|Key Market Opportunities||Increase the adoption of pump jacks in oilfield operations|
|Key Market Drivers||Increasing matured oil fields Growing pump jack industry|
The pump jack market will be gaining a valuation of USD 4,281.0 Million during forecast period.
The pump jack market calculated 5.02% CAGR to attain growth in future.
Top key players in the industry are Schlumberger Limited (US), Weatherford International (US), Dover Corporation (US), Tenaris S.A. (Luxembourg), Hess Corporation (US), Dansco Manufacturing, Inc (US), L S Petrochem Equipment Corporation (US), Pentag Gears & Oilfield Equipment, Ltd (UK), Star Hydraulics (UK), National Oilwell Varco (US), Borets International (UAE), Halliburton (US), and General Electric Company (US), and others.
Well type, weight, and application are the segments involved in the pump jack market’s study.
North America, Asia-Pacific, the Middle East & Africa, Europe, and South America are the regions having highest share of the pump jack market.
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