The new report by Expert Market Research titled, ‘Global Pump Jack Market Size, Share, Price, Trends, Growth, Report and Forecast 2023-2028’, gives an in-depth analysis of the global pump jack market, assessing the market based on its segments like well type, weight, application, and major regions like Asia Pacific, Europe, North America, Middle East and Africa and Latin America.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 3.4 Billion
- Forecast CAGR (2023-2028): 5.3%
- Forecast Market Size (2028): USD 4.5 Billion
The global market for pump jack is primarily driven by the rising demand for crude oil. Additionally, the demand of pump jack is augmented by the increase owing to the number of mature oilfields globally. A pump jack is an alternative for primary and secondary oil recovery techniques, being convenient and of low-cost. Meanwhile, the growth can be potentially impeded by certain restrictions on the pump jack market. For deep and ultra-deep wells, pump jacks are not applicable, and they are generally not considered for offshore applications. It is expected that these limitations might hamper the pump jack market.
Pump Jack Market Industry Definition and Major Segments
A pump jack, used in an oil well, is a reciprocal piston motor. Since, sub-surface liquids (i.e., oil and water) cannot reach the ground if the bottom-hole pressure in an oil well is inadequate, a pump jack is used to lift the oil out of an oil well manually.
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Based on well type, the industry is divided into:
- Vertical Well
- Horizontal Well
Based on weight, the industry is segmented into:
- Less than 100,000 lbs
- 100,000 lbs. to 300,000 lbs
- More Than 300,000 lbs
Based on application, the industry is broadly divided into:
- Onshore
- Offshore
The regional markets for pump jack include:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Pump Jack Market Trends
Regionally, North America holds the largest market share by value and is estimated to grow during the forecast period as major exporter of raw petroleum because of the ongoing advancements of shale oil. Moreover, the technological innovation in artificial lifting apparatus aids the growth in this region. By application, the onshore segment is projected to be the largest segment in the pump jack industry. This trend can be attributed to the presence of more mature fields on land than in sea and these fields offer superior suitability for the installation of pump jack.
Key Market Players
The major players in the market are Schlumberger Limited (NYSE: SLB), General Electric Company, Weatherford International, Halliburton Company, Dover Corporation, Borets International Ltd, and Tenaris S.A., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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