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Due to an increase in the utilisation of pump jacks in oilfield operations, the global Pump Jack Market is anticipated to see the highest CAGR of 6.02% from 2023 to 2030.
A pumpjack is a part that combines an oil well's pump with motors above the ground. It also goes by the names oil jack, nodding donkey, and beam pump because it extracts crude oil from an oil well. When the pressure inside an oil well is inadequate to lift oil to the surface, it is employed. The well's output is increased by using a pumpjack. The use of pumpjacks in onshore and offshore applications in prosperous oil regions is covered in detail by the pumpjack market. The key factors driving this market are an increase in oil extraction automation, improvements or innovations in pump jack unit performance, and an increase in the number of mature onshore oil fields since onshore oil drilling is more economical than offshore oil drilling.
The increase in demand for pump jacks from oilfield exploration and production around the world is what is fueling the growth of the worldwide pump jack market. However, the offshore well's restrictions, high maintenance costs, the need for a lot of space, and the rapid rise of the electric car industry are the main barriers to the market's expansion. Contrarily, it is anticipated that the rapid shift from fossil fuel-based to renewable energy-based power generation and the increase in the use of electric vehicles for transportation will offer lucrative growth opportunities for the key players to maintain their position in the global market in the coming years.
The fundamental driving forces behind the market's expansion are expanding, mature oilfields and several benefits of pump jacks in the initial recovery of hydrocarbons. The current oilfields are producing at a mature stage, and primary and secondary oil recovery techniques are frequently used to collect oil from these mature fields. Pumpjack is an inexpensive and straightforward solution to this issue. Pump jack systems are still used in almost two thirds of all oil wells worldwide. The global pump jack market is being driven by the increase in demand for crude oil on a global scale. Numerous locations use renewable energy sources. But conventional fuels are preferred over clean energy sources. Growing requirement for saving due to the low reservoir pressure issue. As a result, the pace at which oil is produced from an oil well decreases, which is promoting market expansion.
Deep and ultra-deep wells should not be subjected to pump jacks. Besides, offshore applications are not thought to be appropriate for these pump jacks. These elements are impeding the market's expansion.
Rising use of pump jacks in oil field operations is opening up a chance to spur market expansion. Major industry companies produce pump jacks, which are quite effective and provide oilfield operators with a number of advantages. The well-known key players are constantly looking for ways to build cutting-edge equipment, such as pump jacks, to get rid of the risks associated with the oilfield. They developed sophisticated pump jack mechanisms and novel curved beam pumping units to address technical issues such mechanical wear and tear, safety concerns in oil fields, and ineffective pumping. The market's expansion is accelerated by these advances. The constraints for the pump jack market's expansion include the rising use of alternative lift techniques and energy sources as well as the ups and downs in oil and gas prices.
Report Coverage
Global Pump Jack research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Pump Jack report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Pump Jack competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Pump Jack market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Pump Jack market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Pump Jack market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Pump Jack market based on the below-mentioned segments:
Global Pump Jack Market, By Product
Vertical Well
Horizontal Well
Global Pump Jack market, By Application
Onshore
Offshore
Global Pump Jack Market, By Weight
Less Than 100
000 lbs
100
000 lbs to 300
000 lbs
More Than 300
000 lbs
Global Pump Jack market, Regional Analysis
A pumpjack is a part that combines an oil well's pump with motors above the ground. It also goes by the names oil jack, nodding donkey, and beam pump because it extracts crude oil from an oil well. When the pressure inside an oil well is inadequate to lift oil to the surface, it is employed. The well's output is increased by using a pumpjack. The use of pumpjacks in onshore and offshore applications in prosperous oil regions is covered in detail by the pumpjack market. The key factors driving this market are an increase in oil extraction automation, improvements or innovations in pump jack unit performance, and an increase in the number of mature onshore oil fields since onshore oil drilling is more economical than offshore oil drilling.
The increase in demand for pump jacks from oilfield exploration and production around the world is what is fueling the growth of the worldwide pump jack market. However, the offshore well's restrictions, high maintenance costs, the need for a lot of space, and the rapid rise of the electric car industry are the main barriers to the market's expansion. Contrarily, it is anticipated that the rapid shift from fossil fuel-based to renewable energy-based power generation and the increase in the use of electric vehicles for transportation will offer lucrative growth opportunities for the key players to maintain their position in the global market in the coming years.
The fundamental driving forces behind the market's expansion are expanding, mature oilfields and several benefits of pump jacks in the initial recovery of hydrocarbons. The current oilfields are producing at a mature stage, and primary and secondary oil recovery techniques are frequently used to collect oil from these mature fields. Pumpjack is an inexpensive and straightforward solution to this issue. Pump jack systems are still used in almost two thirds of all oil wells worldwide. The global pump jack market is being driven by the increase in demand for crude oil on a global scale. Numerous locations use renewable energy sources. But conventional fuels are preferred over clean energy sources. Growing requirement for saving due to the low reservoir pressure issue. As a result, the pace at which oil is produced from an oil well decreases, which is promoting market expansion.
Deep and ultra-deep wells should not be subjected to pump jacks. Besides, offshore applications are not thought to be appropriate for these pump jacks. These elements are impeding the market's expansion.
Rising use of pump jacks in oil field operations is opening up a chance to spur market expansion. Major industry companies produce pump jacks, which are quite effective and provide oilfield operators with a number of advantages. The well-known key players are constantly looking for ways to build cutting-edge equipment, such as pump jacks, to get rid of the risks associated with the oilfield. They developed sophisticated pump jack mechanisms and novel curved beam pumping units to address technical issues such mechanical wear and tear, safety concerns in oil fields, and ineffective pumping. The market's expansion is accelerated by these advances. The constraints for the pump jack market's expansion include the rising use of alternative lift techniques and energy sources as well as the ups and downs in oil and gas prices.
Report Coverage
Global Pump Jack research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Pump Jack report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Pump Jack competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Pump Jack market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | 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) |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Pump Jack Market from 2021 to 2030.
- Market Forecast for Pump Jack Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Pump Jack competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Pump Jack
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Pump Jack market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Pump Jack market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
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)
Primary Target Market
- Market Players of Pump Jack
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Pump Jack market based on the below-mentioned segments:
Global Pump Jack Market, By Product
Vertical Well
Horizontal Well
Global Pump Jack market, By Application
Onshore
Offshore
Global Pump Jack Market, By Weight
Less Than 100
000 lbs
100
000 lbs to 300
000 lbs
More Than 300
000 lbs
Global Pump Jack market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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