Onshore Sector is Expected to Dominate the Global Pump Jack Market.
Increasing
automation for oil extraction, advancement or innovation in performance in pump
jack unit are major factors attributable to the growth of the market.
According to TechSci
Research report, “Global Pump Jack Market - Industry Size, Share, Trends,
Competition Forecast & Opportunities, 2028”. The Global Pump Jack is anticipated to project robust
growth in the forecast period with a CAGR of 5.78% through 2028, The major
drivers of this market are increasing automation for oil extraction,
advancement or innovation in performance in pump jack unit and an increasing
number of mature onshore oil fields as onshore oil drilling is more
cost-effective as compared to offshore oil drilling. Based on application, Onshore Application is expected to
dominate the market during the forecast period. The onshore segment has the largest revenue
share due to the presence of many mature wells which are more on the land
compared to the sea and because of this, the usage of pump jacks is higher in
onshore oil drilling. The pump jacks are more efficient and cost-effective in
their operation, as they are monitored remotely and the regular monitoring of
events, sending quick alarms and giving immediate notification through text,
phone calls, or an email, in the case of shut down, to resolve the problems
quickly by reducing the requirement for humans.
Onshore fields offer the
requisite surface area and well spacing for the installation of pump jacks.
Moreover, onshore fields allow for easy maintenance and repair, as they are
easily accessible or well connected to monitoring facilities. The North
American region has a large number of mature onshore wells, where pump jacks
can be used to achieve operational efficiency and tap the remaining oil in the
wells. Therefore, based on the above-mentioned factors, onshore application is
expected to dominate in pump jack market over the forecast period.
Based on Region, North
America plays a significant role in the global Pump Jack market, North America
has the largest market share by value in 2019 and is also predicted to dominate
the market in the forecasted period. The growth in this region is because of
the rising number or redevelopment of mature oil fields which are almost at the
end of their economic life and presence of plenty of stripper wells in the
United States. Also, the technological advancement in artificial lifting
equipment contributes to the growth in this region.
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Moreover, the oil and gas
industry in the United States is projected to provide a huge impetus to the
submersible pump market on account of widespread investments lined up in oil
and gas projects in the coming years. It is expected that around USD 76 billion
will be spent on 97 upcoming oil and gas projects in the country between 2019
and 2025. The market players operating
in the region are planning to develop larger multi-well facilities. For this
purpose, the companies are employing artificial lift technologies with the
latest techniques to increase production, which is likely to boost the demand
for the pump jack market in the region during the forecast period. Besides
this, a growing number of matured oilfields in the region are likely to add to
the demand for the pump jack market to improve the productivity of the matured
fields.
Key market players in the
Global Pump Jack Market are following:-
- Schlumberger Limited
- Halliburton Company
- Weatherford International
Ltd
- National-Oilwell Varco, Inc
- Dover Corp
- Weil-McLain (Shandong)
Cast-Iron-Boiler.Co., Ltd
- Baker Hughes Company
- Alkhorayef Commercial Co
- Flotek Industries Inc
- Borets International Ltd
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“One of the primary drivers
of the global pump jack market is the persistent global demand for oil and gas.
Oil remains a crucial source of energy for transportation, industrial
processes, and electricity generation, and pump jacks are essential tools for
extracting crude oil from wells. The ever-growing global population,
urbanization, and industrialization continue to fuel the need for more energy
resources. Additionally, as existing oil fields age and natural reservoir
pressures decline, pump jacks play a critical role in maintaining and enhancing
production levels. They are employed to extract remaining reserves from mature
fields, extending their economic life and optimizing the use of existing
assets. The global reliance on oil and the ongoing need to access new reserves,
whether conventional or unconventional, ensures a consistent demand for pump
jacks. As such, the pump jack market remains closely tied to the dynamics of
the oil and gas industry, making it a key driver for the sector's growth and
sustainability.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
Pump Jack Market – Global Industry Size, Share,
Trends, Opportunity, and Forecast Segmented by Well Type (Vertical Well and
Horizontal Well), Application (Offshore and Onshore), By Region, Competition 2018-2028 has evaluated the future growth
potential of Global Pump Jack Market and provides statistics and information on
market structure, size, share, and future growth. The report is intended to
provide cutting-edge market intelligence and help decision makers take sound
investment decisions. Besides, the report also identifies and analyzes the
emerging trends along with essential drivers, challenges, and opportunities
present in the Global Pump Jack Market.
Contact
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Techsci Research LLC
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