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Pump Jack Market Growth With Worldwide Industry Analysis To 2025
Pump jack comprises a long, heavy beam that is moved by prime mover. The prime mover runs the set of pullies, which then drive a pair of crank shaft. This causes the up and down movement of the pump head. This pump head is connected to a sucker rod pump, which is installed at the bottom of the well. The reciprocating motion creates artificial lift, which increases the pressure within an oil well. This causes the oil to reach the surface. Pump jacks are used in vertical and horizontal oil wells.
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Pump jack are low-cost, low-maintenance pumps vis-à-vis ESP and PCP systems. They are used more in low oil producing field, as they ensure that running cost does not outweigh the oil production cost. The output capacity of a pump jack varies due to various factors; however, the typical range is between 5 liters of liquid per stroke to 40 liters of liquid per stroke. The capacity of a pump jack is also dependent upon the well depth and reservoir fluid characteristics.
Increase in global demand for crude oil is the major factor driving the pump jack market. Renewable energy sources are used in a wide range of applications; however, conventional fossil fuels are still preferred over renewable energy sources. Rise in number of brown or mature oilfields around the world is another factor driving the pump jack market. Most of the existing oilfields are in the mature stage of oil production. It is difficult for primary and secondary oil recovery techniques to extract oil from such mature fields. Pump jack is an easy and low-cost option for such fields. Currently, around two-third of the oil wells in the world employ pump jack systems. However, the pump jack market has certain limitations. Pump jacks are not applicable for deep to ultra-deep wells. Furthermore, they are not generally considered applicable for offshore applications. These limitations are expected to hamper the pump jack market.
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Key players operating in the pump jack market are General Electric Oil and Gas, Tenaris, Dover Corporation, Weatherford International, Schlumberger Limited, LS Petrochem, Drake Manufacturing Co, Inc., Allspeeds Ltd. KBA Engineering, LLC., and Cook Pump Company.
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