Pump Jack Market to Reach $3.8 Billion by 2023 |Top Key Players-Schlumberger, GE Middle East & North Africa, GE, Halliburton, Weatherford, Drake Manufacturing, Dansco Manufacturing

Pump Jack Market Projected to Reach $3.8 Billion by 2023, P&S Intelligence.
According to the study, the global pump jack market size is likely to grow from $2.7 billion in 2016 to $3.8 billion by 2023. The growth of the pump jack market is mainly driven by increasing number of mature oilfields in North America.

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Pump jacks are used in the petroleum industry to extract crude oil from wells, where there is not enough pressure in well to push oil to the surface. These are operated by creating artificial lifting system, which increases the pressure within an oil well to pull the oil to surface. The beam pumping method used by pump jack is the most common method of creating artificial lifting.

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North America stands as the largest pump jack market

Globally, North America represents a major share in the pump jack market and is expected to remain the largest market in future. In North America, increasing concern towards the utilization of unconventional energy resources; whereas, the redevelopment of mature oil and gas fields are continuously overlooked. Numerous mature oil and gas fields have been exhausted while producing at commercial rates. Companies specializing in mature field redevelopment can more competently access and produce the remaining oil and gas from mature fields and utilize technology to optimize production capacity; technologies such as artificial lifting through jack pumps, gas lift, and other methods.

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As per the European Parliamentary Research Service (EPRS), the U.S. had become the world’s largest producer of natural gas and accounted for almost 20% of global gas production in 2012. The same year, the U.S. and Canada together accounted for 14% of the global oil production, as compared to Saudi Arabia which accounted for 13% of the global oil production.

Remote monitoring feature is a key opportunity observed in this market

Pump jack’s performance can be remotely monitored and does not require manual monitoring. It makes operations more efficient and cost effective by monitoring on/off events, following trends, and sending alarms. Jack pump monitoring also ensures quick resolution of asset repair and keeps the downtime to minimum.

There are various benefits of jack pumps monitoring such as quick response in case of shut down event to resolve problem, instant notification in case of unexpected shut down of pump jacks, alarms can be set via email, text message or phone call.

For oil wells with low production, this is a major benefit as it ensures that running costs do not outstrip oil supply levels.

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