Pump Jack Market : Key Stakeholders, Market Dynamics & Competitive Landscape Forecast by 2024

Pump jacks are used to mechanically lift liquid from well, in case of insufficient pressure in the well to automatically push the liquid on the surface. This arrangement is commonly used for onshore wells. A pump can produce 5 to 40 liters of liquid each stroke, depending on the size of the pump. Modern jack pumps are powered by prime mover, which can pump around 20 times per minute, wherein the amount of oil depends upon the size of pump.

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The global pump jack market size stood at $2,712.8 million in 2016, it will grow at a CAGR of 5.0% during 2017 - 2023. The growing number of mature oilfields in North America has been the major factor driving the growth of the pump jack market.It is widely used in the onshore oil production, as reservoir pressure and energy are generally low. For this purpose, artificial lift of reservoirs fluid is required through well pumping in order to achieve desired and commercial flow rate. Once the well is completed, cased, capped, and collared at the surface, jack pumps are used to pump oil from the well.

As the U.S. is one of the main oil producing countries, jack pump plays a significant role in the U.S. market, as number of wells in the country have already reached the level of depletion and producing less than 10 barrels of oil per day. These wells cannot be economically restarted once they are shut down. Hence, majority of them are kept alive by oil well pump jack. The life of the wells can be extended by years through improved pump efficiency, without adding any significant operational cost. Hence, the pump jack market would be witnessing huge demand from the U.S.

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Growing energy demand, and increasing exploration and production activities drives the growth of the pump jack market. As reported by EIA, the global energy consumption is projected to increase from 575 quadrillion Btu in 2015 to 736 quadrillion Btu by 2040, an increase of 28%. Non-OECD regions are projected to contribute majorly in the energy consumption, such as energy use in transportation sector is expected to rise by nearly 30% between 2015 and 2040, and industrial energy demand is expected to account for over 50% of the total energy consumption in 2040. The growing global population is projected to increase by around 1.5 billion people to reach almost 8.8 billion people by 2025, owing to the increase in global energy consumption.

Some of the major players operating in the pump jack market are Schlumberger Limited, General Electric Company, JCPump LLC, Young’s Welding Inc., Halliburton Company, Weatherford International, Cook Pump Company, Drake Manufacturing Company, Inc., Dansco Manufacturing, Inc., and LS Petrochem Equipment Corporation.

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