Stable growth to be observed in Pump Jack Market till 2028 at a CAGR of XX%| Schlumberger Limited, General Electric Oil and Gas, Dover Corporation, Tenaris, Weatherford International

This research report analyzes Pump Jack Market based on market segments, major geographies and current trends in the market. This report provides a comprehensive analysis of market growth drivers, factors that limit market growth, current market trends, market structure, and market projections for coming years. It includes an analysis of recent technological developments and detailed profiles of top players in the industry. The report also includes a review of essential micro and macro factors about existing market players and new entrants along with detailed analysis of the value chain.

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Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Schlumberger Limited
2. General Electric Oil and Gas
3. Dover Corporation
4. Tenaris
5. Weatherford International
6. LS Petrochem
7. Cook Pump Company
8. Drake Manufacturing Co Inc
9. Allspeeds Ltd.
10. KBA Engineering and LLC

According to the latest report by QMI, A pump jack is a reciprocating piston pump over floor drive. It is used to lift liquid from well mechanically if not enough bottom hole pressure is created for the liquid to rise to the surface all the way upwards. This form of system is widely used to produce little oil for onshore wells. Pump jacks are commonly seen in oil-rich areas.

The pump jack market is projected to show high growth owing to growing oil and gas exploration activities around the globe in recent years. Rising demand from applications including offshore & onshore is expected to propel the growth of the market. This market has witnessed a most of key developments by major firms including Schlumberger Limited, Dover Corporation, General Electric Oil and Gas, Tenaris, Weatherford International, LS Petrochem with a focus on inorganic as well as organic growth strategies. Developing regions including the Asia Pacific and the Middle East have been among the high potential markets with strong growth in some of the major economies.

Depleting oil resources around the world creates pressure to obtain as many natural minerals as possible from the oil-exploring firms. Pump jacks help the explorers remove minerals from the oil wells that are depleting. The expanding oil and gas exploration activities and new oil and gas field discoveries are driving the pump jacks market for the oil and gas exploration activities.

Pump Jack Market has been segmented into well type, application and geography. Based on well type, the market is split into Horizontal Well and Vertical Well. The vertical well segment had the largest market share in 2016, driven by the demand from the North American market. Pump jack is the mostly used for employed, low cost installation, and efficient method in vertical wells.

Based on application, the market is split into offshore and onshore. It is widely used in the onshore oil production, as reservoir energy and pressure are generally low. For this purpose, an artificial lift of reservoirs fluid is necessary through well pumping in order to achieve the desired and commercial flow rate.

Some of the key Impact Factors:

o Running costs do not outweigh the cost of producing oil
o The world's expanding oil and gas exploration activities

Prominent regions for the pump jack market are appraised to North America, Western Europe, and the Asia Pacific. North America and Western Europe have been traditional markets for the pump jack owing highest shale oil production in the region. The industrial sector has been one of the major contributors to the economies in these regions. Prime industries in these regions are estimated to be offshore & onshore. In this region, the U.S. is one of the main oil-producing countries, jack pump plays an important role on the U.S. market, as the number of wells in the country has already reached depletion levels and produces less than 10 barrels of oil per day. Once they are shut down, those wells cannot be economically restarted. Hence, oil well pump jack keeps most of them alive. These industries have a created stable market demand.
Moreover, most of these industries have been witnessing a transition in terms of product development and production methods. These factors are projected to propel the demand for the pump jack market in North America and Western Europe region. Significant markets by country in these regions include the US, Germany, UK, Canada, France, Spain, and others.

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Market Segmentation:

By Well Type:

Horizontal Well
Vertical Well
By Application:

Offshore
Onshore
By Region:

North America
By Country (US, Canada, Mexico)
By Well Type
By Application
Western Europe
By Country (Germany, UK, France, Italy, Spain, Rest of Western Europe)
By Well Type
By Application
Eastern Europe
By Country (Russia, Turkey, Rest of Eastern Europe)
By Well Type
By Application
Asia Pacific
By Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)
By Well Type
By Application
Middle East
By Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)
By Well Type
By Application
Rest of the World
By Region (South America, Africa)
By Well Type
By Application

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This release was published on openPR.