Pump Jack Market to Witness Robust Expansion throughout the Forecast Period 2021 - 2030

A pump jack is a component that converts the rotary motion of the motor to a vertical reciprocating motion to drive the pump shaft to lift up oil from oil wells. Pump jacks are commonly used in oil-rich matured fields in onshore locations. The pump jack produces or lifts up generally 5 to 10 liters of liquid at each stroke depending on the size of the pump. Pump jacks offer benefits such as low operational cost, remote operation, easy maintenance, efficient extraction & production, and others.

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The pump jack market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as the rise in the current demand for crude oil from developing economies in the transportation and power generation industry. In addition, rapid industrialization and the rise in construction activities across the globe fuels the growth of the pump jack market. However, stringent government regulations toward environmental pollution caused by conventional fuels and rapid development in the electric vehicle sector are restraining the growth of the market globally. Conversely, an increase in investment in oil & gas exploration and production activities is anticipated to provide potential growth opportunities in the upcoming years.

There is an increase in the demand for petroleum products & crude oil owing to the significant development of end-use industries such as oil & gas, mining, transportation, and others. This fuels the growth of the pump jack market during the forecast period. In addition, the rise in the number of mature onshore oilfields drives the growth of the pump jack market, globally. However, the implementation of stringent government regulations toward environmental pollution from petroleum fuels, limitations of offshore fields, and rapid development of the electric vehicle sector are the key factors hampering the growth of the global market in the upcoming years.

Depending on the good type, the vertical well segment held the highest market share of about 55.4% in 2020 and is expected to maintain its dominance during the pump jack market forecast period. This is owing to an increase in exploration activities and the increased presence of vertical wells across the globe. In addition, rise in awareness toward careful planning and management of operations in vertical wells and benefits associated with vertical wells such as low cost, and less time required for extraction, are the factors expected to fuel the market growth in the upcoming years.

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On the basis of application, the onshore segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the effectiveness of onshore good drilling and exploration as compared to offshore wells and the rise in the number of mature onshore oil wells across the globe.

In addition, the rise in a number of new exploration fields, improvements in shale oil in North America, and the rise in usage of pump jacks in onshore oilfields are anticipated to fuel the growth of the global pump jack market during the analyzed time frame.

On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. North America garnered the dominant share in 2020 and is anticipated to maintain this dominance in the pump jack market trend during the forecast period. This is attributed to the presence of key players and a huge consumer base in the region.

In addition, pump jack is gaining importance in the oil & gas industries, owing to its rise in investment in oil & gas exploration and production activities to fulfill the demand for petroleum products from various developing economies across the globe and improvements in shale oil reserves in the region are expected to augment the growth of the pump jack market during the forecast period.

The global market analysis covers in-depth information on the major pump jack industry participants. The key players operating and profiled in the report include Dansco, Drake Manufacturing Co., Inc., Hess Corporation, KBA Engineering, LLC, LS Petrochem Equipment Corp., National-Oilwell Varco, Inc., Shengji Group Co., Ltd., Redhead Artificial Lift Ltd., Schlumberger Limited, and Weatherford International Plc.

Other players operating in the value chain of the global market are Dover Corporation, Halliburton Company, Allspeeds LLC, Cook Pump Company, Star Hydraulics, Tenaris S.A., Borets International, Pentag Gears & Oilfield Equipment Ltd., and others.

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Key Findings Of The Study

• In 2020, the onshore segment accounted for about 61.65% of the share in the global pump jack market and is expected to maintain its dominance till the end of the forecast period.
• In 2020, the offshore segment accounted for 38.35% pump jack market share in the year 2020 and is anticipated to grow at a rate of 6.0% in terms of revenue, increasing its share in the global market.
• Horizontal well is the fastest-growing application segment in the global pump jack market, expected to grow at a CAGR of 5.5% during 2021-2030.
• Europe is expected to grow at the fastest rate, registering a CAGR of 6.1%, throughout the forecast period.
• In 2020, Asia-Pacific dominated the global pump jack market with more than 31.0% of the share, in terms of revenue.

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