Sucker Rod Market: Increasing Demand, Growth Analysis and Future Outlook by 2032

Sucker Rod Market Size Was Valued at USD 108.26 Billion in 2022, and is Projected to Reach USD 164.89 Billion by 2030, Growing at a CAGR of 5.4% From 2024-2032.

Sucker rods, integral components in the oil and gas sector, serve the crucial function of transmitting pumping force from a surface unit to downhole pump mechanisms within an oil well. This process, known as artificial lift, becomes necessary when natural reservoir pressure is insufficient to bring fluids to the surface.

In this system, a surface pumping unit, typically motor-driven, imparts an up-and-down motion to the sucker rod string. This string is connected to a downhole pump located near the well's bottom. The reciprocating motion generated by the sucker rod induces a similar motion in the pump, facilitating the lifting of oil or other fluids to the surface.

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Segmentation Analysis of The Sucker Rod Market
Sucker Rod Market Segmented on the basis of type and application.

By Type, FRP Sucker Rod segment is expected to dominate the market during the forecast period

FRP sucker rods are resistant to corrosion. Traditional steel sucker rods are susceptible to corrosion in harsh downhole environments, leading to increased maintenance costs and a shorter lifespan. FRP rods, being non-metallic, offer superior corrosion resistance, making them a favorable choice for operators looking to minimize the impact of corrosion on their equipment.

By Application, Onshore segment held the largest share of 58.9% in 2022

Onshore applications of sucker rods play a crucial role in the oil and gas industry, primarily in the extraction of crude oil from onshore reservoirs. Onshore oil reserves are often more accessible and cost-effective to develop compared to offshore reserves. Onshore drilling involves less complex logistics and infrastructure requirements, making it a preferred choice for many oil and gas companies.

Segments Covered:
By Type
• Steel Sucker Rod
• FRP Sucker Rod
• Hollow Sucker Rod
By Application
• Onshore
• Offshore

The Sucker Rod Market Report Highlight: / Trend Analysis
Increasing Global Energy Demand

The escalating global demand for energy, propelled by factors like population expansion, industrialization, and urbanization, has intensified the pressure on the oil and gas sector to enhance extraction and production capabilities. Sucker rods, integral components in the rod pumping system employed primarily in onshore wells, play a pivotal role in the oil and gas industry.

Rod pumping, a prevalent method in this sector, relies heavily on sucker rods to establish a mechanical link between the surface pumping unit and the downhole pump. As the worldwide appetite for oil continues to surge, the imperative for efficient and reliable extraction methods becomes increasingly pronounced, making the sucker rod market a crucial player in addressing the mounting energy demand.

Key Industry Development:
• In February 2024, McDermott has been awarded two contracts from North Oil Company (NOC) to deliver engineering, procurement, construction, installation and commissioning (EPCIC) for packages 11 and 13 of the Ruya Development Project, as part of the expansion of the Al-Shaheen field, Qatar's largest oil field.

• In August 2023, CB&I, McDermott's storage business, received Approval in Principle (AiP) for its design of a liquid hydrogen (LH2) cargo containment system from DNV, a leading classification society for shipping. CB&I collaborated with Shell International Trading and Shipping Company Limited (Shell) to provide safe LH2 shipping solutions that enable hydrogen energy supply chains.

Top Key Players Covered in The Sucker Rod Market:

Tenaris (United States), Weatherford (United States), Exceed (United States), Dover (United States), John Crane (United States), Ocher Machinery (Russia), Nine Ring Petroleum Machinery Co., Ltd. , (China), Kerui Group (China), Dongying TIEREN Sucker Rod Co. Ltd , (China), Shengli Oilfield Highland (China), Jiyuan Petroleum Machinery (China), DADI Petroleum Machinery (China), Shengli Oilfield Freet (China), Yan'an Shou Shan Machinery , Manufacturing Co., Ltd. (China), Shouguang Kunlong (China), CNPC Equipment (China), Shandong Molong (China), Sunnda (India), Laxmi Udyog (India)

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Sucker Rod Market Regional Insights:
North America is Expected to Dominate the Market Over the Forecast period

North America is poised to lead the sucker rod market for several key reasons. The region has experienced a notable upswing in oil and gas exploration and production activities, particularly in unconventional resources like shale oil and gas. The substantial development of these resources has resulted in a heightened demand for sucker rods, essential components in artificial lift systems crucial for extracting hydrocarbons from wells.

Sucker Rod Market By Region:

 North America (U.S., Canada, Mexico)
 Eastern Europe (Bulgaria, The Czech Republic, Hungary, Poland, Romania, Rest of Eastern Europe)
 Western Europe (Germany, U.K., France, Netherlands, Italy, Russia, Spain, Rest of Western Europe)
 Asia-Pacific (China, India, Japan, South Korea, Malaysia, Thailand, Vietnam, The Philippines, Australia, New Zealand, Rest of APAC)
 Middle East & Africa (Turkey, Saudi Arabia, Bahrain, Kuwait, Qatar, UAE, Israel, South Africa)
 South America (Brazil, Argentina, Rest of SA)

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This release was published on openPR.