Pump jack market: $3.0 billion in 2020, projected to reach $5.1 billion by 2030, growing at 5.2% CAGR from 2021

Pump Jack Market size was valued at $3.0 billion in 2020, and is projected to reach $5.1 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.

Pump jack is a component which 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. 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 offers benefits such as low operational cost, remote operation, easy maintenance, efficient extraction & production, and others.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.alliedmarketresearch.com/request-sample/A11701

There is an increase in the demand for petroleum products & crude oil owing to significant development of the 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, rise in number of mature onshore oilfields drives the growth of the pump jack market, globally. However, 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 well 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 increase in exploration activities and 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.

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 effectiveness of onshore well drilling and exploration as compare to offshore wells and rise in number of mature onshore oil wells across the globe.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭: https://www.alliedmarketresearch.com/connect-to-analyst/A11701

In addition, rise in number of new exploration fields, improvements in shale oil in North America, and 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 pump jack market trend during the forecast period. This is attributed to the presence of key players and 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 fulfil 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.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/d7221935b0cb41ca9b2df8342cb7e2ca

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.

𝐂𝐨𝐧𝐭𝐚𝐜𝐭 𝐔𝐬:

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