Press release
Jacking Oil Pump Market Size Projected To Reach $1.66 Billion By 2034 With A Cagr Of 6.5%
Jacking Oil Pump
What Is the Projected Growth of the Jacking Oil Pump Market?
The market size of the jacking oil pump has witnessed substantial growth in the past few years. The market's growth is anticipated to increase from $1.21 billion in 2024 to $1.29 billion in 2025, with a compound annual growth rate (CAGR) of 6.6%. The historic growth of the market is attributable to the escalation in oil exploration, amplified drilling activities, the expansion of offshore projects, an upsurge in deepwater drilling, and an increasing demand for petrochemicals.
In the forthcoming years, the market size of the jacking oil pump is anticipated to witness robust growth. The market is projected to reach a value of $1.66 billion in 2029, with a compound annual growth rate (CAGR) of 6.5%. Factors contributing to the growth during the forecast period include the proliferation of shale production, a surge in offshore exploration, escalating energy demand, development of infrastructure, and the augmentation of oil extraction processes. Key trends influencing the forecast period encompass technological advancements, AI-aided pump monitoring, the automation of drilling, the application of blockchain in oil transactions, and the integration of IoT.
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What Are the Different Jacking Oil Pump Market Segments?
The jacking oil pump market covered in this report is segmented -
1) By Type: Low Pressure, High Pressure
2) By Product Type: Electric Jacking Oil Pumps, Pneumatic Jacking Oil Pumps, Hydraulic Jacking Oil Pumps, Manual Jacking Oil Pumps
3) By Distribution Channel: Online Sales, Direct Sales, Distributors And Resellers, Retail Sales
4) By Application: Automobile Engines, Marine Engines, Generator Sets, Industrial Machinery, Aircraft Engines
5) By End User: Oil And Gas Industry, Manufacturing Sector, Construction Industry, Vehicle Maintenance Services, Agricultural Sector
Subsegments:
1) By Low Pressure: Gear Pumps, Piston Pumps, Diaphragm Pumps
2) By High Pressure: Radial Piston Pumps, Axial Piston Pumps, Screw Pumps
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What Are the Primary Drivers Shaping the Jacking Oil Pump Market?
An increase in global energy needs is anticipated to propel the expansion of the jacking oil pump market. Energy, which represents the capability to execute tasks or generate warmth, motion, or illumination, comes in various forms, including kinetic, potential, thermal, and electrical. Both natural and anthropogenic procedures rely on it for operation. The surge in energy consumption results from urbanization and industrialization, which prompt more power consumption as cities grow and industries need extra power. Jacking oil pumps play a critical role in energy generation by raising turbine shafts with high-pressure oil during startup and shutdown to lessen friction and wear. This increases the smoothness of operations, boosts efficacy, and prolongs the equipment's lifespan. As an illustration, The International Energy Agency, a French intergovernmental organization, reported in July 2024 that the worldwide electricity demand increased by roughly 4% in 2024, a rise from 2.5% in 2023. Consequently, the escalation in global energy demand is fueling the expansion of the jacking oil pump market.
Which Companies Are Leading in the Jacking Oil Pump Market?
Major companies operating in the jacking oil pump market are Parker Hannifin Corporation, SPX FLOW Inc., Enerpac Tool Group, Kirloskar Brothers Limited, Duplomatic Motion Solutions S.p.A., Settima Meccanica S.r.l., Atlantic Hydraulic Systems Inc., Powertherm Engineering Pvt. Ltd., Shandong Rongli Petroleum Machinery Co. Ltd., Dongfang Yoyik (Deyang) Engineering Co. Ltd., Deyang YOYIK Environmental Protection Technology Co. Ltd., Kaifeng Dafang Prestressed Co. Ltd., Hydratight Limited, Haskel International Inc., Hi-Force Hydraulic Tools (UK) Ltd., Hydrosila Group, Bosch Rexroth AG, Poclain Hydraulics SAS, Rotary Power Hydraulics Ltd., Hydac International GmbH
What Are the Major Trends Shaping the Jacking Oil Pump Market?
Prominent corporations in the jacking oil pump market are prioritizing strategic partnerships to bolster their market standing, amplify product innovation, broaden their global footprint, and heighten operational effectiveness. A strategic collaboration merges multiple companies into a single organization to bolster the competitive edge, extend market accessibility, or heighten operational efficiency. For instance, in December 2022, Motive Technologies Inc., a US-based tech firm, collaborated with Settima Meccanica S.R.L, an Italy-based company known for designing and manufacturing low-noise, low-vibration pumps. This partnership is focused on assimilating advanced low-noise pump technology to elevate product innovation and provide more market opportunities. The goal of this alliance is to exploit Settima Meccanica's mastery in advanced pump technology to augment the performance and effectiveness of jacking oil pumps, satisfying the escalating demand for quieter, more dependable systems in energy output. Similarly, prominent entities in the sector are pouring funds into research and development (R&D) to launch innovative solutions that amplify equipment longevity, minimize upkeep costs, and enhance energy efficiency.
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What Are the Top Revenue-Generating Geographies in the Jacking Oil Pump Market?
North America was the largest region in the jacking oil pump market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the jacking oil pump market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Jacking Oil Pump Market?
2. What is the CAGR expected in the Jacking Oil Pump Market?
3. What Are the Key Innovations Transforming the Jacking Oil Pump Industry?
4. Which Region Is Leading the Jacking Oil Pump Market?
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