Press release
Jacking Oil Pump Market Size Projected To Reach 1.65 Billion By 2034 With A Cagr Of 6.5%
Jacking Oil Pump
What Is the Projected Growth of the Jacking Oil Pump Market?
In recent times, the jacking oil pump market has witnessed significant expansion. It is projected 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 historical growth of this market can be attributed to factors such as the rise in oil exploration, an uptick in drilling activities, the proliferation of offshore projects, an increase in deepwater drilling, and the amplified demand for petrochemicals.
The market for jacking oil pumps is predicted to witness robust growth in the upcoming years, with the market size expanding to $1.66 billion by 2029, at a 6.5% compound annual growth rate (CAGR). This growth during the forecast period can be credited to the increased shale production, escalating offshore exploration, rising energy demand, developing infrastructure, and extensive oil extraction methods. Key trends anticipated during the forecast period consist of technological innovation, artificial intelligence-based pump monitoring, automated drilling, application of blockchain in oil transactions, and the incorporation of the Internet of Things (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?
The escalating energy needs worldwide are anticipated to fuel the expansion of the jacking oil pump market in the future. Energy, which encompasses the ability to produce heat, induce motion, or generate light, exists in various forms such as potential, kinetic, thermal, and electric. It plays a vital role in powering natural as well as man-made processes. The swelling energy demand can be attributed to urbanization and industrialization, which have led to heightened consumption of power as urban areas grow and industrial operations require increased energy. Jacking oil pumps are utilized in the production of energy to elevate turbine shafts with high-pressure oil during their initiation and termination, thereby mitigating friction and wear. These pumps aid in maintaining smooth functioning, augmenting efficiency, and elongating the lifespan of equipment. For example, according to the France-based International Energy Agency, the global electricity demand escalated by about 4% in 2024, a significant rise from its 2.5% in 2023. Consequently, the mounting global energy demand is bolstering 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?
Leading enterprises in the jacking oil pump market are utilizing strategic alliances as a tool to bolster their market standing, stimulate product innovation, extend their global footprint, and enhance operational performance. Strategic collaborations fuse two or more entities into a singular one to amplify the competitive edge, enlarge market penetration, or heighten operational productivity. For example, in December 2022, US-based tech firm Motive Technologies Inc. forged a partnership with Italian company Settima Meccanica S.R.L - known for designing and making low-noise and low-vibration pumps. The collaboration integrated state-of-the-art low-noise pump technology to boost product innovation and augment market potential. The joint endeavour intends to harness Settima Meccanica's prowess in advanced pump technology to escalate the efficiency and performance of jacking oil pumps, catering to the escalating requirement for more silent and dependable systems in energy generation. Correspondingly, significant industry players are channeling resources into research and development (R&D) to launch innovative solutions that strengthen device resilience, cut down maintenance expenditure, and fine-tune energy usage.
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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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