Press release
Key Trends Reshaping the Jacking Oil Pump Market: Strategic Merger Enhances Innovation, Expands Market Reach, And Boosts Operational Efficiency Industry Transformation
Jacking Oil Pump Market
Jacking Oil Pump Market Size Growth Forecast: What to Expect by 2025?
The market for jacking oil pumps has seen consistent expansion in recent times. The market is projected to increase from $1.21 billion in 2024 to $1.27 billion in 2025, with a compound annual growth rate (CAGR) of 5.0%. Factors contributing to growth in the past include extensive oil exploration, an escalation in drilling activities, expansion of offshore projects, an upswing in deepwater drilling, and heightened demand for petrochemicals.
How Will the Jacking Oil Pump Market Size Evolve and Grow by 2029?
In the coming years, the market size of the jacking oil pump is projected to experience robust growth. With a compound annual growth rate (CAGR) of 6.0%, its valuation is expected to reach $1.61 billion by 2029. Factors contributing to this growth during the projected period include the expansion of shale production, heightened offshore exploration activities, surges in energy demand, increased infrastructure development and enhancements in oil extraction processes. Technological innovation, AI-guided pump surveillance, drilling automation, blockchain usage in oil transactions and the integration of IoT are all key trends expected to shape the market during the forecast period.
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What Drivers Are Propelling the Growth of Jacking Oil Pump Market Forward?
The jacking oil pump market's growth is anticipated to be propelled by the increasing worldwide demand for energy. Energy, which exists in various forms including kinetic, potential, thermal, and electrical, is the ability to do work or generate heat, motion, or light. Both natural and human-driven processes rely on it. Urbanization and industrialization are causing the demand for energy to surge as urban areas grow and industrial power needs increase. Jacking oil pumps are utilized in energy production to elevate turbine shafts using high-pressure oil during startup and shutdown, lowering friction and wear. This ensures a smooth operation, boosts efficiency, and prolongs the life of the equipment. According to the International Energy Agency, a France-based intergovernmental organization, global electricity demand rose approximately 4% in 2024, a rise from 2.5% in 2023. Consequently, the escalating global energy demand is fueling the expansion of the jacking oil pump market.
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What Trends Will Shape the Jacking Oil Pump Market Through 2029 and Beyond?
Key players participating in the jacking oil pump industry are prioritizing strategic collaborations to bolster their market standing, stimulate product novelty, widen their worldwide presence, and increase operational productivity. A strategic alliance unites two or more corporations into a single entity to amplify their competitive edge, extend market coverage, or boost operational productivity. For example, in December 2022, Motive Technologies Inc., a technology firm based in the US, joined forces with Settima Meccanica S.R.L, an Italian company expert in designing and fabricating low-noise, low-vibration pumps. The aim of their partnership is to incorporate cutting-edge low-noise pump technology, foster product innovation, and broaden market prospects. This collaboration seeks to exploit Settima Meccanica's proficiency in sophisticated pump technology to enhance the efficiency and functionality of jacking oil pumps, thereby catering to the escalating demand for quieter, more dependable systems in energy generation. In the same vein, prominent industry players are channeling funds into research and development (R&D) to unveil ground-breaking solutions that heighten equipment longevity, decrease maintenance expenses, and optimize energy use.
What Are the Key Segments in the Jacking Oil Pump Market?
The jacking oil pumpmarket 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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Who Are the Key Players Shaping the Jacking Oil Pump Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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.
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