Pump Jack Market to Reach $3.8 Billion by 2023 by P&S Market Research

According to the study, the global pump jack market size is likely to grow from $2.7 billion in 2016 to $3.8 billion by 2023. The growth of the pump jack market is mainly driven by increasing number of mature oilfields in North America.

Pump jacks are used in the petroleum industry to extract crude oil from wells, where there is not enough pressure in well to push oil to the surface. These are operated by creating artificial lifting system, which increases the pressure within an oil well to pull the oil to surface. The beam pumping method used by pump jack is the most common method of creating artificial lifting.

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As per the findings of research, pump jack market for 100,000 lbs to 300,000 lbs occupied larger share of the global market. They are used where the average depth of the well is 5,500-7,000 feet.

In terms of application, onshore were the largest application area for pump jack market, owing to the rising number of mature fields along with increasing energy demand from emerging economies.

Onshore oil drilling is typically less expensive compared to offshore oil drilling. The majority of ageing wells are in onshore oil fields, hence the demand of jack pump will be higher in onshore oil drilling. The Gulf of Mexico has large number of mature wells drilled by pump jacks, making it one of the largest markets of jack pumps globally.

Globally, North America represents a major share in the pump jack market and is expected to remain the largest market in future. In North America, increasing concern towards the utilization of unconventional energy resources; whereas, the redevelopment of mature oil and gas fields are continuously overlooked. Numerous mature oil and gas fields have been exhausted while producing at commercial rates.

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As per the European Parliamentary Research Service (EPRS), the U.S. had become the world’s largest producer of natural gas and accounted for almost 20% of global gas production in 2012. The same year, the U.S. and Canada together accounted for 14% of the global oil production, as compared to Saudi Arabia which accounted for 13% of the global oil production.

The mature field redevelopment prospects show improved return on investment (ROI). Hence, there are plenty of opportunities in the North American pump jack market, which will boost the pump jacks demand for the artificial lift.

Some of the major players operating in the pump jack market are Schlumberger Limited, General Electric Company, JCPump LLC, Young’s Welding Inc., Halliburton Company, Weatherford International, Cook Pump Company, Drake Manufacturing Company, Inc., Dansco Manufacturing, Inc., and LS Petrochem Equipment Corporation.

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