USD 4.59 billion
Report ID: SQSG20I2006 | Region: Global | Published Date: April, 2023 | Pages: 165 | Tables: 61 | Figures: 73
Pump Jack Market size was valued at USD 4.59 billion in 2021 and is poised to grow from USD 4.88 billion in 2022 to USD 9.26 billion by 2030, growing at a CAGR of 6.15% in the forecast period (2023-2030).
A pump jack is an expedient used in the oil sector to extract crude oil from oil mines where the pressure is low and the oil could not reach the surface easily for abstraction. These jacks separate the oil tangibly for external use. The pump jacks make lifts that create pressure in the oil wells to push oil to the surface and these procedures are known as artificial lifts. Growing oil field extraction and crude oil production globally surge the demand for the global pump jack market. The upcoming growth in the automotive sector is one of the major reasons for the swelling demand for crude oil and it also propels the growth of the global pump jack market during the analysis period.
US Pump Jack Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4.59 billion
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The Global Pump Jack Market is segmented on the basis of Type, Application, and Region. Based on Type, the market is segmented into Vertical Well, Horizontal Well. Based on Application, the market is segmented into On-Shore, Off-Shore. Based on region, the global Pump Jack market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Pump Jack Market Analysis by Type
The oil extraction is performed using various types so the global pump jack market could be segmented into vertical wells and horizontal wells. The vertical well segment held the largest market share in the global pump jack market globally in the year 2021. This is due to swelling crude mining activities and the presence of vertical wells in most parts of the globe makes it easier for the vertical pump jacks to function. Also growing awareness regarding the cost of production and ease of extraction in minimal time and effort from vertical wells make them a go-to choice for many companies make it to dominate the segment. And this is expected to propel the global pump jack market growth during the analysis period.
Pump Jack Market Analysis by Application
The global pump jack market could be segmented into onshore and offshore sectors operating worldwide. The onshore segment accounted for the largest revenue share of the pump jack market globally in the year 2021. The ease of drilling and cost & time for production makes it a viable choice for oil abstraction. Increasing onshore oil exploration activities by discovering new oil fields are some of the major factors that will further push the growth of the global pump jack market during the forecast period.
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In 2021, North America accounted for the largest market share in the global pump jack market and is expected to hold the same throughout the analysis period due to the presence of large oil extraction companies and swelling crude demand in the region. The global pump jack market is gaining a reputation in the oil and gas sector, with growing investment into the sector and increasing production to ignite the growing demand for petroleum products from different parts of the globe. with increasing improvements in shel crude extraction with minimal cost and effort will push the growth of the global pump jack market during the analysis period.
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Pump Jack Market Driver
Increasing production and growing demand for crude oil are driving demand for the pump jack market.
Pump Jack Market Restraint
The increasing cost of abstraction from offshore wells and high maintenance costs are some of the major restraints.
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The Global Pump Jack market is relatively fragmented, with a high level of competition. Few large players, like Hess Corporation, National-Oilwell Varco Inc., and Redhead Artificial Lift Ltd., now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Pump Jack Market Top Player’s Company Profiles
Pump Jack Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, The vertical well segment held the largest market share in the global pump jack market globally in the year 2021. This is due to swelling crude mining activities and the presence of vertical wells in most parts of the globe makes it easier for the vertical pump jacks to function. In the year 2021, North America accounted for the largest market share in the global pump jack market and is expected to hold the same throughout the analysis period due to the presence of large oil extraction companies and swelling crude demand in the region. Innovation in artificial pump jacks to extract the oil at minimal cost is a major trend witnessed in the sector. And this all will create a positive impact in the sector and push the growth of the global pump jack market in the coming time.
|Market size value in 2021||USD 4.59 billion|
|Market size value in 2030||USD 9.26 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Pump Jack Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pump Jack Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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