Pump Jack Market size Scenario

The global Pump Jack Market size is expected to reach the highest CAGR of 5.02% from 2022 to 2030, due to increase in the adoption of pump jacks in oilfield operations.

The political tension regarding oil has settled, which can now act as a driver for the pump jack system market 2020, reveals Market Research Future (MRFR). The report on the pump jack market by MRFR discuss in detail the impact of COVID-19 and political forces influencing the competitive landscape of the market. The rise in applications of crude oil and increased requirement for drilling oil well are factors that are likely to benefit the pump jack market. The high utility of pump jack, especially to drill onshore wells, plus the increase in the identification of offshore wells can impel the expansion of the pump jack market through the assessment period.

Increased count of matured oil fields and rise in awareness about advantages offered by pump jacks for the recovery of hydrocarbons can boost the expansion of the world pump jack market through the assessment period. Pump jacks can extend the shelf-life of oil wells on recovering significant amount of hydrocarbons from the oil well. This is a major benefit of pump jack that can favor its market expansion. In addition, the utility of pump jack to extract the oil from reservoirs with not enough pressure to pull crude oil to the surface can promote the expansion of the worldwide pump jack market. The increased adoption of pump jacks across oilfield operations can spur the rise of the market.

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Regional Analysis

Regional study of the pump jacks market are done across Europe, North America, and Asia-Pacific, following the Middle East & Africa. The pump jack market is also studied across South America. In Asia Pacific, the pump jack market value is likely to rise exponentially. MRFR study shows that APAC pump jack market can hold the highest market share due to increased production of oil and gas. In Europe, the need for oil extraction from matured oil wells and the presence of numerous offshore oil reserves can prompt EU pump jack market growth in the near future. North America pump jack market rise can be credited to the highest oil production observed in the region. The market in the US can head the regional market due to high demand for oil. The booming oil & gas industry in the MEA region can bolster the expansion of the regional market. The increased utility of onshore well intervention services, surge in demand for energy, and high exploration activities for oil and gas are key factors that can prompt MEA market.

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Market Segment

MRFR’s segment study of the world market of pump jack is based on weight, well type, and application. The well type based, pump jack market segments are horizontal well and vertical well. The weight based, pump jack market segments are 100,000 lbs to 300,000 lbs, Less Than 100,000 lbs, and More Than 300,000 lbs. The application based, pump jack market segments are onshore and offshore.

Key Players

MRFR listed notable pump jack market players based on origin, financial status, and product line. They are; Weatherford International (US), Schlumberger Limited (US), Dover Corporation (US), Pentag Gears & Oilfield Equipment, Ltd (UK), National Oilwell Varco (US), Hess Corporation (US), Tenaris S.A. (Luxembourg), Star Hydraulics (UK),  L S Petrochem Equipment Corporation (US), Dansco Manufacturing, Inc (US), Halliburton (US), Borets International (UAE), and General Electric Company (US).