USD 4.59 billion
Pump Jack Market Size, Share, Growth Analysis, By Type(Vertical Well, Horizontal Well), By Application(On-Shore, Off-Shore), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG20I2185 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|Tables:
61
|Figures:
73
Pump Jack Market Insights
Pump Jack Market size was valued at USD 4.59 billion in 2019 and is poised to grow from USD 4.88 billion in 2023 to USD 9.26 billion by 2031, growing at a CAGR of 6.15% in the forecast period (2024-2031).
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Vertical Well
Fastest Growth
Vertical Well
Growth Rate
6.15% CAGR
Global Pump Jack Market 2022-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Pump Jack Market Segmental Analysis
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.
Global Pump Jack Market By Type, 2021 (%)
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Pump Jack Market Regional Insights
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.
Global Pump Jack Market By Geography, 2021 - 2028
- Largest
- Fastest
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Pump Jack Market Dynamics
Pump Jack Market Driver
Increasing production and growing demand for crude oil are driving demand for the pump jack market.
- The sudden spike in crude oil is one of the major factors driving the demand for the global pump jack market and is anticipated to grow in the future. Rapid development and increasing living standard in developing countries are fueling the automotive market which needs petroleum products to drive and maintain. This, in turn, propels the growth of the pump jack which is a major tool for oil extraction where it’s quite difficult to mine oil out.
Pump Jack Market Restraint
The increasing cost of abstraction from offshore wells and high maintenance costs are some of the major restraints.
- Increasing extraction cost of crude from offshore locations and the depletion of oil reserves are making it difficult to get oil at a competitive rate. This reduces the demand for crude and this is one of the factors that will restrain the growth of the global pump jack market during the analysis period.
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Pump Jack Market Competitive Landscape
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
- Dansco (US)
- Drake Manufacturing Co. Inc. (US)
- Hess Corporation (US)
- KBA Engineering LLC (US)
- LS Petrochem Equipment Corp. (US)
- National-Oilwell Varco Inc. (US)
- Shengji Group Co. Ltd. (China)
- Redhead Artificial Lift Ltd. (Canada)
- Schlumberger Limited (US)
- Weatherford International Plc. (US)
- Dover Corporation (US)
- Halliburton Company (US)
- Allspeeds Ltd. (UK)
- Cook Pump Company (US)
- Star Hydraulics (UK)
- Tenaris S.A. (Luxembourg)
- Borets International (UAE)
- Pentag Gears & Oilfield Equipment Ltd. (UK)
Pump Jack Market Recent Developments
- In March 2022, Allspeeds Ltd, a UK-based company declared a novel flushable ability for their existing tangye hydrapak pump series. This new series had fixed the problems it had earlier. Now it has the new flushable ability that allows it to sewer all fluids out of the pump so that it could be left dry which will improve the shelf life of the pump.
- In April 2022, Hess Corporation a US-based oil expedition and abstraction company announced its discoveries to add up to 11 billion oil barrels worth of reserves in the offshore region of Guyana. This offshore region is bale to produce around 250,000 barrels of crude oil per day.
Pump Jack Key Market Trends
- The key market trends that have been witnessed global pump jack market are the overuse of crude led to the depletion of various oil reserves in the different parts of the world. There are many new oil fields discovered globally. But the cost of extraction is high in these oil fields as it’s not on the surface level so this requires artificial pump jacks to extract the oil. Which in turn will propel the demand for the global pump jack market during the analysis period.
- Huge investments and innovation in the process of oil extraction are some of the major thrusts to the energy sector and this will remain the same throughout the analysis period. 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.
Pump Jack Market SkyQuest Analysis
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.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 4.59 billion |
| Market size value in 2031 | USD 9.26 billion |
| Growth Rate | 6.15% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| 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) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Pump Jack Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Pump Jack Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the 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 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Pump Jack Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Pump Jack Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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