What is the global market size of Pump Jack Market?

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).

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 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.

Pump Jack Market Report Snapshots

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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).

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. '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)'

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.

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.

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 Size, Share, Growth Analysis, By Type(Vertical Well, Horizontal Well), By Application(On-Shore, Off-Shore), By Region - Industry Forecast 2024-2031

Pump Jack Market Dynamics

Pump Jack Market Report Snapshots

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