Global Pump Jack Market

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 News

  • 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.
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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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Global Pump Jack Market

Report ID: SQMIG20I2185

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