Global Pump Jack Market Scope Report

Global Pump Jack Market Highlights Over 2023 - 2035

The global pump jack market is estimated to garner a revenue of ~ USD 6 billion by the end of 2035 by growing at a CAGR of ~5% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~ USD 4 billion in the year 2022. The increase in the demand for crude oil & petroleum products is the main factor driving the growth of the global pump jack market. According to the Organization of the Petroleum Exporting Countries (OPEC), by 2045, the global oil demand is expected to reach 108.2 mb/d.

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This demand comes from the undeniable share of oil in the gross domestic product (GDP). Petroleum products can be found in a variety of things, including plastics, personal protective equipment, chemicals and fertilizers, clothing, solar panels, fuel for transportation, and more.

Global Pump Jack Market: Growth Drivers and Challenges

Growth Drivers

• Significance of Mature Oil Fields in Oil Production – More than 69% of the world’s gas and oil production came from mature fields in 2018. Mature fields are those oil fields whose oil production has reached a saturation point and produce lesser oil with time. Pump jacks help to keep these oil fields alive for a longer period by helping to extract even the last barrel of oil from them. The monitoring of the functions of many of the pump jacks is now automated and this enables controlling the efficient extraction of oil from mature oil field even from a different place. These reasons are expected to improve the global pump jack market.

• Considerable Number of Stripper Wells – It has been observed that every year between 2999 and 4001 stripper wells are abandoned and plugged in the United States (U.S.), resulting in an increase in the stripper gas well population on average.

• Increased Polyvinyl Chloride (PVC) Consumption Worldwide – The global consumption volume of polyvinyl chloride (PVC) in 2022 has been estimated to be more than 55 million tons.

• Increased Investment Towards Oil and Gas Exploration and Production – It has been observed that there will be more than 3% of growth in the overall oil and gas funding, and in 2022 the total investment should amount to about 630 billion.

Challenges

• High Costs Involved in Maintenance

• Limited Application in Offshore Oil Production

• Increasing Number of Electric Vehicles

The global pump jack market is segmented and analyzed for demand and supply by application onshore and offshore. Between these, the onshore segment is anticipated to hold the largest market size by the end of 2035. The high oil production that happens onshore is the primary factor leading to market growth in the segment. For instance, it has been predicted that about 73% of crude oil to be produced in 2025 should be produced onshore. Another reason causing the segmental growth is the considerable presence of mature oil fields onshore.

Global Pump Jack Market Regional Synopsis

Regionally, the global pump jack market is studied into five major regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. Amongst these markets, the market in the North America region is projected to hold the largest market share by the end of 2035. The presence of the United States (U.S.), which produced an enormous amount of oil in the world in 2021 – an average of about 17 million barrels of oil per day – is the main reason driving the regional growth. The presence of key players, investments for oil and gas exploration and production, large consumer base, demand for petroleum products, and the developments in the shale oil reserves in North America are other driving factors.

Market Segmentation

Our in-depth analysis of the global pump jack market includes the following segments:

Key Companies Dominating the Global Pump Jack Market

Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the global pump jack market that are included in our report are General Electric Company, Halliburton Energy Services, Inc., Star Hydraulics & Pneumatics, LLC., Cook Pump Company, Schlumberger Limited, Weatherford International plc, Dover Corporation, Tenaris S.A., Hess Corporation, Dansco Manufacturing, Inc., and others.

Global Pump Jack Market: Latest Developments

• December, 2021: Weatherford International plc announced the awarding of a three-year digital oilfield contract by Kuwait Oil Company (“KOC”), a digital leader in the upstream industry.

• April, 2021: Schlumberger Limited announced in collaboration with Liberty Oilfield Services Inc. the contribution of its onshore hydraulic fracturing business in Canada and the United States (U.S.) in exchange for 37% of Liberty’s equity interest.

Key Reasons to Buy Our Report

• The report covers detailed analysis comprising market share attained by each market segment and its sub-segments.

• It covers market dynamics including growth drivers, trends, potential opportunities, price trend analysis and challenges that impact the market growth.

• The report includes detailed company profiles of the major players dominating the market.

• We use effective research methodologies to calculate the market numbers and provide value-added assessment for overall growth.

• We provide customized reports as per the clients’ requirement helping them to see possible and unexpected challenges and unforeseen opportunities in order to help them reach their goal.

Geography Analysis:

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

• North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
• Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
• Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

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