Research Nester recently published report titled “Pump Jack Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the global Pump Jack market in terms of market segmentation by well type, by application, and by region.
The global pump jack market is anticipated to record a CAGR of 5.2% over the forecast period i.e. 2019-2027. The market is observing a notable growth on account of increased global demand for crude oil and ease in operation of the device. The use of pump jacks is expected to increase in the upcoming years owing to their applications in many unconventional areas including shale formation. Utilization of pump jacks for low-production oil well is also estimated to positively impact the growth of the market as the running cost required does not surpass the oil supply levels. Additionally, transportation of surface unit to other wells with minimum installation costs and its ability to lift liquid of high temperature and viscosity are anticipated to propel the growth of the market. Moreover, easy corrosion and scale inhibition treatment for Pump Jacks along with the possibility to control it automatically without human intervention are some of the factors that are also projected to support the growth of the market. Based on well type the global Pump Jack market is bifurcated into vertical and horizontal well and by application into onshore and offshore.
On the basis of regional analysis, the global pump jack market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region, out of which, the market in North America and Middle East & Africa region is anticipated to show a significant growth during the forecast period. This can be attributed to development in smart technology and mature oilfields in these regions. Additionally, economies in these regions depend upon oil production and are key exporters of crude oil.
Increased Energy Demand
Increased demand for energy due to increase in global energy consumption is estimated to propel the growth of the pump jack market throughout the forecast period. According to U.S. Energy Information Administration (EIA), total consumption of petroleum and other liquids around the globe was 98.46 million barrels per day which is further estimated to increase to 102.89 million barrels per day by 2020.
However, high maintenance cost and lower efficiency when installed in gassy wells are expected to operate as key restraints to the growth of global Pump Jack market over the forecast period.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global Pump Jack market which includes company profiling of Schlumberger, Halliburton, Weatherford International, General Electric Company, JCPump, LLC, Young’s Welding Inc., Dansco Manufacturing, LS Petrochem Equipment Corporation, National Oilwell Varco and other prominent players. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global Pump Jack market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.