At a CAGR of 5.2%, the Pump Jack Market Expected to Reach $5.1 Billion by 2030

Pump Jack Market Pegged for Robust Expansion During 2030

PORTLAND, OREGON, UNITED STATES, October 20, 2023 /EINPresswire.com/ -- The pump jack market is anticipated to witness considerable growth during the forecast period. This is attributed to factors such as the rise in current demand for crude oil from developing economies in the transportation and power generation industry. In addition, rapid industrialization and the rise in construction activities across the globe fuel the growth of the pump jack market. However, stringent government regulations toward environmental pollution caused by conventional fuels and rapid development in the electric vehicle sector are restraining the growth of the market globally. Conversely, an increase in investment in oil & gas exploration and production activities is anticipated to provide potential growth opportunities in the upcoming years.

The pump jack market size was valued at $3.0 billion in 2020 and is projected to reach $5.1 billion by 2030, growing at a CAGR of 5.2% from 2021 to 2030.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐒𝐚𝐦𝐩𝐥𝐞 & 𝐓𝐎𝐂: https://www.alliedmarketresearch.com/request-sample/12066

A pump jack is a component that converts the rotary motion of the motor to a vertical reciprocating motion to drive the pump shaft to lift up oil from oil wells. Pump jacks are commonly used in oil-rich matured fields in onshore locations. Pump jack produces or lifts up generally 5 to 10 liters of liquid at each stroke depending on the size of the pump. Pump jacks offer benefits such as low operational cost, remote operation, easy maintenance, efficient extraction & production, and others.

There is an increase in the demand for petroleum products & crude oil owing to the significant development of end-use industries such as oil & gas, mining, transportation, and others. This fuels the growth of the pump jack market during the forecast period. In addition, the rise in the number of mature onshore oilfields drives the growth of the pump jack market, globally. However, the implementation of stringent government regulations toward environmental pollution from petroleum fuels, limitations of offshore fields, and rapid development of the electric vehicle sector are the key factors hampering the growth of the global market in the upcoming years.

Depending on the well type, the vertical well segment held the highest market share of about 55.4% in 2020 and is expected to maintain its dominance during the pump jack market forecast period. This is owing to an increase in exploration activities and the increased presence of vertical wells across the globe. In addition, a rise in awareness toward careful planning and management of operations in vertical wells and benefits associated with vertical wells such as low cost, and less time required for extraction, are the factors expected to fuel the market growth in the upcoming years.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮’𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/12066

On the basis of application, the onshore segment holds the largest share, in terms of revenue, and is expected to maintain its dominance during the forecast period. This growth is attributed to the effectiveness of onshore well drilling and exploration as compared to offshore wells and the rise in the number of mature onshore oil wells across the globe.

In addition, the rise in a number of new exploration fields, improvements in shale oil in North America, and the rise in usage of pump jacks in onshore oilfields are anticipated to fuel the growth of the global pump jack market during the analyzed time frame.

𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐀𝐧𝐚𝐥𝐲𝐬𝐢𝐬:

The Pump Jack industry's key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

𝐒𝐨𝐦𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐦𝐚𝐣𝐨𝐫 𝐤𝐞𝐲 𝐩𝐥𝐚𝐲𝐞𝐫𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐠𝐥𝐨𝐛𝐚𝐥 𝐏𝐮𝐦𝐩 𝐉𝐚𝐜𝐤 𝐌𝐚𝐫𝐤𝐞𝐭 𝐢𝐧𝐜𝐥𝐮𝐝𝐞,

KBA ENGINEERING, LLC
DANSCO
SHENGJI GROUP CO., LTD.
REDHEAD ARTIFICIAL LIFT LTD.
HESS CORPORATION
Weatherford International Plc
LS PETROCHEM EQUIPMENT CORP.
DRAKE MANUFACTURING CO., INC.
SCHLUMBERGER LIMITED
National-Oilwell Varco, Inc

On the basis of region, the market is analyzed across four major regions such as North America, Europe, Asia-Pacific, and LAMEA. North America garnered the dominant share in 2020 and is anticipated to maintain this dominance in the pump jack market trend during the forecast period. This is attributed to the presence of key players and a huge consumer base in the region.

In addition, pump jack is gaining importance in the oil & gas industries, owing to its rise in investment in oil & gas exploration and production activities to fulfill the demand for petroleum products from various developing economies across the globe and improvements in shale oil reserves in the region are expected to augment the growth of the pump jack market during the forecast period.

𝐈𝐧𝐪𝐮𝐢𝐫𝐲 𝐛𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠: https://www.alliedmarketresearch.com/purchase-enquiry/12066

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐎𝐟 𝐓𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

- In 2020, the onshore segment accounted for about 61.65% of the share in the global pump jack market and is expected to maintain its dominance till the end of the forecast period.
- In 2020, the offshore segment accounted for 38.35% pump jack market share in the year 2020, and is anticipated to grow at a rate of 6.0% in terms of revenue, increasing its share in the global market.
- Horizontal well is the fastest-growing application segment in the global pump jack market, expected to grow at a CAGR of 5.5% during 2021–2030.
- Europe is expected to grow at the fastest rate, registering a CAGR of 6.1%, throughout the forecast period.
- In 2020, Asia-Pacific dominated the global pump jack market with more than 31.0% of the share, in terms of revenue.

𝐓𝐫𝐞𝐧𝐝𝐢𝐧𝐠 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐢𝐧 𝐄𝐧𝐞𝐫𝐠𝐲 𝐚𝐧𝐝 𝐏𝐨𝐰𝐞𝐫 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲:

𝟏. 𝐏𝐢𝐩𝐞𝐥𝐢𝐧𝐞 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2023/03/03/2620311/0/en/Pipeline-Equipment-Market-Is-Expected-to-Reach-18-7-Billion-by-2031-Allied-Market-Research.html

𝟐. 𝐎𝐢𝐥𝐟𝐢𝐞𝐥𝐝 𝐀𝐮𝐱𝐢𝐥𝐢𝐚𝐫𝐲 𝐑𝐞𝐧𝐭𝐚𝐥 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.globenewswire.com/news-release/2022/06/16/2464112/0/en/Oilfield-Auxiliary-Rental-Equipment-Market-Is-Expected-to-Reach-42-9-Billion-by-2030-AMR.html

𝟑. 𝐍𝐮𝐜𝐥𝐞𝐚𝐫 𝐏𝐨𝐰𝐞𝐫 𝐏𝐥𝐚𝐧𝐭 𝐚𝐧𝐝 𝐄𝐪𝐮𝐢𝐩𝐦𝐞𝐧𝐭 𝐌𝐚𝐫𝐤𝐞𝐭 - https://www.prnewswire.co.uk/news-releases/nuclear-power-plant-and-equipment-market-to-reach-58-4-bn-globally-by-2030-at-3-5-cagr-allied-market-research-847701757.html

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

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Allied Analytics LLP
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