Research Nester recently published report titled “Pump Jack Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the pump jack market in terms of market segmentation by well type, by weight, by application and by region.
The pump jack market is segmented by well type, weight, application and region. Based on well type, the market is segmented into vertical and horizontal. On the basis of weight, the market is segmented into less than 100,000 lbs., 100,000 lbs to 300,000 lbs and more than 300,000 lbs. On the basis of application, the market is segmented into onshore and offshore.
The pump jack market is anticipated to record a CAGR of around 5% during the forecast period i.e. 2019-2027. The market is segmented by well type, weight and application, out of which, the vertical well segment is anticipated to have leading shares. The vertical drilling is used to extract oil to the surface and the majority of wells drilled for oil production are vertically oriented.
North America and Middle East & Africa are expected to dominate the pump jack market on the back of being key exporter of crude oil after recent developments of shale oil in the region and dependence of economy on oil production respectively. Asia Pacific is expected to grow at a steady pace attributing to increase in concern towards the utilization of unconventional energy sources.
Growing energy demand with increasing exploration and production activities is expected to boost the growth of the pump jack market. As per OECD report, the worldwide oil consumption is projected to increase from 85.1 million barrels per day to 99.8 million barrels per day by 2040, an increase of 7% in world oil consumption. Mature oilfields and stripper wells both require pump jacks for oil extraction owing to improved crude oil production which is expected to boost the growth of the pump jack market. Around two-third of the oil wells in the world employ pump jack systemsin their extraction process.
However, high maintenance cost and mechanical issues associated with the equipment are expected to operate as key restraints to the growth of pump jack market during 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 pump jack market which includes company profiling of LS Petrochem Equipment Corporation, Drake Manufacturing Acquisition LLC, Cook Pump Company, Weatherford International, Halliburton, Young’s Welding Inc., JCPump LLC, General Electric, Schlumberger and National Oilwell Varco. 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 pump jack marketthat 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.