A pump jack is a device used in the petroleum industry to extract crude oil from oil well where there is not high enough pressure in the well to force the oil to the surface. These pump jacks physically extract the oil for use. Pump jacks operate by creating something known as artificial lift. Benefits of using pump jack include – versatile, safe, inexpensive, and easily adjustable.
The Global Pump Jack Market was valued at USD 2.81 billion in 2016 and is projected to reach USD 4.33 billion by 2025, growing at a CAGR of 4.92% from 2017 to 2025.
1. Market Drivers
1.1 Increasing matured oil fields and large number of stripper wells
1.2 Low cost installation
1.3 Ease of operation in onshore applications
2. Market Restraints
2.1 High maintenance cost
2.2 Limited offshore in oil fields
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The Global Pump Jack Market is segmented on the weight, well type, application, and region.
1.1 Less than 100,000 lbs
1.2 100,000 lbs–300,000 lbs
1.3 More than 300,000 lbs
2. By Well Type:
2.1 Horizontal Well
2.2 Vertical Well
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3. By Application:
4. By Region
4.1 North America U.S., Canada, Mexico
4.2 Europe Germany, UK, France, Rest of Europe
4.3 Asia Pacific China, India, Japan, Rest of Asia Pacific
4.4 Latin America Brazil, Argentina, Rest of Latin America
4.5 Middle East & Africa
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The major players in the market are as follows:
1. General Electric Company
3. Borets International
4. National Oilwell Varco
5. Star Hydraulics
6. Pentag Gears & Oilfield Equipment, Ltd
7. Cook Pump Company
8. Schlumberger Limited
9. Weatherford International
10. Dover Corporation
11. Tenaris S.A.
12. Hess Corporation
13. Dansco Manufacturing, Inc
14. L S Petrochem Equipment Corporation
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These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Research Methodology of Planet Market Reports
Research study on the Global Pump Jack Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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Name: Jennifer Daniel
Organization: Planet Market Reports