Pump Jack Market is Projected to Witness 5.02% CAGR by 2027

Pune, India, October 2019, MRFR Press Release/- Market Research Future has published a Half-Cooked Research Report on the Global Pump Jack Market.

Market Highlights

A pump jack is an underground device for a reciprocating piston pump in an oil well. It is used to lift the liquid out of the well if the bottom hole pressure is not enough to flow to the surface.  

The growing competition among pump jack manufacturers, maturing oilfields, and increasing oil and gas production have encouraged the manufacturers to design products that help extract oil from matured oil fields, which is driving the growth of this market. Therefore, the Global Pump Jack Market is expected to be valued at USD 4,281.0 Million by 2025 at a projected CAGR of 5.02% over the forecast period.

As per the International Energy Agency, in 2017, the global oil and gas upstream capital spending accounted for USD 430 billion. Algeria’s planned upstream oil projects, which are worth ~USD 58 billion, are expected to increase its production capacity by 20%. Under the plan, the government is expecting foreign investments and less political hindrances. Similarly, according to the BP statistical review 2018, in 2017, the US produced approximately 13,057 barrels of crude oil per day, as compared to the production of 12,366 barrels of crude oil per day in the previous year. The increasing oil production in these countries is expected to increase the need for pump jacks. 

Drivers: Global Pump Jack Market 

Market Research Analysis

Based on region, the global market for the pump jacks is classified into North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. Asia-Pacific is one of the largest markets for pump jacks across the globe. The increasing oil and gas production and the need for oil extraction in case of matured oil wells.

North America is estimated to witness the highest growth in the pump jack market during the forecast period owing to the growing oil production in the region. In the region, the US is expected to dominate with the largest share and is projected to have the highest CAGR between 2019 and 2025 due to highest shale oil production in the region. The US is expected to be the largest market during the forecast period. It is also expected to witness the highest growth rate owing to the increasing demand for oil between 2019 and 2023.

The market in Europe has witnessed significant growth in the oil & gas industry as the oil production in 2017 was approximately 3,519 barrels per day. The increasing onshore well intervention services, demand for energy, and oil and gas exploration and production activities are some of the key factors, which are driving the demand for pump jacks in this region. In Europe, Russia is the largest and fastest-growing market for pump jacks, whereas the UK, Norway, Italy, and the Netherlands are the other major countries that contribute to the growth of the regional market.

In the Middle East & Africa market, Saudi Arabia is the largest market for pump jacks being it be the second-largest oil producer in the world. The UAE and South and East Africa growing at high rates have a major contribution to the growth of the pump jack market as these countries are substantially investing in optimizing the oil production process in the country.

In South America, Brazil is the largest market for pump jacks, as it is the largest and fastest-growing country in the region.

Browse Full Report Details @ https://www.marketresearchfuture.com/reports/pump-jack-market-8444

Scope of the Report

This study provides an overview of the global pump jack market, tracking three market segments across three geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume, and share for North America, Europe, Asia-Pacific, and the rest of the world. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global pump jack market by well type, weight, application, and region.

• 
  By Well Type
  
  
  
  • Vertical Well
  
  
  • Horizontal Well
  
  
  
  

• 
  By Weight
  
  
  
  • Less Than 100,000 lbs
  
  
  • 100,000 lbs to 300,000 lbs
  
  
  • More Than 300,000 lbs
  
  
  
  

• 
  By Application
  
  
  
  • Onshore
  
  
  • Offshore
  
  
  
  

• 
  By Regions
  
  
  
  • North America 
  
  
  • Asia-Pacific 
  
  
  • Europe
  
  
  • South America
  
  
  • Middle East & Africa 
  
  
  
  

Key Players

The key players of the Global Pump Jack Market are Weatherford International (US), Dover Corporation (US), Tenaris S.A. (Luxembourg), Schlumberger Limited (US), Hess Corporation (US), Dansco Manufacturing, Inc (US), Pentag Gears & Oilfield Equipment, Ltd (UK), Star Hydraulics (UK), National Oilwell Varco (US), L S Petrochem Equipment Corporation (US), Borets International (UAE), Halliburton (US), and General Electric Company (US).