Pump Jack Market by Well Type (Vertical and Horizontal), Application (Onshore and Offshore), Weight (Less Than 100,000 Lbs, 100,000 Lbs to 300,000 Lbs, and More Than 300,000 Lbs), and by Region - Global Trends and Forecast to 2022
“The pump jack market is projected to grow at a CAGR of 4.88%, from 2017 to 2022.”
The pump jack market is projected to reach USD 3.63 billion by 2022, growing at a CAGR of 4.88%, from 2017 to 2022. The pump jack is used as an artificial method to produce crude oil from stripper wells and matured oil fields. Approximately two-thirds of the producing oil wells, globally use pump jack for artificially lifting oil from matured wells. Low cost installation, efficiency, and ease of operation makes pump jacks widely accepted in onshore applications. Moderate to high maintenance cost along with limited offshore in oil fields, are constraints for the pump jack market.
“Vertical Well: The largest and fastest growing well type segment of the pump jack market”
The vertical well segment constitutes the largest segment of the pump jack market, by well type, in terms of value. The vertical well is estimated to be the fastest growing segment due to pump jack’s limited application in the horizontal well segment. The vertical drilling is the oldest drilling methods used to extract oil to the surface and the majority of wells drilled for oil production, are vertically oriented. Most of these require pump jacks to produce liquid hydrocarbons. Rising number of matured fields along with increasing energy demands from emerging economics, would drive the pump jack market.
“The North American market is expected to grow at the highest CAGR, from 2017 to 2022.”
The market in North America is the largest market, by value, for pump jack, followed by Asia-Pacific. The North American market is also projected to be the fastest growing market, during the forecast period, owing to mature oil & gas fields and large number of stripper wells particularly in the U.S. The market in North America is also estimated to see the highest growth in the market, as it focuses on increasing its crude oil production.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 30%, Tier 3- 10%
By Designation: C-Level- 60%, D-Level- 30%, Others- 10%
By Region: North America- 35%, Europe- 20% Asia-Pacific- 20%, Middle East & Africa- 15%, RoW- 10%
Note: The tier of the companies has been defined on the basis of their total revenue as of 2016: Tier 1 = >USD 1 billion, Tier 2 = USD 500 million to USD 1 billion, and Tier 3 = <USD 500 million.
The leading players in the pump jack market includes Schlumberger Limited (U.S.), Halliburton (U.S.), General Electric Oil & Gas (U.K.), Weatherford International, PLC (Switzerland), Dover Corporation (U.S.), and Borets International (U.A.E.), among others.
The report provides a picture of the pump jack market across its different segments and regions. It aims at estimating the market size and future growth potential of this market, by value. Furthermore, the report also includes in-depth competitive analyses of the key players in the market along with their company profiles, recent developments, competitive leadership mapping, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders and new entrants in the market by providing them the closest approximations of the revenue numbers for the overall pump jack market and its sub-segments. This report will help stakeholders better understand the competitive landscape and gain insights to better position their businesses and make suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
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