Pump Jack Market Size, Share and Global Trend By Application (Onshore, Offshore), By Well Type (Horizontal, Vertical), By Weight (Less than 100,000lbs, 100,000lbs -300,000lbs, More than 300,000lbs), and Regional Forecast, 2024-2032

A pump jack is a useful device utilized in the oil industry to separate crude oil from an oil well where there isn't sufficiently high pressure in the well to constrain the oil to the surface. These pump jack physically separate the oil for use. Pump jacks work by making something known as artificial lift. This procedure of making artificial lift mainly builds the pressure inside an oil well to pull oil to the surface.

It is usual for there to be insufficient pressure in the oil well to push oil to the surface, and consequently, this artificial lift is utilized to expand the production of oil from a well. Some of the time the artificial lift is required from the earliest starting point, while different occasions the generation of oil from well reduces after some time as the pressure drops and the artificial lift is expected to support oil production. The beam pumping methods are used by pump jacks is the most well-known technique for making the artificial lift.

On the basis of application, the global pump jack market is segmented into onshore and offshore. Onshore application of pump jack is expected to dominate the market the above segmentation. These oilfields are putting forth the essential surface area and well spacing for the establishment of pump jacks. The pump jacks have mostly influenced the oil industry and are commonly utilized for onshore wells creating almost around 5 to 40 liters of fluid on each stroke. Moreover, onshore fields offer simple repairs and maintenance.

On the basis of the well type, the global pump jack market can be segmented into horizontal and vertical. The Vertical well is expected to dominate the market of pump jack in the above segment. A vertical well is considered as the protected production or exploration wells.

It is one of the critical and biggest activities in drilling. Pump jacks are exceedingly appropriate for vertical wells as they incorporate a sucker rod assemble that works proficiently in a vertical direction. The market for the vertical well is evaluated to develop at the quickest pace among both the well type.

On the basis of weight, the global pump jack market is segmented into less than 100,000lbs, 100,000-300,000lbs, and more than 300,000lbs. The weight of the 100,000-300,000lbs jack pump is expected to dominate the market in the above segmentation. Weight of 100,000-300,000lbs jack pump is widely used where the average depth of the oil well is about 5,500ft-7,000ft.

The factor that is expected to drive the growth of the global pump jack market is an increment in worldwide demand for crude oil from various sectors is the primary consideration for driving the pump jack market. Renewable power sources are utilized in a wide scope of uses; be that as it may, traditional fuel products are as yet favored over renewable power sources.

Development in a number of mature oilfields around the globe is another factor driving the pump jack market. The more significant part of the current oilfields is in the maturing stage of oil production. It is hard for primary and secondary oil recuperation methods to extract oil from such mature oil fields. A pump jack is a minimal and straight forward cost alternative for such fields. At present, around two-thirds of the oil wells on the globe utilize the pump jack systems.

The factor that is expected to restrain the growth of the global pump jack market is the maintenance expenses of pump jacks are moderately high, and there are additionally some mechanical issues related to the gear.

Key Players Covered

Some of the major companies in the global pump jack market are Schlumberger Limited, Tenaris S.A., National Oil Well Varco, Hess Corporation, Star Hydraulics, General Electric Company, Weatherford International, Halliburton, Dover Corporation, Borets International, Dansco Manufacturing, Inc., Pentag Gears & Oilfield Equipment, Ltd, L S Petrochem Equipment Corporation, Cook Pump Company, Allspeeds Ltd., and KBA Engineering, LLC.

SEGMENTATION 

Regional Analysis

The global pump jack market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America holds the biggest market in the above region owing to the presence of shale gas company and developing the significance of smart well innovation in the United States. Also, advanced technology including an increase in investment for exploration and production activities which directly influence the demand for pump jack. In Europe owing to an increase in oil exploration activities in a country like Russia which holds the largest oil reserves to meet the increasing demand for oil from the world. In the Middle East & Africa, in the Middle East, most of the countries are oil major player in the oil industry. An almost a large proportion of oil is export from all over the world through the Middle East region. Owing to the presence of organizations like OPEC which regulates oil production and an increasing number of exploration activities in the region which shows a positive outlook for the pump jack market. In Latin America, most of the like Mexico, Brazil, and Venezuela are major oil-producing countries. In Venezuela, pump jack is widely used in the oil field.

Key Industry Developments

• In Jun 2019, National Oil Well Varco will supply equipment and solutions like downhole drilling dynamics tools, drilling apps and wired drill pipe to BP Alaska drilling unit on North Slope. This new contract will help to boost the oil & gas industry and also, shows a positive outlook for the pump jack market.
• In Apr 2019, Pentag has secured a contract to supply 35^th beam pump for Watch Farm Oil Field in Dorset. This new contract will help to boost the production of oil. 
• In Feb 2019, Schlumberger and Rockwell Automation enter into joint venture agreement to create first fully digital integrated automation solution for the industry. This new solution will help to boost the oil & gas industry as well as the pump jack market.