Portland, OR, Oct. 19, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pump jack market generated $3.0 billion in 2020, and is projected to reach $5.1 billion by 2030, witnessing a CAGR of 5.2% from 2021 to 2030. The report offers a detailed analysis of changing market trends, key segments, top investment pockets, value chain, regional landscape, and competitive scenario.
Rise in demand for crude oil and increase in production of dual fuel or hybrid vehicles drive the growth of the pump jack market. However, demand for electric vehicles, limitations in offshore applications, and variations in crude oil prices restrain the market growth. On the other hand, surge in investment in oil & gas exploration and production activities present new opportunities in the coming years.
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Covid-19 Scenario:
- The oil and petrochemical demand reduced due to halt in commercial and industrial activities amid lockdown measures imposed by governments. This, in turn, led to lowered production activities and reduced the utilization of pump jacks.
- Owing to unavailability of workers and disruptions in the supply chain, the onshore and offshore activities in the oil & gas sector were halted during the Covid-19 pandemic. This affected the demand for pump jack.
- However, the demand will be restored once activities in the oil & gas sector begin with full capacity during the post-lockdown.
The report offers detailed segmentation of the global pump jack market based on well type, application, and region.
Based on well type, the vertical segment contributed to the highest share in 2020, accounting for more than half of the total share, and is expected to continue its lead position during the forecast period. However, the horizontal segment is projected to manifest the largest CAGR of 5.5% from 2021 to 2030.
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Based on application, the onshore segment held the highest share in 2020, contributing to more than three-fifths of the global pump jack market, and is estimated to continue its leadership status throughout the forecast period. However, the offshore segment is projected to register the highest CAGR of 6.0% from 2021 to 2030.
Based on region, Asia-Pacific accounted for the highest market share in 2020, holding nearly one-third of the total share, and is expected to maintain its dominance in terms of revenue by 2030. However, Europe is estimated to witness the fastest CAGR of 6.1% during the forecast period.
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Leading players of the global pump jack market analyzed in the research include Dansco, Hess Corporation, Drake Manufacturing Co., Inc., LS Petrochem Equipment Corp., KBA Engineering, LLC, Shengji Group Co., Ltd., National-Oilwell Varco, Inc., Schlumberger Limited, Redhead Artificial Lift Ltd., and Weatherford International Plc.
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