NEWARK, Del, April 23, 2024 (GLOBE NEWSWIRE) -- The pump jack market value is estimated to be US$ 3.4 billion in 2024. The demand for oilfield pump jacks is expected to increase at a CAGR of 5.8% from 2024 to 2034. By the end of the forecast period, the net worth of the market is expected to reach US$ 6 billion.
Growing extraction efforts in the shale gas and fossil oil sector are expected to drive the demand for oilfield pump jacks over the projected years. Pump jack industry trends also appeal to a range of producers as it offers a more economical way of extracting oil and gas in comparison to more intricate and costly extraction techniques.
Modern technologies to remotely monitor pump jacks have enhanced their operational effectiveness by enabling real-time data analysis and control. Connectivity with the Internet of Things (IoT) devices has further boosted the product outlook in the present market landscape.
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“Pump jacks are expected to remain crucial for maintaining oil and gas reserves until more widely adopted sustainable alternatives emerge. So, developing countries striving for energy independence are investing more in pump jack technology to optimize local oil and gas output and lessen reliance on imports,” says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Key Takeaways from the Pump Jack Market Study Report
- The market is predicted to witness an absolute growth opportunity of 2.5 billion over the next ten years.
- The United States market is poised to witness an increase in sales at a CAGR of 6.1% through 2034.
- The demand for pump jacks in the United Kingdom is forecasted to increase at a CAGR of 7.3% from 2024 to 2034.
- Sales of pump jacks in South Korea is anticipated to register a CAGR of 8.1% during the forecast period.
Competitive Landscape for the Pump Jack Market Participants
The market is currently concentrated as most of the pump jack manufacturers are located in oil and gas extraction regions. The discovery or exploration of new fossil fuel reserves is expected to encourage the emergence of new market players and diversify the market in the coming decade.
Key Players in the Pump Jack Industry
- Schlumberger Limited
- Lufkin Industries, LLC
- Weatherford International plc
- Cook Pump Company
- National Oilwell Varco, Inc.
- Star Hydraulics, LLC
- Dover Corporation
- Gardner Denver, Inc.
- General Electric Company
- Dover Artificial Lift
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Recent Developments by the Pump Jack Industry Players
- In November 2020, Schlumberger's North American Land Rod Lift Business was fully acquired by KPS Capital Partners' subsidiary Lufkin Industries. Lufkin's is known as a top supplier of rod lift equipment, including pumps, and services in North America. This purchase, which gives the firm access to a wide range of products and cutting-edge technological solutions is expected to further strengthen its portfolio. This deal also increases Lufkin's market share in the oil and gas sector by providing substantial manufacturing and distribution capabilities as well as a presence in important oil-producing regions.
- In January 2024, WorkSafe firm, a sister firm of Safety Hoist Company located in Pennsylvania, declared the modifications made to its pump jack and ladder jack scaffolding fall prevention systems. The company noted in a press statement dated January 16 that its redesigned scaffolding fall safety systems, which are frequently used on windows, siding, and other exterior construction projects for homes and businesses, can be readily transported in pickup trucks, cargo vans, and panels.
Key Segments
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:
- Offshore
- Onshore
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- Middle East and Africa (MEA)
Authored by:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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