With the surge in the number of mature oilfields around the world, the demand for pump jacks is growing rapidly, especially in the petroleum industry. A majority of these oilfields have already reached their saturation points and therefore, produce very less oil. As these wells cannot be restarted economically once they are closed down, they are kept alive with the help of pump jacks. These devices enable the extraction of even the last few barrels of oil from these fields.
As onshore oil drilling has higher cost-effectiveness than offshore oil drilling, it is being increasingly preferred by oil and gas exploration and production companies around the world. Additionally, a large number of aging oil wells are onshore, which is further boosting the requirement for pump jacks. North America is home to numerous mature onshore oil wells, where pump jacks can be utilized extensively for achieving higher operational efficiency and extracting the remaining oil from the wells.
Due to the above-mentioned factors, the sales of pump jacks are soaring all over the world. This is, in turn, fueling the expansion of the global pump jack market. Onshore and offshore oil wells are the major application areas of pump jacks. Between the two, the requirement for pump jacks will rise at a faster rate in onshore oil wells in the coming years, as per the estimates of P&S Intelligence, a market research company based in India.
This will be because of the fact that most of the aging oil wells all over the world are onshore. Pump jacks are extensively required in both vertical and horizontal wells. Of these, the usage of these devices was observed to be higher in vertical oil wells during the last few years. This was because of the existence of numerous onshore vertical oil wells across the world and the fact that pump jacks were specifically made for these oil wells.
Across the globe, the sales of pump jacks are predicted to rise enormously in the Asia-Pacific (APAC) and North American regions in the upcoming years. This is ascribed to the existence of several leading pump jack-producing companies, the surging number of mature oilfields, and the presence of several aging oilfields in this region. The demand for pump jacks is also predicted to boom in various European countries such as Russia in the coming years.
Hence, it can be safely said that the demand for pump jacks will skyrocket all over the world in the future years, mainly because of the increasing number of aging and mature oilfields.
Global Pump Jack Market was valued US$ 2.90 Bn in 2017 and is expected to reach 4.20 Bn by 2026, at a CAGR of 4.74 % during a forecast period.
These pump jacks mostly preferred, where there is not enough pressure to push oil to the surface.The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.Increasing demand for the crude oil is one of the major key drivers in the global pump jacket market.
Renewable energy sources are widely preffered as energy source.
Additionally, low cost of installations and ease of operation in the onshore apppliaction are boosting the growth in the global pump jack market.Limited number of the offshore oil fields and reqirement of high cost for its mainatanance are limiting the growth in the global pump jack market.The vertical well segment is expected to hold maximiun share in the global pump jack market.
It is also wells drilled for oil production, are vertically oriented relatively stronger natural gas prices encouraged the drilling of vertical wells in conventional natural gas plays and some development of coalbed methane.
Many mature oil and gas fields have been fatigued while producing at marketable rates.
