The global pump jack market size is likely to grow from $2.7 billion in 2016 to $3.8 billion by 2023. The growth of the pump jack market is mainly driven by increasing number of mature oilfields in North America.
Pump jacks are used in the petroleum industry to extract crude oil from wells, where there is not enough pressure in well to push oil to the surface. These are operated by creating artificial lifting system, which increases the pressure within an oil well to pull the oil to surface. The beam pumping method used by pump jack is the most common method of creating artificial lifting.
As per the findings of research, pump jack market for 100,000 lbs to 300,000 lbs occupied larger share of the global market. They are used where the average depth of the well is 5,500-7,000 feet.
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In terms of well type, the pump jack market is categorized into vertical and horizontal wells. The market for vertical wells in 2016 was $2.5 billion and it is expected to grow at a CAGR of 5.0% between 2017-2023, to reach $3.5 billion by 2023. The market for horizontal wells is expected to grow at a CAGR of 4.6% between 2017-2023.
In terms of weight, the pump jack market is categorized into less than 100,000 lbs, 100,000 lbs to 300,000 lbs, and more than 300,000 lbs. The less than 100,000 lbs category is expected to grow at a CAGR of 5.1% between 2017-2023 and will see the fastest growth among all the weight categories.
Rising number of mature fields along with increasing energy demand from emerging economies, is fueling the demand of pump jacks in the market. Onshore oil drilling is typically less expensive compared to offshore oil drilling. The majority of ageing wells are in onshore oil fields; hence the demand of pump jacks will be the highest in onshore oil drilling. The Gulf of Mexico has large number of mature wells drilled by pump jacks, making it one of the largest pump jack market.
The international oil companies are likely to return to Iran to focus on the redevelopment of mature oil producing fields, as the sanctions against the country have been lifted. Middle Eastern activity levels have been vigorous and production is estimated to increase in the coming years and in turn this will drive the pump jack market.
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Globally, North America represents a major share in the pump jack market and is expected to remain the largest market in future. In North America, increasing concern towards the utilization of unconventional energy resources; whereas, the redevelopment of mature oil and gas fields are continuously overlooked. Numerous mature oil and gas fields have been exhausted while producing at commercial rates. Companies specializing in mature field redevelopment can more competently access and produce the remaining oil and gas from mature fields and utilize technology to optimize production capacity; technologies such as artificial lifting through jack pumps, gas lift, and other methods.
Some of the major players operating in the pump jack market are Schlumberger Limited, General Electric Company, JCPump LLC, Young’s Welding Inc., Halliburton Company, Weatherford International, Cook Pump Company, Drake Manufacturing Company, Inc., Dansco Manufacturing, Inc., and LS Petrochem Equipment Corporation.
GLOBAL PUMP JACK MARKET SEGMENTATION
By Application
By Well Type
By Weight
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