Global Pump Jack Market to Reach $3.6 Billion by 2022 - Analysis By Well Type, Weight, Application & Region
DUBLIN, August 4, 2017 /PRNewswire/ --
The "Pump Jack Market - Global Trends and Forecast to 2022" report has been added to Research and Markets' offering.
The global pump jack market is projected to grow at a CAGR of 4.88%, from 2017 to 2022, to reach a market size of USD 3.63 Billion by 2022. Increasing matured oil fields and large number of stripper wells in North America along with improving crude oil production from these mature wells, have been a subject of focus around major oil producing regions, owing to oil price downturn.
The report segments the pump jack market, on the basis of vertical well and horizontal well type. The vertical well segmented accounted for the largest market share in 2016, driven by the demand from the North American market. Pump jack is the most commonly employed, low cost installation, and efficient method in vertical wells. Pump jacks in horizontal wells is still a challenging task. The application of pump jacks is also limited in the horizontal well market.
The report also segments the pump jack market, on the basis of the weight of equipment into less than 100,000 lbs, 100,000 lbs to 300,000 lbs, and more than 300,000 lbs. The 100,000 lbs to 300,000 lbs was the largest market and is projected to maintain its edge over the other segments owing to its capability of serving different type of wells.
The report also segments the pump jack market, on the basis of onshore and offshore applications. The use of pump jack is limited to onshore application with very less use in offshore application, due to large space footprint. Onshore fields offer the requisite surface area and well spacing for the installation of pump jacks. Moreover, onshore fields allow for easy maintenance and repair, as they are easily accessible or well connected to monitoring facilities.
In this report, the pump jack market has been categorized, on the basis of region, into North America, Asia-Pacific, the Middle East and Africa, Europe, and South and Central America. The market in North America led the pump jack market, with the largest market share, by value, in 2016, and this trend is projected to continue till 2022. The market in Asia-Pacific will also play an important role in driving the demand for pump jacks.
The North American market is expected to grow at the highest CAGR during the forecast period. This growth is due to abundance of stripper wells in the U.S. and increasing number of mature oil fields which are near to the end of its economic life.
Large space footprint and limitation of offshore applications and moderate to high maintenance costs are the restraints for the pump jack market. Pump jack manufacturers are implementing new technologies, such as remotely monitoring of pump jack activities and adapting new renewable based operating methods to reduce the operating cost for pump jacks.
Companies Mentioned
- Borets International
- Cook Pump Company
- Dansco Manufacturing, Inc
- Dover Corporation
- General Electric Company
- Halliburton
- Hess Corporation
- L S Petrochem Equipment Corporation
- National Oilwell Varco
- Pentag Gears & Oilfield Equipment, Ltd
- Schlumberger Limited
- Star Hydraulics
- Tenaris S.A.
- Weatherford International
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Pump Jack Market By Well Type
7 Pump Jack Market By Weight
8 Pump Jack Market By Application
9 Pump Jack Market By Region
10 Competitive Landscape
11 Company Profiles
For more information about this report visit https://www.researchandmarkets.com/research/8452zz/pump_jack_market
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SOURCE Research and Markets
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