Market Research Report
Global Pump Jack Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||886919|
|Published||Content info||124 Pages
Delivery time: 1-2 business days
|Global Pump Jack Market 2019-2023|
|Published: July 10, 2019||Content info: 124 Pages||
Pump jack is a mechanical device that is used to extract petroleum from an oil well. Technavio's pump jack market analysis considers sales from both onshore and offshore segment. Our analysis also considers the sales of pump jack in APAC, Europe, MEA, North America, and South America. In 2018, the onshore segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing investments will play a significant role in the onshore segment to maintain its market position. Also, our global pump jack market report looks at factors such as benefits of pump jacks, rising global energy demand, and increasing upstream investment. However, growing adoption of alternative lift techniques, adoption of alternative energy sources, and fluctuations in price of oil and gas may hamper the growth of the pump jack industry over the forecast period.
Pump jacks extends the life of oil wells by recovering the significant quantity of hydrocarbons. The installation of pump jacks reduces the labor cost as they can be remotely monitored. The operational benefits of pump jacks have increased the demand for them across the globe. Such benefits of pump jacks will lead to the expansion of the global pump jack market at a CAGR of almost 5% during the forecast period.
Mechanical wear is a major challenge faced by pump jacks which leads to inefficient lifting operations and high workover costs. Companies have developed curved beam pumping unit and brake assist feature which will enhance the efficiency and safety of pump jacks. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global pump jack market during the forecast period 2019-2023, view our report.
With the presence of several major players, the global pump jack market is fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading pump jack manufacturers, that include Baker Hughes, a GE Co. LLC, Pentag Gears & Oilfield Equipment Ltd., Schlumberger Ltd., Shandong Shenyu Mechanical Manufacture Co. Ltd., and Weatherford International Plc.
Also, the pump jack market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.