Global Pump Jack Market Size, Share, Growth Analysis, By Type(Vertical Well, Horizontal Well), By Application(On-Shore, Off-Shore) - Industry Forecast 2022-2028

PUBLISHED: April 13, 2023

PAGES: 165 Pages

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Description

Global Pump Jack Market size was valued at USD 4.59 billion in 2021 and is poised to grow from USD 4.88 billion in 2022 to USD 9.26 billion by 2030, growing at a CAGR of 6.15% in the forecast period (2023-2030).

The global pump jack market is driven by the increasing demand for crude oil and natural gas. Pump jacks are commonly used in the oil and gas industry to extract oil and gas from wells. They are also known as nodding donkeys, oil horse, and oil pumps. The market is expected to witness significant growth due to the rising number of oil and gas exploration activities, particularly in the Middle East and North America. Other factors contributing to market growth include technological advancements and increasing investments in oil and gas infrastructure.

Top-down and bottom-up approaches were used to estimate and validate the size of Pump Jack market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segments covered in this report

The Global Pump Jack Market is segmented on the basis of Type, Application, and Region. Based on Type, the market is segmented into Vertical Well, Horizontal Well. Based on Application, the market is segmented into On-Shore, Off-Shore. Based on region, the global Pump Jack market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

The significant rise in crude oil prices is a key driver of the global pump jack market and is expected to continue driving demand in the future. Developing countries are experiencing rapid growth and improving living standards, leading to an increase in demand for petroleum products to power and maintain the expanding automotive market. As a result, the demand for pump jacks, which are crucial tools for extracting oil from difficult-to-reach locations, is also growing.

Restrain

During the analysis period, the global pump jack market growth is anticipated to be hindered due to the rising costs of extracting crude from offshore locations and the depletion of oil reserves, resulting in a decrease in demand for crude, and making it challenging to obtain oil at a competitive price.

Trends

During the analysis period, the global pump jack market is expected to experience a surge in demand due to the depletion of various oil reserves worldwide caused by the excessive consumption of crude. Although new oil fields have been discovered globally, the cost of extraction is high due to their depth, necessitating the use of artificial pump jacks to extract the oil.

Product Code: SQSG20I2006