Market Research Report
Pump Jack - Global Market Outlook (2017-2023)
|Published by||Stratistics Market Research Consulting||Product code||560065|
|Published||Content info||144 Pages
Delivery time: 2-3 business days
|Pump Jack - Global Market Outlook (2017-2023)|
|Published: September 1, 2017||Content info: 144 Pages||
According to Stratistics MRC, the Global Pump Jack Market is accounted for $2.79 billion in 2016 and expected to grow at a CAGR of 5.2% to reach $3.99 billion by 2023. Pump Jacks are used to mechanically pump oil from a well when the pressure in the well is not high enough to force the oil to the surface. Factors such as increasing matured oil fields and large number of stripper wells, low cost installation and ease of operation in onshore applications are driving the market growth. However, high maintenance cost and limited offshore in oil fields are constraints for the market. The recovery of oil from wells using pump jack rods and metal tubing is costly, inefficient, and environmentally hazardous is a current industry challenge. Pump jack manufacturers are implementing new technologies, for example remotely monitoring of pump jack activities and renewable based operating methods to reduce the cost of pump jacks would provide further opportunity to grow.
On the basis of the weight of equipment, the 100,000 lbs to 300,000 lbs is the largest segment owing to its capability of serving different type of wells. The vertical well segment accounted for the largest market share. The vertical drilling is used to extract oil to the surface and the majority of 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. Standardization of drilling and completion techniques will continue to push costs down.
Pump jacks in horizontal wells is still a challenging task. Most oil and gas reservoirs are much more extensive in their horizontal dimensions than in their vertical dimension. The present middle Bakken play in North Dakota and eastern Montana is an example of third generation horizontal drilling. The oil price collapse of 2014 forced changes upon the market, including capital cost reductions, downsized budgets and more focused concentration on better prospects within these.
Onshore fields offer the requisite surface area and well spacing for the installation of pump jacks. The pumpkacks have largely affected petroleum industry and are commonly used for onshore wells producing 5 to 40 litres of liquid on each stroke. The Altivar ENA system is developed especially for protecting and commanding oil Pump-Jack, avoiding the motor regeneration. In Argentina, Schneider Electric has developped a new solution to increase the oil field production and the performance in PCP units. Moreover, onshore fields allow for easy maintenance and repair, as they are easily accessible or well connected to monitoring facilities.
North America is the largest market, followed by Asia Pacific. This is due to growing importance of Smart well technology in the United States, where very large portion oil is produced from thousands of stripper wells producing less than 10 barrels a day. The biggest market right now is California. Texas has three or four times the pumpjacks that Alberta does. The U.S. has pledged to reduce greenhouse gas emissions economy wide 26 percent to 28 percent by 2025 under the Paris climate agreement.
The key players in Global Pump Jack market are Schlumberger Limited, Dover Corporation, Weatherford International, Borets International, Dansco Manufacturing, Inc , General Electric Company, Halliburton, Hess Corporation, National Oilwell Varco, Pentag Gears & Oilfield Equipment, Ltd, Star Hydraulics, Tenaris S.A., Cook Pump Company and L S Petrochem Equipment Corporation.