Pump Jack Market Outlook – 2030
The global pump jack market size was valued at $3.0 billion in 2020, and is expected to reach $5.1 billion by 2030, registering a CAGR of 5.2% from 2021 to 2030. Pump jack is a component that consists of pump in oil well and motors above the surface. It is also called as beam pump, oil jack, and nodding donkey which extracts crude oil from oil well. It is used in oil wells when the pressure in the oil well is insufficient to lift up oil to the surface. Pumpjack is used to increase the production from well. The pumpjack market provide detailed information on utilization of pumpjacks in onshore and offshore applications in oil rich areas. Well types covered in the study include vertical and horizontal well.
The growth of the global pump jack market is driven by rise in demand for pump jack from oilfield exploration and production across the globe. However, limitations of offshore well, high maintenance cost, large space required, and rapid development of the electric vehicle industry are the key factors hampering the growth of the market. On the contrary, rapid transition from conventional fuel-based power generation to renewable energy generation and rise in use of electric vehicles for transportation are anticipated to provide lucrative growth opportunities for the key players to maintain the position in the global market in the upcoming years.
The pump jack market is segmented into well type, application and region. By on well type, the market is bifurcated into vertical well and horizontal well. On the basis of application, it is categorized into onshore and offshore. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global market covers in-depth information of the major pump jack industry participants. Some of the major players in the market include Dansco, Drake Manufacturing Co., Inc., Hess Corporation, KBA Engineering, LLC, LS Petrochem Equipment Corp., National-Oilwell Varco, Inc., Shengji Group Co., Ltd., Redhead Artificial Lift Ltd., Schlumberger Limited, and Weatherford International Plc.
Other players operating in the value chain of the global pump jack market are Dover Corporation, Halliburton Company, Allspeeds LLC, Cook Pump Company, Star Hydraulics, Tenaris S.A., Borets International, Pentag Gears & Oilfield Equipment Ltd. and others.
The key players are adopting numerous strategies such as product launch and acquisition to stay competitive in the market.
For instance, in November 2020, Lufkin Industries acquired North American Land Rod Lift Business of Schlumberger N.V. This acquisition is expected to enhance the sales network of company and also increase the new customer base.
In addition, in July 2018 Weatherford International Plc launched a new Rotaflex long-stroke pumping unit that improves artificial-lift efficiency in challenging applications including deep, high-volume and high gas-to-liquids wells. This product launch strengthened the product portfolio of the company in pump jack industry.
The pump jack market is analyzed and estimated in accordance with the impacts of the drivers, restraints, and opportunities. The period studied in this report is 2021–2030. The report includes the study of the market with respect to the growth prospects and restraints based on the regional analysis. The study includes Porter’s five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Pump jack market, by well type
On the basis of well type, the vertical well segment held the largest pump jack market share in 2020. This is owing to increase in exploration activities and the high presence of vertical wells across the globe. In addition, rise in awareness toward careful planning and management of operations in vertical wells and benefits associated with vertical wells such as low cost, and less time required for extraction, is expected to fuel the market growth in the upcoming years.
By Well Type
Vertical segment is projected as the most lucrative segment.
Pump jack market, by application
On the basis of application, the onshore segment dominated the global market in 2020, in terms of share, owing to effectiveness of onshore well drilling and exploration as compare to offshore wells and rise in number of mature onshore oil wells across the globe. In addition, rise in number of new exploration fields, improvements in shale oil in North America, and surge in usage of pumpjacks in onshore oilfields are anticipated to fuel the growth of the global pump jack market during the analyzed time frame.
By Application
Onshore is projected as the most lucrative segment.
Pump jack market, by region
North America garnered the highest share in the pump jack market in 2020, in terms of revenue, and is anticipated to maintain its dominance throughout the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, pumpjacks is gaining importance in the oil & gas industries, owing to its rise in investment in oil & gas exploration and production activities to fulfil the demand for petroleum products from various developing economies across the globe and improvements in shale oil reserves in the region are expected to augment the growth of the market during the forecast period.
By Region
Asia-Pacific holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
COVID-19 impact on the market
Lockdowns imposed due to the outbreak of COVID-19 pandemic resulted in temporary ban on crude oil import & export and oil exploration & production activities across the globe, which decreased the demand for pump jack from these consumers. This resulted in decline in market growth in the second, third, and fourth quarters of 2020. However, the pump jack market is expected to recover by the second quarter of 2021 as COVID-19 vaccination has started in various economies across the globe, which is expected to improve the global economy.
Key Benefits For Stakeholders
- The report provides an extensive qualitative and quantitative analysis of the current pump jack market trends and future estimations of the global market from 2021 to 2030 to determine the prevailing opportunities.
- A comprehensive pump jack market analysis of the factors that drive and restrict the market growth is provided.
- Estimations and pump jack market forecast are based on factors impacting the market growth, in terms of value.
- Profiles of leading players operating in the market are provided to understand the global competitive scenario.
- The report provides extensive qualitative insights on the significant segments and regions exhibiting favorable pump jack market growth.
Key Market Segments
By well type
- Vertical Well
- Horizontal Well
By application
- Onshore
- Offshore
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Pump Jack Market Report Highlights
| Aspects | Details |
 By WELL TYPE |
|
 By APPLICATION |
|
 By Region |
|
 Key Market Players | KBA ENGINEERING, LLC, DRAKE MANUFACTURING CO., INC., HESS CORPORATION, LS PETROCHEM EQUIPMENT CORP., Weatherford International Plc, SHENGJI GROUP CO., LTD., REDHEAD ARTIFICIAL LIFT LTD., SCHLUMBERGER LIMITED, National-Oilwell Varco, Inc, DANSCO |
Analyst Review
Rapid industrialization is the key factor attributed to the leading position of North America and Asia-Pacific regions in the global pump jack market. The North America region is further expected to provide lucrative opportunities to leading pumpjack manufacturers, owing to its huge potential to exploration & production activities and surge in demand for petroleum products across the globe.
Increase in demand for conventional fuels such as petrol, diesel, kerosene and others from the transportation and power generation industry is the key factor driving the growth of the global pump jack market during the forecast period. However, implementation of stringent government regulations toward environmental pollutions owing to the use of petroleum products is expected to hamper the growth of the market during the analyzed time frame. On the contrary, rapid transition from coal power station to gas power station and rise in use of gas in the vehicles are anticipated to provide remunerative opportunity for the key players to maintain the pace in the pump jack market in the upcoming years.
Among the analyzed regions, North America is expected to account for the highest revenue in the market by the end of 2030, followed by Asia-Pacific, Europe, and LAMEA.
Increase in demand for crude oil & petroleum products and rapid growth of the dual fuel or hybrid vehicle are key factors drives the pump jack market growth during the forecast period.
Rise in investment towards oil & gas exploration and production activities is expected to be the key trend in the pump jack market.
The report sample for global pump jack market report can be obtained on demand from the website. Also, the 24*7 chat support and direct call services are provided to procure the sample report.
The potential customers of the pump jack market are oil & gas, construction, and other liquid lifting industries.
On the basis of well type, vertical well segment will drive the pump jack market growth during the forecast period. On the basis of application, onshore segment will drive the growth of the pump jack market.
The key growth strategies adopted by pump jack market players product launch and acquisition.
The top ten market players are selected based on two key attributes - competitive strength and market positioning.
Top players in the pump jack market are Dansco, Drake Manufacturing Co., Inc., Hess Corporation, KBA Engineering, LLC, LS Petrochem Equipment Corp., National-Oilwell Varco, Inc., Shengji Group Co., Ltd., Redhead Artificial Lift Ltd., Schlumberger Limited, and Weatherford International Plc.
In terms of revenue, the market size of pump jack market is anticipated to reach $5.1 billion by 2030, growing at CAGR of 5.2% from 2021 to 2030.
Asia-Pacific garnered the dominant share in 2020, and is anticipated to maintain this dominance in pump jack market trend during the forecast period. This is attributed to the presence of key players and huge consumer base in the region. In addition, pumpjacks is gaining importance in the oil & gas industries, owing to its rise in investment in oil & gas exploration and production activities to fulfil the demand for petroleum products from various developing economies across the region and improvements in shale oil reserves in the region are expected to augment the growth of the pump jack market during the forecast period.
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