Pump Jack Market by Application and Geography - Forecast and Analysis 2022-2026

The pump jack market share is expected to increase by USD 987.08 million from 2021 to 2026, and the market's growth momentum will decelerate at a CAGR of 4.78%.

This pump jack market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers pump jack market segmentation by application (onshore and offshore) and geography (North America, APAC, Europe, Middle East and Africa, and South America). The pump jack market report also offers information on several market vendors, including Baker Hughes Co., Borets International Ltd., ChampionX Corp., China Vigor Drilling Oil Tools and Equipment Co Ltd, Cook Pump Co., Dansco Manufacturing Inc., Drake Machining, E and H Manufacturing, ETANG Drilling Production Service Ltd, Halliburton Co., JCPump LLC., Liberty Lift Solutions LLC, Puyang Zhongshi Group Co. Ltd., Schlumberger Ltd., Seaco Oilfield Equipment Co. Ltd., Shandong Shenyu Machinery Manufacturing Co. Ltd., Shengji Group, Weatherford International Plc, Werner Co., and Young's Welding Inc. among others.

What will the Pump Jack Market Size be During the Forecast Period?

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Pump Jack Market: Key Drivers, Trends, and Challenges

The benefits of pump jacks is notably driving the pump jack market growth, although factors such as growing adoption of alternative artificial lift techniques may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the pump jack industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Pump Jack Market Driver

One of the key factors driving growth in the pump jack market is the benefits of pump jacks. Crude oil recovery from pump jacks falls under the primary recovery of hydrocarbons. Pump jacks are used in oilfields if the reservoir pressure is not high enough to bring crude oil to the surface. Pump jacks have the potential to extend the life of oil wells by recovering a significant quantity of hydrocarbons from the well. Extension of the life of oil wells helps oil and gas operators extract the crude oil reserves that would remain untapped otherwise. The performance of pump jacks can be supervised remotely by employing remote monitoring systems, which, in turn, reduces the need to man them heavily. Thus, the reduction in labor cost lowers the overall production operation cost and helps oilfield operators earn profits. Following are the features that support the adoption of pump jacks during primary recovery of oilfields: potential to lift high-temperature and viscous crude oil, relatively simple design and easy to operate, applicable in slim and multiple completion oil wells, corrosion and scale treatments can be performed easily on the components of pump jacks, and pump jacks can be mobilized easily from one oil well location to the other. These operational benefits will increase the adoption of pump jacks for oilfield production operations and subsequently fuel the growth of the global pump jack market during the forecast period.

Key Pump Jack Market Trend

The innovations in pump jack units is a pump jack market trend that is expected to have a positive impact in the coming years. Pump jack units face several challenges such as mechanical wear, corrosion, pump failure, inefficient pumping, and safety at well sites. The most common challenge is mechanical wear, which leads to inefficiency of the pump jack lifting operation and high workover cost. Therefore, to address these issues, Schlumberger has innovated a new type of pump jack unit called a curved beam pumping unit. Curved pumping units minimize the year-over-year lifting operation cost and reduce the maintenance cost, with long service life. In case of well completion or workover operation, to stop the pump jack unit, workers need to climb up onto the back of the pumping unit and place a portion of their body on the counterweights to de-energize the kinetic energy of the pump jacks. The counterweights on the pump jacks are very high and can crush the human body. Hence, to address this issue, Hess Corp. and Risk Management Tool Box Pty Ltd. jointly developed a safety tool that works in tandem with the existing brake assist on the pump jack unit and assures workers to stop a pumping unit safely. Therefore, such innovations will drive the demand for innovative pump jack units and, subsequently, propel the growth of the global pump jack market during the forecast period.

Key Pump Jack Market Challenge

The growing adoption of alternative artificial lift techniques will be a major challenge for the pump jack market during the forecast period. Pump jack units, progressive cavity pumps, subsurface hydraulic pumps, ESPs, and gas lift techniques are used during primary hydrocarbon recovery. Pump jack systems have low operational costs and are simple to operate compared with other artificial lift techniques. However, they are less feasible in offshore oilfields due to their high weight. Pump jacks are susceptible to paraffin issues, have limitations in urban locations due to size, have low volumetric efficiency in gassy wells, and are subject to corrosion. These issues increase the overall oil well production operation cost. Other artificial lift techniques are beneficial in reducing operational costs. Also, they are portable and lightweight, which substantially increases their adoption in onshore as well as offshore applications. The ability of these systems to handle hydrogen sulfide significantly extends their operational life in oil wells with harsh environments. The adoption of other artificial lift techniques has increased due to their benefits over pump jacks in the primary recovery process. Therefore, the increasing adoption of other artificial lift techniques can hamper the growth of the global pump jack market.

This pump jack market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global pump jack market as a part of the global oilfield equipment and services within the global oil and gas market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the pump jack market during the forecast period.

Who are the Major Pump Jack Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Baker Hughes Co.
• Borets International Ltd.
• ChampionX Corp.
• China Vigor Drilling Oil Tools and Equipment Co Ltd
• Cook Pump Co.
• Dansco Manufacturing Inc.
• Drake Machining
• E and H Manufacturing
• ETANG Drilling Production Service Ltd
• Halliburton Co.
• JCPump LLC.
• Liberty Lift Solutions LLC
• Puyang Zhongshi Group Co. Ltd.
• Schlumberger Ltd.
• Seaco Oilfield Equipment Co. Ltd.
• Shandong Shenyu Machinery Manufacturing Co. Ltd.
• Shengji Group
• Weatherford International Plc
• Werner Co.
• Young's Welding Inc.

 

This statistical study of the pump jack market encompasses successful business strategies deployed by the key vendors. The pump jack market is fragmented and the vendors are deploying growth strategies such as investing more in E&P activities to compete in the market.

Product Insights and News

• Baker Hughes Co.  - Baker Hughes Co. is a public company headquartered in US. It is a global company generating $20,502 million in revenues and has around 54,000 employees. Its revenue from the global pump jack market contributes to its overall revenues along with its other offerings, but it is not a key revenue stream for the company. 

• Baker Hughes Co.  - The company offers pump jack that includes centrifugal pumps which is used in oil and water pipelines, water injection, co2 injection, oil flow line, oil gathering and transfer, refinery, petrochemical, fertilizers, hydrocracking auxiliaries, gas treatment. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The pump jack market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Pump Jack Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the pump jack market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Pump Jack Market?

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45% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for pump jacks in North America. Market growth in this region will be faster than the growth of the market in the European, MEA, and South American regions.

The increase in oil and gas discoveries, along with the rising investments and initiatives are undertaken by various governments will facilitate the pump jack market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In 2020, the COVID-19 outbreak had a negative impact on the pump jack market in North America. The US was among the worst-affected countries by the pandemic in the region. However, following the lifting of lockdown restrictions in the second half of 2020, major pump jack manufacturing and end-user operations resumed. Hence, the regional market is expected to recover and grow during the forecast period, owing to the increasing number of offshore oil and gas exploration projects in the region.

What are the Revenue-generating Application Segments in the Pump Jack Market?

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The pump jack market share growth by the onshore segment will be significant during the forecast period. In onshore oil and gas E&P operations, the operating cost of drilling activities is significantly lower than that of offshore oil and gas drilling activities as the latter employs comparatively expensive technologies and resources. Therefore, oil and gas E&P companies are investing more in onshore E&P projects to gain profit margins. Several countries are investing in oil and gas E&P operations to ensure energy security by increasing production. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the pump jack market size and actionable market insights on post COVID-19 impact on each segment.

 

Pump Jack Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 4.78%
Market growth 2022-2026	$ 987.08 million
Market structure	Fragmented
YoY growth (%)	5.26
Regional analysis	North America, APAC, Europe, Middle East and Africa, and South America
Performing market contribution	North America at 45%
Key consumer countries	US, Canada, Saudi Arabia, Russia, and Brazil
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Baker Hughes Co., Borets International Ltd., ChampionX Corp., China Vigor Drilling Oil Tools and Equipment Co Ltd, Cook Pump Co., Dansco Manufacturing Inc., Drake Machining, E and H Manufacturing, ETANG Drilling Production Service Ltd, Halliburton Co., JCPump LLC., Liberty Lift Solutions LLC, Puyang Zhongshi Group Co. Ltd., Schlumberger Ltd., Seaco Oilfield Equipment Co. Ltd., Shandong Shenyu Machinery Manufacturing Co. Ltd., Shengji Group, Weatherford International Plc, Werner Co., and Young's Welding Inc.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Pump Jack Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive pump jack market growth during the next five years
• Precise estimation of the pump jack market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the pump jack industry across North America, APAC, Europe, Middle East and Africa, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of pump jack market vendors

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