Global Pump Jack Market 2019–2023 | Benefits of Pump Jacks to Boost the Market Growth | Technavio
The pump jack market size is expected to post a CAGR of close to 5% during 2019–2023, according to the latest market research report by Technavio. Request a free sample report
Pump jacks are increasingly being used in oilfields to bring crude oil to the surface as the reservoir pressure is not high enough. Also, pump jacks extend the life of oil wells by recovering a significant quantity of hydrocarbons from the wells. Extension of the life of oil wells further helps oil and gas operators to extract crude oil reserves. Pump jacks are economical to operate, which reduces the overall cost of oil and gas E&P operations. Furthermore, the performance of pump jacks can be supervised remotely by employing remote monitoring systems, which further reduces cost in terms of labor. Therefore, 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.
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As per Technavio, innovations in pump jack units will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019–2023.
Pump Jack Market: Innovations in Pump Jack Units
Pump jack market players are increasingly upgrading the designs of pump jack units to cover different challenges, including mechanical wear, corrosion, pump failure, and inefficient pumping. Innovative curved pumping units are being designed to reduce the energy required during lifting procedures. Also, these units have a longer life and aid in minimizing the year-over-year lifting operation cost. Thus, the growing interest of market participants in developing the latest designs of pump jack units will drive pump jack market growth during the forecast period.
“Apart from the innovations in pump jack units, other factors such as the rising global energy demand and increasing upstream investments are also expected to boost the pump jack market growth during the forecast period,” says a senior analyst at Technavio.
Pump Jack Market: Segmentation Analysis
This market research report segments the pump jack market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America, respectively. The growth of the region is mainly driven by the increasing oil and gas production in economies including the US, Canada, and Mexico. Also, governments of several countries are taking initiatives to increase oil and gas production to ensure energy security.
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