Market Size of Pump Jack Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | > 3.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pump Jack Market Analysis
The pump jack market is expected to grow at a CAGR of more than 3% over the forecast period of 2020-2025. The major drivers of this market are increasing automation for oil extraction, advancement or innovation in performance in pump jack unit and an increasing number of mature onshore oil fields as onshore oil drilling is more cost-effective as compared to offshore oil drilling. However, the limitation in the offshore application, high maintenance costs and large space footprint and the effect of COVID-19 are some of the factors which are expected to restrain the pump jack market during the forecast period.
- The onshore application is expected to be the largest segment for the pump jack market, during the forecast period.
- The majority of the new fields, as well as the older fields, require an artificial lift of some form for production. Hence, all the major companies are regularly adopting new technology of artificial lift systems in almost all wells. As the number of new exploration fields is increasing, these fields are expected to provide major opportunities for the pump jack market.
- North America has the largest market share by value and is also ascending as key exporter of raw petroleum because of the ongoing improvements of shale oil in the locale which makes it the dominating region in the market during the forecasted period.
