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Sep 11, 2020 (The Expresswire) —
The “report” offers a detailed analysis of the aspects that will play an important role in the expansion of the market. An all-inclusive summary of the subtleties, trends, and industry outlook is also present in the report.
Some Of The Major Companies Present In The Global Pump Jack Market Are:
- Schlumberger Limited
- Tenaris S.A.
- National Oil Well Varco
- Hess Corporation
- Star Hydraulics
- General Electric Company
- Weatherford International
- Dover Corporation
- Borets International
- Dansco Manufacturing, Inc.
- Pentag Gears and Oilfield Equipment, Ltd
- L S Petrochem Equipment Corporation
- Cook Pump Company
- Allspeeds Ltd., and KBA Engineering, LLC.
The increasing demand for crude oil from various sectors is expected to bolster the growth of the global pump jack market, says Fortune Business Insights in a report, titled “Pump Jack Market Size, Share and Global Trend By Application (Onshore, Offshore), By Well Type (Horizontal, Vertical), By Weight (Less than 100,000lbs, 100,000lbs -300,000lbs, More than 300,000lbs), and Geography Forecast till 2026.” The increasing use of renewable energy sources is expected to contribute positively to the market growth.
For more information in the analysis of this report, visithttps://www.fortunebusinessinsights.com/industry-reports/pump-jack-market-101212
Below Mentioned Are Some Of The Recent Ventures By Leading Players
- April 2020:Pentag has secured a contract to supply the 35thbeam pump for Watch Farm Oil Field in Dorset. This new contract will help to boost the production of oil.
- February 2020: Schlumberger and Rockwell Automation entered into a joint venture agreement to create the first fully digital integrated automation solution for the industry. This new solution will bode well for the oil and gas industry as well as the pump jack market.
Key Market Driver Increase in global demand for crude oil
Key Market Restraint High maintenance cost
According to the report, the 100,000-300,000lbs segment is expected to witness high growth during the forecast period owing to its wide use in the oil well of 5,500ft-7,000ft. Furthermore, the vertical well segment will account for maximum share during the forecast period as it is considered as the protected production or exploration wells and also vertical well can incorporate a sucker rod assemble that works proficiently in a vertical direction. The onshore application of pump jacks is predicted to witness high demand during the forecast period due to its essential surface area and well spacing for the establishment of pump jacks. The pump jacks have mostly influenced the oil industry and are commonly utilized for onshore wells creating almost around 5 to 40 liters of fluid on each stroke. Moreover, onshore fields offer simple repairs and maintenance.
Developments in the Number of Mature Oilfields Will Encourage Growth
The increasing demand for crude oil from various sectors is a major factor contributing to the growth of the market. The growing utilization of renewable power sources will have a positive impact on the market. The development in the number of mature oilfields is a pump jack market trend, which will augur well for the market. The new contract of National Oil Well Varco will create growth opportunities for the market. For instance, National Oil Well Varco will supply equipment and solutions like downhole drilling dynamics tools, drilling apps and wired drill pipe to the BP Alaska drilling unit on North Slope. This new contract will help to boost the oil and gas industry and also, shows a positive outlook for the pump jack market.
The high maintenance cost of pump jacks and mechanical issues of the gear are factors expected to restrict the pump jack market growth during the forecast period.
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Increasing Exploration And Production Activities Will Boost Growth In North America
North America is expected to dominate the global pump jack market during the forecast period owing to the presence of shale gas companies. The increasing development of smart well innovation in the United States will contribute growth in the region. The advancement in technology including the growing investment in exploration and production activities is expected to fuel demand for pump jacks in the region. Europe is expected to witness significant growth owing to the surge in oil exploration activities in countries such as Russia, which holds the largest oil reserves to meet the increasing demand for oil from the world. In the Middle East and Africa, most of the countries are major oil players in the oil industry. A large proportion of oil is exported to different parts of the world through the Middle East region. The presence of organizations such as OPEC, regulates oil production and a number of exploration activities in the region which, in, turn, will create opportunities for the market. In Latin America, countries such as Mexico, Brazil, and Venezuela are major oil-producing countries. Pump jacks are extensively used in the oil field of Venezuela.
1. By Application
2. By Well Type
3. By Weight
- Less than 100,000lbs
- 100,000lbs -300,000lbs
- More than 300,000lbs
4. By Geography
- North America (USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East and Africa (South Africa, GCC, and Rest of the Middle East and Africa)
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Major Table of Content ForPump JackMarket:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Pump Jack Market Analysis, Insights and Forecast,2026
- North America Pump Jack Market Analysis, Insights and Forecast,2026
- Europe Pump Jack Market Analysis, Insights and Forecast,2026
- Asia Pacific Pump Jack Market Analysis, Insights and Forecast,2026
- The Middle East and Africa Pump Jack Market Analysis, Insights and Forecast,2026
- Latin America Pump Jack Market Analysis, Insights and Forecast,2026
- Competitive Landscape
- Company Profile
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
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Click here to get the short-term and long-term impact of COVID-19 on this Market.
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