Westford, USA, Dec. 13, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Pump Jack Market Share will reach a value of USD 9.26 Billion by 2031, with a CAGR of 6.15% during the forecast period (2024-2031). Global demand for oil resulted in a higher demand for pump jacks. Mature fields can primarily offer oil through onshore drilling because the onshore one is more cost-effective than its offshore counterpart, and that offers high value in form of pump jacks and is therefore being increasingly used. That again increases the chances for growth of the pump jack industry. Pump jack demand is still at a higher level despite all the awareness towards renewable sources of energy as it remains dependent on fossil fuels for the near future. The dependency will continue which will add up to more pump jack needs. Conversely, there has also been a very high rate of demand for pump jacks because the process of oil extraction itself has now been automated.
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Pump Jack Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 4.88 Billion |
| Estimated Value by 2031 | USD 9.26 Billion |
| Growth Rate | Poised to grow at a CAGR of 6.15% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Type, Weight, Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Rising Dependency of Pump Jack |
| Key Market Opportunities | Renewable Energy Integration |
| Key Market Drivers | Enhanced Oil Recovery Techniques |
Vertical Well Dominated Pump Jack Industry Amidst its Cost-Effectiveness and Environmental Footprint
The vertical well segment held a significant pump jack market share in 2023. Some of the advantages of vertical wells include their ease of access, which might reduce costs on the tools, the labor, and the extraction time required. It is usually cheaper to drill a vertical well than a horizontal well. Further, unlike horizontal wells, vertical wells are often deemed to leave a smaller footprint on the environment. Based on the current world scenario on environmental impact, corporations can consider their minimized footprint on the surface and the lesser infrastructure as a good windfall.
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Technological Advancements Fueling Offshore Drilling Growth During Forecast Period
As per the pump jack market forecast, the offshore drilling segment held around 16.1 % market share in 2023; its growth rate has been estimated to be 4.5% CAGR during the forecasting years. Pump jacks cannot be depended on earlier days as technological development and design advancement enhanced offshore oil extraction. Such applications in pump jacks have been marketed by technological advancements such as improved corrosion resistance and over distance monitoring. Their demand for offshore operations, therefore, is based on the former.
Dominance of North American Market Driven by Mature Onshore Oil Resources
Based on the pump jack market analysis, North America has enormous pump jack potential to be further expanded. This is mainly because of the huge crude oil demand within the region, thus resulting in a need for pump jacks. Several mature onshore oil fields are available within North America. Within those places, pump jacks are being used to maximize the operation's efficiency and the leftover oil reserves. Demand for pump jacks in North America is driven by the maturity of the region's onshore oil resources.
Pump Jack Market Insights
Drivers
Restraints
Key Players Operating Within the Pump Jack Industry
The following are the Top Pump Jack Companies
Key Questions Covered in the Global Pump Jack Market Report
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