Pump Jack Market Size, Share & Trends Analysis Report By Well (Vertical Well, Horizontal Well), By Weight (Less Than 100,000 LBS, 100,000 LBS to 300,000 LBS, More Than 300,000 LBS), By Application (Onshore, Offshore), By Region, And Segment Forecasts, 202
Pump Jack Market Size, Share & Trends Analysis Report By Well (Vertical Well, Horizontal Well), By Weight (Less Than 100,000 LBS, 100,000 LBS to 300,000 LBS, More Than 300,000 LBS), By Application (Onshore, Offshore), By Region, And Segment Forecasts, 2024 - 2030
Pump Jack Market Size & Trends
The global pump jack marketsize was estimated at USD 3,351.8 million in 2023 and is projected to expand at a CAGR of 5.3% from 2024 to 2030. The increasing global demand for oil has led to a surge in the need for pump jacks. Moreover, pumps jacks offer high value in onshore drilling which is less expensive than offshore drilling, making it a preferred method for extracting oil from mature fields. The increasing demand for onshore drilling is creating a conducive environment for market growth.
Despite the growing focus on renewable energy sources, the demand for pump jacks remains high due to the continued reliance on fossil fuels. This reliance is expected to continue, driving the demand for pump jacks. Additionally, the integration of automation in oil extraction processes has significantly boosted the demand for pump jacks. Automation enhances efficiency and reduces labor costs, making it a crucial aspect of modern oil extraction methods. Furthermore, the rise in new exploration fields and the advancement of shale oil in North America have increased the demand for pump jacks. These new fields require efficient and cost-effective extraction methods, which pump jacks provide.
Global Pump Jack Market Report Segmentation
This report forecasts revenue growth at global; regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. For this study; Grand View Research has segmented the global pump jack market based on the well, weight, application, and region:
Well Outlook (Revenue; USD Million; 2018 - 2030)
Vertical Well
Horizontal Well
Weight Outlook (Revenue; USD Million; 2018 - 2030)
Less Than 100;000 lbs
100;000 lbs to 300;000 lbs
More Than 300;000 lbs
Application Outlook (Revenue; USD Million; 2018 - 2030)
Onshore
Offshore
Regional Outlook (Revenue; USD Million; 2018 - 2030)
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Spain
Asia Pacific
Japan
China
India
Australia
South Korea
Latin America
Brazil
Argentina
Middle East & Africa
South Africa
Saudi Arabia
UAE
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