Global pump jack market was valued US$ 2.90 Bn in 2017 and is expected to reach 4.20 Bn by 2026, at a CAGR of 4.74 % during a forecast period. Pump jacks are widely used in the petroleum industry to extract crude oil from wells. These pump jacks mostly preferred, where there is not enough pressure to push oil to the surface. Increasing demand for the crude oil is one of the major key drivers in the global pump jacket market. Renewable energy sources are widely preffered as energy source. Furthermore convetional fuels are stilled preffered over renewable eneregy sorurce. Increasing need for the automation for the extraction of oil field are driving the growth in the global pump jacket market. Additionally, low cost of installations and ease of operation in the onshore apppliaction are boosting the growth in the global pump jack market. Limited number of the offshore oil fields and reqirement of high cost for its mainatanance are limiting the growth in the global pump jack market. The vertical well segment is expected to hold maximiun share in the global pump jack market. The vertical drilling is most widely used to extract oil to the surface . It is also wells drilled for oil production, are vertically oriented relatively stronger natural gas prices encouraged the drilling of vertical wells in conventional natural gas plays and some development of coalbed methane. Standardization of drilling and completion techniques will continue to push costs down. Onshore applications are expected to lead global pump jacket market. These oilfields are offering the requisite surface area and well spacing for the installation of pump jacks. The pumpjacks have mainly affected petroleum industry and are generally used for onshore wells producing nearly about 5 to 40 litres of liquid on each stroke. Many of the prominent key players are focusing to develop a new solution to increase the oil field production and the performance. Additionally, onshore fields offers easy maintenance and repair . They are simply accessible or well connected to monitoring facilities.These are the factors, which are expected to increase the demand for pump jack. Geographycally, North America is expected to share signifiacnt growth in the global pump jack market. The growth in the market can be attributed to increase in concern towards the utilization of unconventional energy resources. Many mature oil and gas fields have been fatigued while producing at marketable rates. Many of the key players are specializing in mature field redevelopment , which can more capably access and produce the remaining oil and gas from mature fields. For the extraction of the oilfield, some of the technologies like artificial lifting through jack pumps, gas lift, and other methods are optimizeing to increase production capacity The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding dynamics, structure by analysing the market segments by well type, weight and region and, project the global pump jack market. The report also provides a clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the global pump jack market. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders in arranging the efforts and investment in the near future to a particular market segment.
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