Global Pump Jack Industry was valued at USD 2.88 Billion for the year 2017. Pump Jack Industry is further expected to grow at a CAGR of 5.11% from 2019 to reach USD 4.22 Billion by the year 2025. North America region holds the highest Industry share in 2017. The North America region is also considered as the fastest growing Industry in the forecast period. The U.S. is the major Industry in 2017 and it is also further anticipated to grow at a steady pace in the next 5 years.
Major market players in Pump Jack Industry are General Electric Company, Halliburton, Weatherford International, Borets International, Schlumberger Limited, Hess Corporation, National Oilwell Varco, Tenaris S.A, Star Hydraulics, Pentag Gears & Oilfield Equipment Ltd, L S Petrochem Equipment Corporation, Cook Pump Company, and other 10 more companies detailed information is provided in research report. Better global reach, at an operational level, is the main reason for holding this Industry share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.
SWOT Analysis of Pump Jack Industry:
Increasing number of oil fields and simplicity of operation in onshore applications
High maintenance cost
Introduction of remotely monitoring systems for pump jack activities
High costs for the recovery of oil from wells using pump jack rods
The segmentation done on the basis of well type include Horizontal Well and Vertical Well of which the Vertical Well segment is expected to hold the highest Industry share during the forecast period.
Segmentation done on the basis of Application includes the off-shore and onshore segment of which onshore segment is expected to grow at the highest CAGR during the forecasted period.
Pump Jack Industry Segmentation:
By Well Type
• Horizontal Well
• Vertical Well
• Rest of Europe
• Rest of Asia-Pacific
• Latin America
• Middle East & Africa