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Global Pump Jack Market to Reach $5.1 Billion by 2030: Allied Market Research

Rise in demand for crude oil and increase in production of dual fuel or hybrid vehicles drive the growth of the pump jack market. Asia-Pacific accounted for the highest market share in 2020, and is expected to maintain its dominance by 2030. Reduction in oil and petrochemical demand due to halt in commercial and industrial activities amid the lockdown impacted the global pump jack market during the Covid-19 pandemic.

Portland, OR, Oct. 19, 2021 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global pump jack market generated $3.0 billion in 2020, and is projected to reach $5.1 billion by 2030, witnessing a CAGR of 5.2% from 2021 to 2030. The report offers a detailed analysis of changing market trends, key segments, top investment pockets, value chain, regional landscape, and competitive scenario.

Rise in demand for crude oil and increase in production of dual fuel or hybrid vehicles drive the growth of the pump jack market. However, demand for electric vehicles, limitations in offshore applications, and variations in crude oil prices restrain the market growth. On the other hand, surge in investment in oil & gas exploration and production activities present new opportunities in the coming years.

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Covid-19 Scenario:

  • The oil and petrochemical demand reduced due to halt in commercial and industrial activities amid lockdown measures imposed by governments. This, in turn, led to lowered production activities and reduced the utilization of pump jacks.

  • Owing to unavailability of workers and disruptions in the supply chain, the onshore and offshore activities in the oil & gas sector were halted during the Covid-19 pandemic. This affected the demand for pump jack.

  • However, the demand will be restored once activities in the oil & gas sector begin with full capacity during the post-lockdown.

The report offers detailed segmentation of the global pump jack market based on well type, application, and region.

Based on well type, the vertical segment contributed to the highest share in 2020, accounting for more than half of the total share, and is expected to continue its lead position during the forecast period. However, the horizontal segment is projected to manifest the largest CAGR of 5.5% from 2021 to 2030.

Get detailed COVID-19 impact analysis on the pump jack market Request Here

Based on application, the onshore segment held the highest share in 2020, contributing to more than three-fifths of the global pump jack market, and is estimated to continue its leadership status throughout the forecast period. However, the offshore segment is projected to register the highest CAGR of 6.0% from 2021 to 2030.

Based on region, Asia-Pacific accounted for the highest market share in 2020, holding nearly one-third of the total share, and is expected to maintain its dominance in terms of revenue by 2030. However, Europe is estimated to witness the fastest CAGR of 6.1% during the forecast period.

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Leading players of the global pump jack market analyzed in the research include Dansco, Hess Corporation, Drake Manufacturing Co., Inc., LS Petrochem Equipment Corp., KBA Engineering, LLC, Shengji Group Co., Ltd., National-Oilwell Varco, Inc., Schlumberger Limited, Redhead Artificial Lift Ltd., and Weatherford International Plc.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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