The "Pump Jack Market", on the basis of vertical well and horizontal well type. The vertical well segmented accounted for the largest market share in 2016, driven by the demand from the North American market. Pump jack is the most commonly employed, low cost installation, and efficient method in vertical wells. Pump jacks in horizontal wells is still a challenging task. The application of pump jacks is also limited in the horizontal well market.
The global pump jack market is projected to grow at a CAGR of 4.88%, from 2017 to 2022, to reach a market size of USD 3.63 Billion by 2022. Increasing matured oil fields and large number of stripper wells in North America along with improving crude oil production from these mature wells, have been a subject of focus around major oil producing regions, owing to oil price downturn.
The North American market is expected to grow at the highest CAGR during the forecast period. This growth is due to abundance of stripper wells in the U.S. and increasing number of mature oil fields which are near to the end of its economic life.
Vertical well: The largest segment of the pump jack market, by well type
The pump jack market has been segmented by well type, weight, application, and region. The market has been further segmented, by well type, into vertical well and horizontal well. The vertical well segment accounted for the largest share of the market in 2016, and is also projected to grow at the fastest pace during the forecast period. Vertical well involves the safe production or exploration wells and is one of the biggest and most critical activities in any drilling project. Pump jacks are highly suitable for vertical wells as they include a sucker rod assembly that functions efficiently in a vertical trajectory. The market for vertical well is estimated to grow at the fastest pace among both the well types.
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The onshore sub-segment is estimated to have the highest growth rate in the pump jack market, by application.
Based on application, the market has been segmented into onshore and offshore segments. The application of pump jack in onshore is estimated to lead the market, both in terms of market value and growth. The onshore basins in North America Eagleville (Texas), Spraberry (Texas), and Prudhoe Bay (Alaska) plays a major role in driving the pump jack market. Onshore oil drilling is typically less expensive compared to offshore and a majority of the old and ageing mature wells are in onshore oil fields. Thus, the market for pump jack will be the largest in onshore.
North America: The largest market for pump jack
The market in North America was the largest market, by value, for pump jack in 2016, driven largely by activities in the offshore industries of the U.S. and Canada. The offshore industries in these two regions, leads other regions in terms of well-development. Companies in the region are taking active steps in drilling, in onshore mature oil fields by low cost installation and ease of operation. The market in the U.S. Gulf of Mexico is the second largest market, closely behind Europe, with a large number of mature wells drilled by pump jack, each year.
Target Audience:
- Pump jack manufacturer
- National oil companies
- International oil companies
- Onshore platform operators
- Associations and industry bodies
- Consulting companies dealing with the artificial lift industry
- Onshore logistics authorities
Scope of the Report:
By Well Type
- Vertical Well
- Horizontal Well
By Application
- Onshore
- Offshore
By Weight
- Less than 100,000 lbs
- 100,000 lbs–300,000 lbs
- More than 300,000 lbs
By Region
- North America
- Asia-Pacific
- Middle East & Africa
- Europe
- Central & South America
The Leading Players in the industry, based on their recent developments and other strategic industrial activities, includes Schlumberger Limited (U.S.), Halliburton (U.S.), General Electric Oil & Gas (U.K.), Weatherford International, PLC (Switzerland), Dover Corporation (U.S.), and Borets International (U.A.E.), among others.
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