Projected to Reach $3.8 Billion by 2023.According to the study, the global pump jack market size is likely to grow from $2.7 billion in 2016 to $3.8 billion by 2023. The growth of the pump jack market is mainly driven by increasing number of mature oilfields in North America.
Pump jacks are used in the petroleum industry to extract crude oil from wells, where there is not enough pressure in well to push oil to the surface. These are operated by creating artificial lifting system, which increases the pressure within an oil well to pull the oil to surface. The beam pumping method used by pump jack is the most common method of creating artificial lifting.
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Onshore oil drilling is typically less expensive compared to offshore oil drilling. The majority of ageing wells are in onshore oil fields, hence the demand of jack pump will be higher in onshore oil drilling. The Gulf of Mexico has large number of mature wells drilled by pump jacks, making it one of the largest markets of jack pumps globally.
Globally, North America represents a major share in the pump jack market and is expected to remain the largest market in future. In North America, increasing concern towards the utilization of unconventional energy resources; whereas, the redevelopment of mature oil and gas fields are continuously overlooked. Numerous mature oil and gas fields have been exhausted while producing at commercial rates. Companies specializing in mature field redevelopment can more competently access and produce the remaining oil and gas from mature fields and utilize technology to optimize production capacity; technologies such as artificial lifting through jack pumps, gas lift, and other methods.
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Pump jack’s performance can be remotely monitored and does not require manual monitoring. It makes operations more efficient and cost effective by monitoring on/off events, following trends, and sending alarms. Jack pump monitoring also ensures quick resolution of asset repair and keeps the downtime to minimum.
Some of the major players operating in the pump jack market are Schlumberger Limited, General Electric Company, JCPump LLC, Young’s Welding Inc., Halliburton Company, Weatherford International, Cook Pump Company, Drake Manufacturing Company, Inc., Dansco Manufacturing, Inc., and LS Petrochem Equipment Corporation.
Pump jacks are used in the petroleum industry to extract crude oil from wells, where there is not enough pressure in well to push oil to the surface. These are operated by creating artificial lifting system, which increases the pressure within an oil well to pull the oil to surface. The beam pumping method used by pump jack is the most common method of creating artificial lifting.
Onshore oil drilling is typically less expensive compared to offshore oil drilling. The majority of ageing wells are in onshore oil fields, hence the demand of jack pump will be higher in onshore oil drilling. The Gulf of Mexico has large number of mature wells drilled by pump jacks, making it one of the largest markets of jack pumps globally.
Globally, North America represents a major share in the pump jack market and is expected to remain the largest market in future. In North America, increasing concern towards the utilization of unconventional energy resources; whereas, the redevelopment of mature oil and gas fields are continuously overlooked. Numerous mature oil and gas fields have been exhausted while producing at commercial rates. Companies specializing in mature field redevelopment can more competently access and produce the remaining oil and gas from mature fields and utilize technology to optimize production capacity; technologies such as artificial lifting through jack pumps, gas lift, and other methods.
Browse Full Report Overview: https://www.psmarketresearch.com/market-analysis/pump-jack-market
Pump jack’s performance can be remotely monitored and does not require manual monitoring. It makes operations more efficient and cost effective by monitoring on/off events, following trends, and sending alarms. Jack pump monitoring also ensures quick resolution of asset repair and keeps the downtime to minimum.
Some of the major players operating in the pump jack market are Schlumberger Limited, General Electric Company, JCPump LLC, Young’s Welding Inc., Halliburton Company, Weatherford International, Cook Pump Company, Drake Manufacturing Company, Inc., Dansco Manufacturing, Inc., and LS Petrochem Equipment Corporation.
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