The growing number of mature onshore oil fields, rising energy consumption, and increasing exploration and production activities are some of the reasons behind the growth of the pump jack market. In 2016, the market generated a revenue of more than $2.7 billion, and it is expected to attain a size of $3.8 billion by 2023, advancing at a 5.0% CAGR during the forecast period (2017–2023). Pump jacks are used to extract crude oil, when there is not sufficient pressure in the wells to push the oil to the surface.
Geographically, during 2013–2016, North America led the pump jack market in terms of revenue, and it is predicted to maintain its dominance during the forecast period. This is attributed to the increasing energy consumption and oil production activities here. Furthermore, due to the growing concern toward the over-utilization of unconventional energy resources, the need for mature field redevelopment is increasing, in turn, leading to the heavy adoption of pump jacks in the continent. The mature field redevelopment prospects display improved return on investment.
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To meet the surging energy demand, the exploration of oil and gas fields is on the rise. According to environmental impact assessment, the global energy consumption is projected to accelerate from 575.0 quadrillion Btu in 2015 to 736.0 quadrillion Btu by 2040, showing a surge of 28.0%. Non-Organization for Economic Cooperation Development (OECD) regions are expected to contribute heavily in energy consumption. For instance, energy use in transportation is predicted to grow by around 30.0% between 2015 and 2040, while industrial sector is projected to account for more than 50.0% of the total energy used in 2040.
GLOBAL PUMP JACK MARKET SEGMENTATION
By Well Type
- Less than 100,000 lbs
- 100,000 lbs to 300,000 lbs
- More than 300,000 lbs
- North America
- Rest of Europe
- Rest of Asia-Pacific
- Latin America
- Rest of Latin America
- Middle-East and Africa
- Saudi Arabia
- Rest of Middle East and Africa