NEW
YORK, July 29, 2024 /PRNewswire/ -- The
global pump jack market size is estimated to grow by
USD 918 million from 2024-2028,
according to Technavio. The market is estimated to grow at a CAGR
of 4.5% during the forecast period. Benefits of pump
jacks is driving market growth, with a trend
towards innovations in pump jack units. However, growing
adoption of alternative artificial lift techniques poses a
challenge. Key market players include Baker Hughes Co., ChampionX
Corp., China Vigor Drilling Oil Tools and Equipment Co Ltd, Cook
Pump Co., Dansco, Drake Machining, E and H Manufacturing, ETANG
Drilling Production Service Ltd, Halliburton Co., JCPump LLC.,
Levare International, Liberty Lift Solutions LLC, Puyang Zhongshi
Group Co. Ltd., Schlumberger Ltd., Seaco Oilfield Equipment Co.
Ltd., Shandong Shenyu Machinery Manufacturing Co. Ltd., Shengji
Group, Weatherford International Plc, Werner Co., and Youngs
Welding Inc..
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Pump Jack Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
4.5%
|
Market growth
2024-2028
|
USD 918
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
4.23
|
Regional
analysis
|
North America, APAC,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
North America at
38%
|
Key
countries
|
US, Russia, Canada,
Saudi Arabia, and Brazil
|
Key companies
profiled
|
Baker Hughes Co.,
ChampionX Corp., China Vigor Drilling Oil Tools and Equipment Co
Ltd, Cook Pump Co., Dansco, Drake Machining, E and H Manufacturing,
ETANG Drilling Production Service Ltd, Halliburton Co., JCPump
LLC., Levare International, Liberty Lift Solutions LLC, Puyang
Zhongshi Group Co. Ltd., Schlumberger Ltd., Seaco Oilfield
Equipment Co. Ltd., Shandong Shenyu Machinery Manufacturing Co.
Ltd., Shengji Group, Weatherford International Plc, Werner Co., and
Youngs Welding Inc.
|
Market Driver
Pump jacks are essential tools in the oil and gas industry for
lifting crude oil from wells to the surface. However, they
encounter challenges such as mechanical wear, corrosion, pump
failure, inefficient pumping, and safety concerns at well sites.
Mechanical wear is the most prevalent issue, leading to
inefficiency and high workover costs. To mitigate these problems,
Schlumberger has introduced a curved beam pumping unit. This design
features two counterweights, allowing for optimal torque generation
and energy utilization. Conventional pump jacks consume maximum
energy at the start of the upward stroke, but curved beam units
distribute weights effectively, reducing energy consumption.
Additionally, they minimize negative torque and lower lifting
operation and maintenance costs. Safety is another critical concern
at oil well sites. During production, pump jack units are installed
to boost oil well output. For well completion or workover, workers
must manually stop the pump jack unit by climbing onto the back and
pressing against the counterweights to de-energize them. However,
the counterweights' height poses a risk of injury or even death. To
address this, Hess Corp. And Risk Management Tool Box Pty Ltd.
Collaborated to create a safety tool that works alongside the
existing brake assist. This innovation ensures a safer way to stop
pumping units, contributing to the growth of the global pump jack
market. Curved beam pumping units and safety tools are vital
advancements that will drive market expansion in the forecast
period.
The Pump Jack market is witnessing significant trends due to
rising maintenance costs of conventional pump jacks in matured and
existing oilfields. The shift towards renewable energy generation
and the increasing adoption of electric vehicles are impacting the
crude oil demand. The shutdown of industries during the pandemic
and the lift of lockdowns have led to reduced reservoir pressure in
oil fields, necessitating innovative devices and alternative lift
techniques. Hydrocarbon production from vertical wells is becoming
more expensive due to weight and mechanical challenges.
Manufacturing companies and drilling contractors are exploring
low-cost solutions, including hydraulic and electric pump jacks.
The global population's industrialization and increasing energy
demand necessitate infrastructure development, including pipelines
and transportation networks. The market for pump jacks and
artificial lift solutions is evolving, with equipment manufacturers
and service providers offering advanced devices for offshore
applications and primary recovery. Shale gas and tight oil
production are also driving demand for pump jacks and alternative
energy sources. Decarbonization efforts and the transition to
renewable power sources are expected to impact the market's future
growth.
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Market Challenges
- In the initial stages of oil and gas production, hydrocarbons
are extracted due to the pressure difference between the reservoir
and the atmosphere. Once reservoir pressure declines, various
artificial lifting techniques are employed to maintain production
rates. Pump jacks are a common choice due to their low operational
costs and simplicity. However, they have limitations such as high
weight for offshore applications, susceptibility to paraffin
issues, size constraints in urban areas, and low volumetric
efficiency in gassy wells. These challenges increase operational
costs. Alternative techniques like progressive cavity pumps,
subsurface hydraulic pumps, and ESPs offer advantages. Progressive
cavity pumps have low capital investment and high production
efficiency, making them suitable for onshore and offshore
applications. Subsurface hydraulic pumps have low maintenance costs
due to their resistance to corrosion, and ESPs have high crude oil
production efficiency, minimal surface equipment requirements, and
high resistance to corrosive downhole environments. These benefits
reduce operational costs. ESP systems, in particular, are
advantageous in harsh environments due to their ability to handle
hydrogen sulfide, extending their operational life. The increasing
adoption of these alternative techniques may hinder the growth of
the global pump jack market during the forecast period.
- Pump jacks are essential mechanical devices used in oil field
operations for surface oil production from vertical wells. They
face challenges in offshore applications due to the harsh
environment and weight restrictions. Innovative devices like
hydraulic and electric pump jacks are being adopted to address
these challenges. Alternative lift techniques, such as beam pumps
and nodding donkeys, are also used in some cases. The oil and gas
industry is under pressure to increase production from reservoirs
in response to global population growth, industrialization, and
energy demand. The shift towards unconventional resources like
shale gas and tight oil adds complexity. Drilling contractors,
equipment manufacturers, and service providers are working together
to provide artificial lift solutions that optimize performance and
utilization. Energy sources are evolving, with renewable energy
sources and decarbonization initiatives gaining momentum.
Infrastructure, including pipelines and transportation networks,
must adapt to these changes. Pump jacks, whether conventional or
automated, will continue to play a crucial role in oil extraction.
Offshore wells, with their unique challenges, will require
continued innovation to ensure efficient and effective oil
production.
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Segment Overview
This pump jack market report extensively covers market
segmentation by
- Application
- Geography
- 2.1 North America
- 2.2 APAC
- 2.3 Europe
- 2.4 Middle East and
Africa
- 2.5 South America
1.1 Onshore- The Pump Jack Market refers to the
business sector involving the production and sale of goods and
services related to Pump Jacks. These are devices used in oil and
gas industries for extracting resources from the ground. Companies
in this market provide equipment, maintenance, and consulting
services. Growth in energy demand drives market expansion. Key
players include Schlumberger, Halliburton, and Baker Hughes.
Profitable opportunities exist in emerging economies due to
increasing energy consumption. Market trends include automation and
digitalization for improved efficiency.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
Research Analysis
Pump jacks, also known as beam pumps or nodding donkeys, are
mechanical devices used for the surface extraction of crude oil
from wells. They consist of a long beam that oscillates up and
down, creating pressure to lift the oil to the surface. Pump jacks
are commonly used in onshore oil fields, but can also be found
offshore in shallow waters. The utilization of pump jacks has been
a significant contributor to oil production, particularly in
conventional oil fields with reservoirs at shallow depths. However,
their high maintenance costs have led to the exploration of
alternative methods for oil extraction, such as automation and
renewable energy generation. There are different types of pump
jacks, including conventional, hydraulic, and electric, each with
its unique advantages and challenges. Oil wells that use pump jacks
range from vertical wells to offshore wells, and their performance
is crucial in maximizing oil production from oil fields.
Market Research Overview
Pumpjacks, also known as beam pumps or nodding donkeys, are
mechanical devices used for the surface extraction of crude oil
from wells. They work by lifting the tubing string inside the
wellbore to create a vacuum, which draws oil to the surface.
Pumpjacks are commonly used in onshore oil fields, but can also be
found offshore in applications with shallow reservoirs. The
utilization of pumpjacks, including oil jacks and conventional,
hydraulic, and electric versions, has been a significant
contributor to oil production worldwide. However, high maintenance
costs and the impact of matured oilfields, reduced reservoir
pressure, and the pandemic have led to a shift towards alternative
lift techniques and renewable energy sources. Offshore wells,
hydrocarbons, and existing oilfields continue to rely on pumpjacks
for oil extraction. Innovative devices and automation have improved
pumpjack performance, reducing weight and increasing efficiency.
The oil and gas industry faces challenges such as the shutdown of
industries due to the pandemic, the shift towards renewable energy
generation, and the increasing demand for electric vehicles. The
oil field operations landscape is evolving, with drilling
contractors, equipment manufacturers, and service providers
adapting to the changing market. Alternative lift techniques, such
as gas lift and progressive cavity pumps, are gaining popularity
due to their lower cost and reduced environmental impact. The
global population's increasing industrialization and energy demand
require a balance between conventional oil production and the
transition towards renewable energy sources. Infrastructure,
including pipelines and transportation networks, remains crucial
for the efficient movement of crude oil and the integration of
renewable power sources into the energy mix. The future of the
pumpjack market lies in its ability to adapt to the evolving energy
landscape and provide cost-effective and efficient solutions for
oil production.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio