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Pump jack market to boost its value by year 2023 according to new research report

Energy Market Research

Genesis Market Insights prepared a Published Industry Report Pump Jack Market. Report consistently helps to increase the business costing for the global clients. The Pump Jack Market Report is beneficial to execute marketing strategy and decision making. The Global based research report can produce better results and reduce the business weaknesses.

GLOBAL PUMP JACK MARKET was valued at USD 2.87 Billion for the year 2017. Global Pump Jack Market Make an Inquiry about this news is further expected to grow at a CAGR of 5.11% from 2018 to reach USD 3.87 Billion by the year 2023.

North America region holds the highest market share in 2017. The North America region is also considered as the fastest growing market in the forecasted period.

The U.S. is the major market in 2017 and it is also further anticipated to grow at a steady pace in the next 5 years.

Halliburton (U.S.), Schlumberger Limited (U.S.), Weatherford International, PLC (Switzerland), General Electric Company (U.K.), are some of the top players in the Pump Jack Market with Weatherford International, PLC holding a substantial market share in 2017. Better global reach, at an operational level, is the main reason for holding this market share.

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Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.

Drivers:

             Increasing number of oil fields and simplicity of operation in onshore applications

Restraints:

             High maintenance cost

Opportunities:

             Introduction of remotely monitoring systems for pump jack activities

Challenges:

             High costs for the recovery of oil from wells using pump jack rods

The segmentation done on the basis of well type include Horizontal Well and Vertical Well of which the Vertical Well segment is expected to hold the highest market share during the forecast period.

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Segmentation done on the basis of Application includes the off-shore and onshore segment of which onshore segment is expected to grow at the highest CAGR during the forecasted period.

Key Benefits for Stakeholders

Pump Jack Manufacturers & Distributors

Research and Consulting organization

Government bodies

End-use industries

Regulatory bodies, policymakers and consumers.

By Well Type

Horizontal Well

Vertical Well

By Application

Offshore

Onshore

By Region

North America

Europe

Asia-Pacific

ROW

Key Market Players

General Electric Company

Halliburton

Weatherford International

Borets International

Schlumberger Limited

Hess Corporation

National Oilwell Varco

Tenaris S.A

Star Hydraulics

Pentag Gears & Oilfield Equipment, Ltd

L S Petrochem Equipment Corporation

Cook Pump Company

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News From

Genesis Market InsightsGenesis Market Insights
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