Pump Jack Market By Well Type(Horizontal Well, Vertical Well) By Application (Offshore, Onshore) - Global size Analysis and Industry Forecast, 2018-2023.
Global Pump Jack Market was valued at USD 2.87 Billion for the year 2017. Pump Jack Market 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.
U.S. is the major market in 2017 at country level 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 operational level is the main reason for holding this market share.
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.
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Increasing number of oil fields and simplicity of operation in onshore applications
High maintenance cost
Introduction of remotely monitoring systems for pump jack activities
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.
Segmentation done on the basis of Application includes offshore 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
End use industries
Regulatory bodies, policy makers and consumers.
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By Well Type
Key Market Players
General Electric Company
National Oilwell Varco
Pentag Gears & Oilfield Equipment, Ltd
L S Petrochem Equipment Corporation
Cook Pump Company
(Another brief information of 13 companies will provided in report)
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