A key factor driving the growth of the market is the benefit of pump jacks in the primary recovery of hydrocarbons. Pump jacks are used in oilfields if the reservoir pressure is not high enough to bring crude oil to the surface. Pump jacks have the potential to extend the life of oil wells by recovering a significant quantity of hydrocarbons from the well. Extension of the life of oil wells helps oil and gas operators extract crude oil reserves that would remain untapped otherwise. Pump jacks also require low costs to operate, which reduces the overall cost of oil and gas E&P operations. Furthermore, the performance of pump jacks can be supervised remotely by employing remote monitoring systems, which, further reduces cost in terms of labor. Therefore, these operational benefits will increase the adoption of pump jacks for oilfield production operations and subsequently, fuel the growth of the global pump jack market during the forecast period.
As per Technavio, innovations in pump jack units will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global pump jack market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Pump Jack Market: Innovations in Pump Jack Units
Pump jack units face several challenges such as mechanical wear, corrosion, pump failure, inefficient pumping, and safety at well sites. Therefore, to address these issues, Schlumberger has innovated a new type of pump jack unit called curved beam pumping unit. This unit is designed to reduce the energy required during the lifting operation. Curved pumping units are beneficial in oil wells with large variations in production that cause high energy consumption. Curved pumping units also minimize the year-over-year lifting operation cost and reduce the maintenance cost, and have a longer service life. Therefore, such innovations will drive the demand for innovative pump jack units and propel the growth of the global pump jack market during the forecast period.
“Apart from the innovations in pump jack units, increasing investments in the oil and gas upstream sector will drive the growth of oil and gas drilling and production activities. With large investments involved in oil and gas projects, oil and gas operators will prefer to increase profits by raising crude oil production from oilfields. This will drive the demand for pump jacks and subsequently, fuel the growth of the global pump jack market during the forecast period,” says a senior analyst at Technavio.
Global Pump Jack Market: Segmentation Analysis
This market research report segments the global pump jack market by application (onshore and offshore) and geographical regions (North America, APAC, Europe, MEA and South America).
The North American region led the market in 2018, followed by APAC, Europe, MEA and South America respectively. However, during the forecast period, the APAC is expected register the highest incremental growth due to increasing demand from developing countries such as India and China.
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