Global Pump Jack Market 2019-2023 | Benefits of Pump Jacks to Boost the Market Growth | Technavio

LONDON--()--The pump jack market size is expected to post a CAGR of close to 5% during 2019-2023, according to the latest market research report by Technavio. Request a free sample report

Pump jacks are increasingly being used in oilfields to bring crude oil to the surface as the reservoir pressure is not high enough. Also, pump jacks extend the life of oil wells by recovering a significant quantity of hydrocarbons from the wells. Extension of the life of oil wells further helps oil and gas operators to extract crude oil reserves. Pump jacks are economical 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.

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As per Technavio, innovations in pump jack units will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2019-2023.

Pump Jack Market: Innovations in Pump Jack Units

Pump jack market players are increasingly upgrading the designs of pump jack units to cover different challenges, including mechanical wear, corrosion, pump failure, and inefficient pumping. Innovative curved pumping units are being designed to reduce the energy required during lifting procedures. Also, these units have a longer life and aid in minimizing the year-over-year lifting operation cost. Thus, the growing interest of market participants in developing the latest designs of pump jack units will drive pump jack market growth during the forecast period.

“Apart from the innovations in pump jack units, other factors such as the rising global energy demand and increasing upstream investments are also expected to boost the pump jack market growth during the forecast period,says a senior analyst at Technavio.

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Pump Jack Market: Segmentation Analysis

This market research report segments the pump jack market by application (onshore and offshore) and geography (APAC, Europe, MEA, North America, and South America).

The North American region led the market in 2018, followed by APAC, Europe, MEA, and South America, respectively. The growth of the region is mainly driven by the increasing oil and gas production in economies including the US, Canada, and Mexico. Also, governments of several countries are taking initiatives to increase oil and gas production to ensure energy security.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus 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 10,000 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.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

The pump jack market size is expected to post a CAGR of close to 5% during 2019-2023, according to the latest market research report by Technavio.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
www.technavio.com