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NEW YORK , April 6, 2022 /PRNewswire/ -- According to the report "Pump Jack Market by Application and Geography - Forecast and Analysis 2022-2026", the market will witness a YOY growth of 5.26% in 2022 and a CAGR of 4.78% during the forecast period. The report is segmented by application (onshore and offshore) and geography (North America , APAC, Europe , the Middle East and Africa , and South America ).
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The pump jack market covers the following areas:
Pump Jack Market Sizing Pump Jack Market Forecast Pump Jack Market Analysis
The pump jack market share growth by the onshore segment will be significant during the forecast period. In onshore oil and gas E&P operations, the operating cost of drilling activities is significantly lower than that of offshore oil and gas drilling activities, as the latter employs comparatively expensive technologies and resources. Therefore, oil and gas E&P companies are investing significantly in onshore E&P projects to gain profit margins. Several countries are investing in oil and gas E&P operations to ensure energy security by increasing production.
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The pump jack market is fragmented, and the vendors are deploying growth strategies such as investing more in E&P activities to compete in the market. The report analyzes the market's competitive landscape and offers information on several market vendors, including:
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North America will have the highest market share growth during the forecast period. The increase in oil and gas discoveries, along with the rising investments and initiatives are undertaken by various governments, will drive the pump jack market growth in North America during the forecast period. The US and Canada are the key countries for the pump jacks market in North America . Market growth in this region will be faster than the growth of the market in Europe , MEA, and South America .
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Key Market Drivers & Challenges:
The benefits of pump jacks is driving the market growth. Pump jacks are used in oilfields if the reservoir pressure is not high enough to bring crude oil to the surface. They have the potential to extend the life of oil wells by recovering a significant quantity of hydrocarbons from the well. The performance of pump jacks can be supervised remotely by employing remote monitoring systems. Thus, the reduction in labor cost lowers the overall production operation cost and helps oilfield operators earn profits.
The growing adoption of alternative artificial lift techniques will challenge the pump jack market during the forecast period. Pump jack units, progressive cavity pumps, subsurface hydraulic pumps, ESPs, and gas lift techniques are used during primary hydrocarbon recovery. Pump jack systems have low operational costs and are simple when compared to operate compared with other artificial lift techniques. They are less feasible in offshore oilfields due to their high weight. They are also susceptible to paraffin issues, have limitations in urban locations due to size, have low volumetric efficiency in gassy wells, and are subject to corrosion.
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Decelerate at a CAGR of 4.78%
North America, APAC, Europe, Middle East and Africa, and South America
US, Canada, Saudi Arabia, Russia, and Brazil
Leading companies, Competitive strategies, Consumer engagement scope
Baker Hughes Co., Borets International Ltd., ChampionX Corp., China Vigor Drilling Oil Tools and Equipment Co Ltd, Cook Pump Co., Dansco Manufacturing Inc., Drake Machining, E and H Manufacturing, ETANG Drilling Production Service Ltd, Halliburton Co., JCPump LLC., 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 Young's Welding Inc.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period
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