The global pump jack market size is likely to grow from $2.7 billion in 2016 to $3.8 billion by 2023. The growth of the pump jack market is mainly driven by increasing number of mature oilfields in North America. As per the findings of research, pump jack market for 100,000 lbs to 300,000 lbs occupied larger share of the global market. They are used where the average depth of the well is 5,500-7,000 feet.
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Pump jacks are used in the petroleum industry to extract crude oil from wells, where there is not enough pressure in well to push oil to the surface. These are operated by creating artificial lifting system, which increases the pressure within an oil well to pull the oil to surface. The beam pumping method used by pump jack is the most common method of creating artificial lifting.
Pump jack’s performance can be remotely monitored and does not require manual monitoring. It makes operations more efficient and cost effective by monitoring on/off events, following trends, and sending alarms. Jack pump monitoring also ensures quick resolution of asset repair and keeps the downtime to minimum.
Globally, North America represents a major share in the pump jack market and is expected to remain the largest market in future. In North America, increasing concern towards the utilization of unconventional energy resources; whereas, the redevelopment of mature oil and gas fields are continuously overlooked. Numerous mature oil and gas fields have been exhausted while producing at commercial rates.
Some of the major players operating in the pump jack market are Schlumberger Limited, General Electric Company, JCPump LLC, Young’s Welding Inc., Halliburton Company, Weatherford International, Cook Pump Company, Drake Manufacturing Company, Inc., Dansco Manufacturing, Inc., and LS Petrochem Equipment Corporation.
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