Pump Jack Market Share, Size, Future Demand, and Emerging Trends
With the rising number of mature onshore fields, the pump jack market is expected to accelerate at a CAGR of 5.0% during 2017–2023. The market was valued at $2,712.8 million in 2016 and it is expected to reach $3,800.0 million revenue by 2023. In comparison to offshore oil drilling, onshore oil drilling is a less expensive process. Moreover, a majority of the aging wells are found in onshore fields, owing to which a large number of pump jacks are deployed in these fields, as compared to offshore fields.
In recent years, the integration of computer technology into exploration and production (E&P) operations for monitoring and analyzing systems into pump systems has gained momentum. As conventional pump jack systems are dependent on manual operation and monitoring, their efficiency is limited to a significant extent and they are not able to extract the last drop of oil, which is the main objective of such systems. To overcome this limitation, pump jack manufacturers are focusing on integrating automated systems in these devices. Advanced pump jacks also allow for low downtime and swift resolution of asset repair issues.
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According to P&S Intelligence, North America adopted the highest volume of pump jacks in the recent past, and it is expected to retain its dominance in the foreseeable future as well. This can be primarily ascribed to the presence of a large number of mature oilfields, the existence of pump jack manufacturers, and the rapid aging of oilfields in the region.
Furthermore, Europe, Middle East and Africa (MEA), and Latin America (LATAM) also use a considerable quantity of pump jacks, due to the existence of mature oilfields and swift aging of mature oilfields in the regions. Among European nations, Russia is expected to utilize the highest number of pump jacks in the coming years, due to the technological advancements being made in this artificial lifting equipment and maturing oilfields in the country. Whereas in LATAM, Brazil will register the use of such equipment at the highest rate in the future, owing to the presence of an extensive number of oil reserves, the decline in the natural pressure of wells, and a surge in the average age of mature oilfields in the country.
Thus, the increasing number of mature oilfields and rising technological advancements in artificial lifting equipment will escalate the deployment of pump jack systems in oil wells, in the foreseeable future.
