Global Pump Jack Market 2019-2023| Innovations in Pump Jack Units to Boost Growth| Technavio
The global pump jack market is expected to post a CAGR close to 5% during the period 2019-2023, according to the latest market research report by Technavio.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20190714005011/en/
Technavio has released a new market research report on the global pump jack market from 2019-2023. (Graphic: Business Wire)
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.
Looking for more information on this market? Request a free sample report
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
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 focuses 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.
If you are interested in more information, please contact our media team at media@technavio.com.
View source version on businesswire.com: https://www.businesswire.com/news/home/20190714005011/en/
Copyright Business Wire 2019
