The pump jack market value is estimated to be US$ 3.4 billion in 2024. The demand for oilfield pump jacks is expected to increase at a CAGR of 5.8% from 2024 to 2034. By the end of the forecast period, the net worth of the market is expected to reach US$ 6 billion.
Growing extraction efforts in the shale gas and fossil oil sector are expected to drive the demand for oilfield pump jacks over the projected years. Pump jack industry trends also appeal to a range of producers as it offers a more economical way of extracting oil and gas in comparison to more intricate and costly extraction techniques.
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Key Takeaways from the Pump Jack Market Study Report
- The market is predicted to witness an absolute growth opportunity of 2.5 billion over the next ten years.
- The United States market is poised to witness an increase in sales at a CAGR of 6.1% through 2034.
- The demand for pump jacks in the United Kingdom is forecasted to increase at a CAGR of 7.3% from 2024 to 2034.
- Sales of pump jacks in South Korea is anticipated to register a CAGR of 8.1% during the forecast period.
Top Key Players in the Pump Jack Industry
- Schlumberger Limited
- Lufkin Industries, LLC
- Weatherford International plc
- Cook Pump Company
- National Oilwell Varco, Inc.
- Star Hydraulics, LLC
- Dover Corporation
- Gardner Denver, Inc.
- General Electric Company
- Dover Artificial Lift
Recent Developments by the Pump Jack Industry Players
- In November 2020, Schlumberger’s North American Land Rod Lift Business was fully acquired by KPS Capital Partners’ subsidiary Lufkin Industries. Lufkin’s is known as a top supplier of rod lift equipment, including pumps, and services in North America. This purchase, which gives the firm access to a wide range of products and cutting-edge technological solutions is expected to further strengthen its portfolio. This deal also increases Lufkin’s market share in the oil and gas sector by providing substantial manufacturing and distribution capabilities as well as a presence in important oil-producing regions.
- In January 2024, WorkSafe firm, a sister firm of Safety Hoist Company located in Pennsylvania, declared the modifications made to its pump jack and ladder jack scaffolding fall prevention systems. The company noted in a press statement dated January 16 that its redesigned scaffolding fall safety systems, which are frequently used on windows, siding, and other exterior construction projects for homes and businesses, can be readily transported in pickup trucks, cargo vans, and panels.
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Key Segments
By Well Type:
- Vertical Well
- Horizontal Well
By Weight:
- Less than 100,000 lbs
- 100,000 lbs to 300,000 lbs
- More than 300,000 lbs
By Application:
- Offshore
- Onshore
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- Middle East and Africa (MEA)
