A pump jack refers to a device that is utilized in the oil and gas industry to extract crude oil from oil wells where there is not enough pressure to force the oil to the surface. This device creates an artificial lift, in the oil well, which enhances the pressure within a well to pull oil to the surface. This process, therefore, helps in increasing the production of oil from oilfields. Sometimes artificial lifting process is required from the very beginning, whereas it is most viable for mature oilfields, as the pressure in such wells decreases over time.
With the rising number of mature onshore fields, the pump jack market is expected to accelerate at a CAGR of 5% during forecast period. 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.
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. Additionally, the North American pump jack market is also expected to demonstrate the fastest growth in the coming years, due to the technological developments in artificial lifting equipment, including gas lifts and pump jacks, in the region.
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.
Source: www.psmarketresearch.com
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