The Pump Jack Market value is estimated to be USD 3.4 billion in 2024. The market is predicted to grow at a moderate CAGR of 5.8% during the forecast period. The industry share is expected to reach USD 6 billion by 2034.
| Report Attribute | Details |
|---|---|
| Pump Jack Market Size (2024) | USD 3.4 billion |
| Anticipated Market Value (2034) | USD 6 billion |
| Projected Growth Rate (2024 to 2034) | 5.8% CAGR |
Exclusive Offer: 30% Off on Regional Reports
Get a free sample report and customize your regions for a 30% discount on your regional report!
The pump jack market was valued at USD 2.4 billion in 2019. The demand for pump jacks increased at a CAGR of 7.5% from 2019 to 2023.
The demand for pump jacks peaked during the post-pandemic period as a result of the rising global energy consumption. The market value was USD 3.2 billion in 2023.
| Attributes | Details |
|---|---|
| Pump Jack Market Value (2019) | USD 2.4 billion |
| Historical Market Revenue (2023) | USD 3.2 billion |
| Historical CAGR (2019 to 2023) | 7.5% |
Electric pump jacks with energy-efficient features and low environmental effects are in line with sustainable and ethical extraction methods. The deployment of pump jacks that can operate using solar panels and hybrid power systems is expected to expand market sales in the coming days.
By meeting a variety of operating demands and adjusting to shifting field circumstances, modular pump jacks enable flexible and scalable extraction solutions. More emphasis on modular oil extraction pump strategies for reducing oilfield spillage and other detrimental effects is expected to improve the overall market perception.
The table below lists the countries that are estimated to deploy more oil pump jacks during the forecast years.
| Countries | CAGR (2024 to 2034) |
|---|---|
| United States | 6.1% |
| Japan | 7% |
| United Kingdom | 7.3% |
| South Korea | 8.1% |
| China | 6.6% |
The deployment of pump jacks in the United States is expected to surge at a CAGR of 6.1% until 2034. The market value is poised to reach USD 1.1 billion by 2034.
The demand for pump jacks in the United Kingdom is forecasted to increase at a CAGR of 7.3% from 2024 to 2034. The market value is forecasted to reach USD 246.7 million by 2034.
The pump jack industry in China is projected to expand at a CAGR of 6.6% over the forecast period. The market value in China is poised to reach USD 945.1 million by 2034.
Sales of pump jacks in Japan are anticipated to witness a CAGR of 7% from 2024 to 2034. The market value in Japan is projected to reach USD 677.7 million by 2034.
The market for pump jacks in South Korea is forecasted to expand at a lucrative CAGR of 8.1% through the projected years. The market value is expected to reach USD 385.5 million by 2034.
Check Free Sample Report & Save 40%!
Select your niche segments and personalize your insights for smart savings. Cut costs now!
Based on the well type, the vertical well segment is likely to expand at a CAGR of 5.5% from 2024 to 2034.
| Attributes | Details |
|---|---|
| Top Well Type or Segment | Vertical Well |
| Growth Rate from 2024 to 2034 | 5.5% CAGR |
| Growth Rate from 2019 to 2023 | 7.3% CAGR |
Based on product type, the segment for pump jacks with a capacity or weight of less than 100,000 pounds is projected to expand at a rate of 5.3% through 2034.
| Attributes | Details |
|---|---|
| Top Weight Type | Less than 100,000 lbs |
| Growth Rate from 2024 to 2034 | 5.3% CAGR |
| Growth Rate from 2019 to 2023 | 7% CAGR |
The market is relatively concentrated in comparison to industries for other types of pumps. Operators seeking to comply with rules and reduce their environmental effects are drawn more to pump jacks manufactured by leading market players that are engineered with eco-friendly features and safety compliance.
Meanwhile, emerging market players are garnering enough growth opportunities by replacing outdated pump jack units with modern versions that use better materials and technology.
Recent Developments in the Pump Jack Market
| Attribute | Details |
|---|---|
| Estimated Market Size (2024) | USD 3.4 billion |
| Projected Market Size (2034) | USD 6 billion |
| Anticipated Growth Rate (2024 to 2034) | 5.8% |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | USD million or billion for Value and Units for Volume |
| Key Regions Covered | North America; Latin America; Europe; Middle East & Africa (MEA); East Asia; South Asia and Oceania |
| Key Countries Covered | United States, Canada, Brazil, Mexico, Germany, Spain, Italy, France, United Kingdom, Russia, China, India, Australia & New Zealand, GCC Countries, and South Africa |
| Key Segments Covered | By Product Type, By Application, By Weight, and By Region |
| Key Companies Profiled | Schlumberger Limited (United States); Lufkin Industries, LLC (United States); Weatherford International plc (United States); Cook Pump Company (United States); National Oilwell Varco, Inc. (United States); Star Hydraulics, LLC (United States); Dover Corporation (United States); Gardner Denver, Inc. (United States); General Electric Company (United States); Dover Artificial Lift (United States); Halliburton Company (United States); Tenaris S.A. (Luxembourg); Borets International Ltd. (United States); Canadian Advanced ESP Inc. (Canada) |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The pump jack market is estimated to be around USD 3.4 billion in 2024.
The pump jack market is set to grow at a 5.8% CAGR during the forecast period.
The pump jack market is predicted to be valued at USD 6 billion by 2034.
The pump jack market was valued at USD 2.4 billion in 2019.
The United States accounts for 18.5% of the revenue share of the market.
The market in South Korea is set to witness a CAGR of 7.8% through 2034.
| Market Estimated Size (2023E) | USD 10.7 billion |
|---|---|
| Market Projected Valuation (2033F) | USD 16.6 billion |
| Value-based CAGR (2023 to 2033) | 4.0% |
| Market Size (2023) | USD 1,021.9 million |
|---|---|
| Market Size (2033) | USD 2,165.7 million |
| Market CAGR (2023 to 2033) | 7.8% |
Explore Automation Auxiliary Insights
View Reports
Pump Jack Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
