Pump Jack Market

Pump Jack Market Outlook for 2024 to 2034

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

Pump Jack Market Trends & Analysis

• Pump jacks have become a necessary piece of equipment for extracting natural gas and crude oil from unconventional sources. In line with this development, the demand for oilfield pump jacks has increased due to the boom in shale drilling.
• Using technologies for remote monitoring of pump sets is a new trend that has significantly transformed the oilfield equipment market trends in the last few years. For instance, the IntelliServ digital monitoring platform from Cudd Energy Services has made possible proactive maintenance and pump performance improvement through real-time data collection and analysis.

Historical Analysis Vs. Forecast Outlook of the Pump Jack Market

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%

Prominent Factors Fueling the Pump Jack Market Growth

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.

Country-wise Insights

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%

Boom in Shale Gas and Oil Extraction Activities Strengthen the United States Pump Jack Market

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.

• As a result of technological advancements, companies in the United States are seeking more advanced and automated extraction solutions these days.
• Increased spending on oil exploration is expected to keep the pumping unit and its jack market lucrative in the United States.

Constraining Oil and Gas Supplies Boosting Deployment of Pump Jacks in the United Kingdom

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 aging of oil fields in Europe has created a greater demand for sophisticated extraction techniques that are driving the artificial lift pump market in the United Kingdom.
• Creation of many new oil and gas reservoirs, in the aftermath of the Russia and Ukraine war, is expected to increase artificial lift pump jack sales in European countries.

Upgrading and Retrofitting Operations Increasing Pump Jack Exports from China

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.

• Growing demand for gas and oil is expected to remain the prominent factor in driving sales of pump jacks in China.
• Retrofitting current pump jack systems is ongoing in Middle Eastern countries, which has increased the export of pump jacks from China.

Japan Meets the Demand for Pump Jacks in the East Asian Region

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.

• Japanese pump jacks are in high demand due to the increasing requirement for oil and gas production in East Asian countries.
• National plans for independent energy supply are poised to provide better growth opportunities for the pump jack and sucker rod pump market in Japan.

Offshore Oil Exploration Projects Present Lucrative Opportunities in South Korea

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.

• In South Korea, pump jacks are mostly utilized for lifting and retrieving difficult resources like heavy oil and oil sands.
• An increase in offshore oil reserve exploration and drilling operations is expected to fuel the sales of pump jacks in South Korea.

Category-wise Insights

Vertical Wall Pump Jacks Dominate Over Horizontal Well Pump Jacks

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

• Pump jacks play a key role in enhanced oil recovery (EOR) procedures, which has led to a rise in their use in vertical wells.
• The presence of oil and shale gas fields in harsh environments has resulted in more deployment of pump jacks meant for vertical walls.

Small Weight Pump Jacks Extract more Oil than their Heavier Counterparts

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

• A focus on oil extraction methods that are economical or cost-effective has resulted in greater use of pump jacks weighing less than 100,000 pounds.
• Increasing oil and gas exploration activities in the Arctic and other remote areas is expected to increase the demand for small pump jacks that are easier to transport.

Competitive Landscape in the Pump Jack Market

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

• In May 2023, graduates of CNM helped Tech Startup introduce a groundbreaking industrial monitoring system. This innovative gadget helps to track the movement of pump jacks in oil fields. Oil companies can also use the data transmitted by the telemetry devices installed at the wells to assess whether the pumps are operating at optimal efficiency or whether they require maintenance.
• In June 2023, Flowco Production Solutions created an accurate monitoring and control system that can monitor up to 16 pump jack wells and is suitable for gas lift, plunger lift, and hybrid lift techniques. A solitary well can also benefit from increased processing power, production potential, and optimization capabilities with this innovative single-platform controller.

Key Players Profiled in the Pump Jack Market Report

• 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)

Pump Jack Market Report Scope

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

Key Coverage in the Pump and Jack Market Report

• In-depth Industry Outlook of the Pump and Jack Market
• Sales Analysis of Hydraulic Jack with Pump
• Categorical Study on Well Type and Application

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)

Frequently Asked Questions

How Big is the Pump Jack Market in 2024?

The pump jack market is estimated to be around USD 3.4 billion in 2024.

What is the Growth Outlook of the Pump Jack Market?

The pump jack market is set to grow at a 5.8% CAGR during the forecast period.

What is the Projected Value of the Pump Jack Market by 2034?

The pump jack market is predicted to be valued at USD 6 billion by 2034.

What was the Historical Size of the Pump Jack Market?

The pump jack market was valued at USD 2.4 billion in 2019.

Which Country Dominates the Pump Jack Market?

The United States accounts for 18.5% of the revenue share of the market.

Which Country is Expected to Register High Growth Potential?

The market in South Korea is set to witness a CAGR of 7.8% through 2034.