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Pumpjacks Market Size

Report ID: GMI9232
Published Date: Apr 2024
Report Format: PDF

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Pumpjacks Market Size

Pumpjacks Market was valued at USD 3.4 billion in 2023 and is estimated to grow at a CAGR of 5.7% during 2024 to 2032. The demand for pumpjacks is directly influenced by the existing and prevailing prices of crude oil. Higher oil prices leads to oil companies on increasing production by deploying more pumpjacks to extract oil from existing wells and develop new ones.

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Oil companies usually rely on new pumpjacks to extract oil from fields because conventional oil reserves gets old with time and functional issues arise. Pumpjacks are essential for maintaining quality and maximize production output from old aging wells through primary, secondary and tertiary recovery techniques such as water flooding, enhanced oil recovery (EOR) methods and other methods. The usage and incorporation of hydraulic fracturing (fracking) and horizontal drilling techniques has unlocked a vast reserves of shale oil and gas in regions such as the, Bakken Formation, Permian Basin and Eagle Ford Shale. Pumpjacks play an essential role in the extraction of unconventional hydrocarbons from shale formations, contributing to the market demand.

Pumpjacks Market Report Attributes
Report Attribute	Details
Base Year:	2023
Pumpjacks Market Size in 2023:	USD 3.4 Billion
Forecast Period:	2024 - 2032
Forecast Period 2024 - 2032 CAGR:	5.7%
2032 Value Projection:	USD 5.9 Billion
Historical Data for:	2021 - 2023
No. of Pages:	487
Tables, Charts & Figures:	428
Segments covered:	Type, Operations, Capacity, End-use, Distribution Channel, Region
Growth Drivers:	Growing oil and gas industry Increasing mining activities Growing demand for shale gas Rapidly increasing global energy demand
Pitfalls & Challenges:	High initial investment costs Price volatility

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The pumpjacks market is highly influenced by fluctuations in oil prices. A significant decline in oil prices can lead to reduced or no exploration and production activities, resulting in decreased demand for pumpjacks and related equipment. Pumpjacks require a lot of upfront investment for procurement, installation, and maintenance. Pumpjacks' capital-intensive nature makes it difficult for smaller operators to enter the market and may discourage investment in new ventures when the economy is unstable.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of pumpjacks was crossed USD 3.4 billion in 2023 and is expected to register 5.7% CAGR from 2024 to 2032, owing to the usage and incorporation of hydraulic fracturing (fracking) and horizontal drilling techniques worldwide.

Pumpjacks industry from the conventional pumps segment recorded USD 1.3 billion in 2023 and is expected to register an appreciable CAGR from 2024 to 2032, due to requirement to operate successfully and economically, particularly in mature oil fields.

North America pumpjacks industry reached USD 700 million in 2023 and is expected to register a commendable CAGR from 2024-2032 due to possessing significant reserves of crude oil, particularly in regions such as Texas, North Dakota, and Alberta.

Gardner Denver Holdings Inc., General Electric Company, Halliburton Company, Lufkin Industries LLC, National Oilwell Varco, Inc., Occidental Petroleum Corporation, Schlumberger Limited, Tenaris S.A., and Weatherford International, are some of the major pumpjacks companies worldwide.