Pump Jack Market Size 2021 Regions will have the highest revenue, Top Countries Data, which will emerge in importance in the market 2030

In a recent published report, Kenneth Research has updated the market report for Pump Jack Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Pump Jack Market products.

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The market is thriving on account of the growing trade on fuel worldwide, backed by the rising demand for energy from the end-users. According to the statistics by the World Bank, exports of fuel increased from 12.91% of merchandise exports in 2001 to 14.25% of merchandise exports in 2018. Additionally, imports of fuel registered a growth by 1.28x between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports whereas in 2018, it was 13.19% of merchandise exports.

Global Pump Jack Industry was valued at USD 2.88 Billion for the year 2017. Pump Jack Industry is further expected to grow at a CAGR of 5.11% from 2018 to reach USD 4.22 Billion by the year 2025. North America region holds the highest Industry share in 2017. The North America region is also considered as the fastest growing Industry in the forecasted period. The U.S. is the major Industry in 2017 and it is also further anticipated to grow at a steady pace in the next 5 years.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Major market players in Pump Jack Industry are General Electric Company, Halliburton, Weatherford International, Borets International, Schlumberger Limited, Hess Corporation, National Oilwell Varco, Tenaris S.A, Star Hydraulics, Pentag Gears & Oilfield Equipment Ltd, L S Petrochem Equipment Corporation, Cook Pump Company, and other 10 more companies detailed information is provided in research report. Better global reach, at an operational level, is the main reason for holding this Industry share. Rising research and development expenses to satisfy the changing demands of end users, new product launches and organic growth strategies were few techniques adopted by various manufacturers in last 5 years.

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SWOT Analysis of Pump Jack Industry:
Strength:
Increasing number of oil fields and simplicity of operation in onshore applications

Weakness:
High maintenance cost

Opportunities:
Introduction of remotely monitoring systems for pump jack activities

Threats:
High costs for the recovery of oil from wells using pump jack rods

The segmentation done on the basis of well type include Horizontal Well and Vertical Well of which the Vertical Well segment is expected to hold the highest Industry share during the forecast period.

Segmentation done on the basis of Application includes the off-shore and onshore segment of which onshore segment is expected to grow at the highest CAGR during the forecasted period.

Pump Jack Industry Segmentation:
By Application
*Offshore
*Onshore

By Well Type
*Horizontal Well
*Vertical Well

By Region
North America
*USA
*Canada
Europe
*Germany
*U.K.
*France
*Italy
*Rest of Europe
APAC
*China
*India
*Japan
*Rest of Asia-Pacific
RoW
*Latin America
*Middle East & Africa

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