Why Are Most Pump Jacks Installed in North American Oil Wells?

Before the COVID-19 pandemic hit, the International Energy Agency (IEA) had forecast the global energy demand to increase by 12% during 2019–2030. Even in the forecast made during the pandemic, the IEA expects it to grow significantly, albeit at a slightly slower pace, 9% to be exact. This corroborates to a previous estimate by the IEA wherein it has forecast the worldwide energy usage to rise from 575 quadrillion British thermal units (Btu) in 2015 to 736 quadrillion Btu by 2040.

This factor would prove instrumental in driving the pump jack market from $2,712.8 million in 2016 to 3,800.0 million by 2023, at a 5.0% CAGR between 2017 and 2023 (forecast period), says P&S Intelligence. Though the focus on clean energy is strong, oil still occupies a substantial share in the energy mix of the world. According to the International Renewable Energy Agency (IRENA) in 2019, the world’s oil demand in 2030 would be 60 million barrels per day (bpd). This is why exploration and production (E&P) activities are continuously rising, though at a slower pace than 10–15 years ago, but rising nevertheless.

To learn more about this report: https://bit.ly/38ptK3x

The pump jack market is bifurcated into offshore and onshore on the basis of application. Of these, the onshore bifurcation dominated the industry during the historical period (2013–2016) because most of the mature oil fields are onshore. Compared to drilling for oil in the seabed, doing so on land is way cost-effective, which is why the number of onshore wells is significantly higher than offshore wells. Additionally, most of the mature wells are onshore, which is why pump jacks are used majorly for terrestrial wells.

Hence, as more oil wells mature and the demand for the commodity increases, more pump jacks will be bought by E&P companies around the world.

Read More: https://www.psmarketresearch.com/market-analysis/pump-jack-market

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