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...