Market Leader - Pump Jack Market
The global pump jack market, by value, is projected to grow at a CAGR of 4.88%, from 2017 to 2022. The market in North America is estimated to be the largest market for pump jack, followed by the market in Asia-Pacific. The North American market is also projected to be the fastest growing market during the forecast period. The growth of the pump jack market is driven by the rising number of mature oil fields.
The pump jack market is served by a mix of large international players with presence and capabilities across different regions and local players with a strong presence in their domestic markets. The key players operating in the market includes Schlumberger Limited (U.S.), Tenaris S.A. (Luxembourg), Borets International (U.A.E.), General Electric Oil & Gas (U.K.), and Weatherford International, PLC (Switzerland), among others.
The major strategies adopted by the players in the pump jack market includes, new product launches, contracts & agreements, mergers & acquisitions, and expansions and investments. Contracts & agreements was the most commonly adopted strategy from 2012 to May 2017. Mergers & acquisitions has also emerged as a key strategy, as companies look to strengthen their service offerings and regional market reach by acquiring other players.
General Electric Oil & Gas has key business segments which includes, Downstream Technology Solutions (DTS), Subsea Systems & Drilling (SS&D), Turbomachinery Solutions (TMS), Measurement & Controls (M&C), and Surface. The pump jack is a part of surface sub-segment. GE Oil & Gas adopted contracts & agreements and mergers & acquisitions as its growth strategies. GE Oil & Gas acquired Lufkin Industries, Inc. (U.S.) in 2013 as a key growth strategy to gain access to new markets and products. The merger of GE Oil & Gas with Baker Hughes (U.S), became the world’s first and only full stream merger in the oil & gas market in 2016. The company named as Baker Hughes, a GE Company (U.S.) came into existence in the financial year 2017. This company is involved in extensive portfolio of technology, service, and equipment within all the streams of the oil & gas business.
Schlumberger Limited offers products, services, and solutions for the global oil & gas exploration and production industry. It conducts its business through three segments, namely, drilling, production, and reservoir characterization. The pump jack is a part of the production segment of the company. Schlumberger, Ltd. adopted contracts & agreements and mergers & acquisitions as its growth strategies. In October 2013, Schlumberger acquired White Deer (U.S.) and formed a company named as Shores Lift Solutions (U.S.). This company is involved in artificial rod lift equipment, field services, and optimization solutions. Schlumberger also acquired Grimes Sales & Services (U.S.) in 2015 to strengthen its pumping business unit. Grimes Sales & Services (U.S.) specializes in pump jack offerings and its services.
Related Reports:
Pump Jack Market by Well Type (Vertical and Horizontal), Application (Onshore and Offshore), Weight (Less Than 100,000 Lbs, 100,000 Lbs to 300,000 Lbs, and More Than 300,000 Lbs), and by Region - Global Trends and Forecast to 2022
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