Pump jack systems are one of the oldest and commonly employed technologies in artificial lift. These systems are primarily used when the bottomhole pressure is insufficient to propel oil to the surface.

The pump jack market is very competitive with the presence of global leading players and small regional players. This segment highlights the key growth strategies adopted by them in recent years. Market players adopted various strategies to expand their regional presence and increase their market shares. Expansions and investments was the most popular strategy adopted by them to achieve growth in the pump jack market.

Vendors who fall into this category generally receive high scores for most evaluation criteria. They have a strong and established product portfolio, strong market presence, and strong business strategies.

They are established vendors with very strong business strategies. However, they are low in product portfolio. They generally focus on a specific type of technology related to the product.

Innovators in the competitive leadership mapping are vendors that have demonstrated substantial product innovations as compared to their competitors. They have very focused product portfolio. However, they have moderate growth strategy for their business in this market.

They are vendors with niche product offering, which are starting to gain traction in the market. They do not have strong business strategies when compared to other established vendors. They might be new entrants in the market and may require some time before gaining a significant position in the market. Initially, a majority of oil & gas exploration activities were restricted to onshore environments. To this day, onshore activities account for the larger share of all oil & gas activities. Pump jacks were one of the earliest artificial lift techniques developed for matured onshore oil wells and they remain the dominant artificial lift method till date. Onshore fields offer the requisite surface area and well spacing for the installation of pump jacks. Moreover, onshore fields allow for easy maintenance and repair as they are easily accessible or well connected to monitoring facilities. Moreover, a majority of the maturing wells can be found in onshore locations, thus, leading to the dominance of the onshore segment in the pump jack market during the period of forecast. With advances in technology, offshore oil & gas exploration began as early as the 19th century. Since then it has grown significantly, with more and more CAPEX deployed for offshore E&P activities. The amount of space available on offshore rigs is restricted, which hinders the installation of pump jacks in these environments. In the past, hydraulic rod-pumping units have been installed on shallow offshore wells, but their maintenance is very high and application extremely limited. Currently, there have been no installations of typical pump jack units for offshore application but few installations are expected to happen during forecast period.