The Pump Jacks market is expected to grow at a CAGR of over 3% over the forecast period of 2021-2027. The main drivers of this market are the growing number of mature onshore oil fields as oil extraction automation, performance improvement in pump jack units or innovation and onshore oil drilling are more cost-effective compared to offshore oil drilling. However, the limitations of marine applications, high maintenance costs and large space footprint, and the impact of COVID-19 are some of the factors that are expected to hold back the Pump Jacks market during the forecast period.
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Pump Jack Market Segments:
By Well Type
• Vertical Well
• Horizontal Well
By Application
• Onshore
• Offshore
By Weight
• Less than 100,000 lbs
• 100,000 lbs–300,000 lbs
• More than 300,000 lbs
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