Global pump jack market was valued at USD 3.51 billion in 2021, and it is expected to reach a value of USD 5.17 billion by 2028, at a CAGR of 5.7% over the forecast period (2022–2028).
Westford, USA, Dec. 08, 2022 (GLOBE NEWSWIRE) — In the past decade, the number of applications of pump jack has increased significantly. This is due to the advancement of technology and the need for faster and more efficient ways to extract oil from the ground. SkyQuest’s analysis of the pump jack shows that there are various types of equipment used in this process, each with its own advantages and disadvantages. The most common type of pump jack in use today is the electric submersible pump. This type of pump in the global pump Jack market is used extensively in oil wells and gas fields around the world. Electric submersible pumps are highly reliable and efficient, and can be operated for extended periods of time without requiring maintenance. However, they are expensive to purchase and operate, and require a large amount of power to run.
Another type of Pump Jack in use today is the reciprocating piston pump. Reciprocating piston pumps are less expensive than electric submersible pumps, but are less efficient and require more maintenance. They are typically used in smaller oil wells and gas fields. Our analysis of the pump jack market shows that there is a wide range of equipment available on the market, each with its own set of advantages and…
