Westford, USA, Dec. 13, 2024 (GLOBE NEWSWIRE) — SkyQuest projects that the Global Pump Jack Market Share will reach a value of USD 9.26 Billion by 2031, with a CAGR of 6.15% during the forecast period (2024-2031). Global demand for oil resulted in a higher demand for pump jacks. Mature fields can primarily offer oil through onshore drilling because the onshore one is more cost-effective than its offshore counterpart, and that offers high value in form of pump jacks and is therefore being increasingly used. That again increases the chances for growth of the pump jack industry. Pump jack demand is still at a higher level despite all the awareness towards renewable sources of energy as it remains dependent on fossil fuels for the near future. The dependency will continue which will add up to more pump jack needs. Conversely, there has also been a very high rate of demand for pump jacks because the process of oil extraction itself has now been automated.
(GlobeNewsWire)