Global Pump Jack Market was valued US$ 2.90 Bn in 2019 and is expected to reach 4.20 Bn by 2027, at a CAGR of 4.74 % during a forecast period. The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different r egions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decis ion makers to prepare the outline for short term and long term strategies for companies by r egion.
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Global Pump Jack Market Dynamics: Pump jacks are widely used in the petroleum industry to extract crude oil from wells. These pump jacks are mostly preferred, where there is not enough pressure to push oil to the surfa ce. Increasing demand for the crude oil is one of the major key drivers in the global pump jacket market. Renewable energy sources are widely preferred as energy source. Furthermore, co nventional fuels are stilled chosen over renewable energy source. Increasing need for the a utomation for the extraction of oil field are driving the growth in the global pump jacket mark et. Additionally, low cost of installations and ease of operation in the onshore application are boosting the growth in the global pump jack market. Limited number of the offshore oil fields and requirement of high cost for its maintenance are limiting the growth in the global pump jack market. The vertical well segment is expected to hold maximum share in the global pump jack marke t. The vertical drilling is most widely used to extract oil to the surface. It is also wells drilled f