Rod Pumps Market Size, Share, Growth, and Industry Analysis by Type (H Rod Pumps, RW Rod Pumps, and RX Rod Pumps) By Application (Onshore and Offshore), Regional Forecast To 2031

Updated On: 22 April 2024

ROD PUMPS MARKET REPORT OVERVIEW 

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The global rod pumps market size expanded rapidly in 2022 and the market is projected to grow substantially by 2031, exhibiting a prodigious CAGR during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the rod pumps market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The most popular artificial lift for oil wells is a rod pump. More than 600,000 wells utilize these devices now to lift formation fluids. A rod pump is a type of reciprocating piston pump that pumps liquid up and down using a set of rods. It is frequently employed in situations where a big volume or high-pressure liquid movement is required. The rod lifts are intended to be fitted within a well's tubing to collect liquids from below. It is perfect for usage in oil wells since it is used to gather oil and other fluids and lift them to the top.

According to estimates, the rod pumps market expansion will be aided by the rising use of artificial lift systems in a variety of end-user sectors. The requirement for oil extraction has increased due to the rising demand for crude oil and petroleum products, which is anticipated to fuel rod pumps market growth. Also, the development of multi-well facilities by major players combined with an artificial lift system and the rise in energy demand from North America's major cities are promoting rod pumps market expansion.

COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth

The oil and gas sector was severely impacted by COVID-19, which caused a sharp drop in oil demand in 2020. This drop is anticipated to be reversed during the following years. The International Energy Agency estimates that in 2020, the world's daily oil demand will fall by 8.6 million barrels. It is anticipated that this would improve, rising by 5.4 million barrels per day in 2021 and 8.5 million barrels per day in 2022. Furthermore, it is anticipated that oil demand would approach pre-Covid levels by the end of 2022. In addition, it is anticipated that major corporations will increase their investment in oil drilling in offshore and onshore reservoirs. These factors have a massive impact on the rod pumps market.

LATEST TRENDS

"Growing Demand for Oil and Gas Industry to Boost Market Growth"

Due to escalating demand from the oil and gas industry as well as other industrial uses such as the chemical, petrochemical, and power generation sectors, there is visible growth in the rod pumps market. The need for deepwater drilling operations across various locations is expected to increase, leading to projections for the offshore segment in the rod pumps market to rise at a CAGR from 2015 to 2030.

ROD PUMPS MARKET SEGMENTATION 

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• By Type Analysis

As per the type, the market is classified as follows: H Rod Pumps, RW Rod Pumps, and RX Rod Pumps. The H rod pump type dominates the rod pumps market share.

• By Application Analysis

Based on application, the market is segmented as follows: Onshore and Offshore. The onshore segment is expected to dominate the rod pumps market share.

DRIVING FACTORS

"Adaptation of cutting-edge technology to Facilitate Market Development"

The adoption of unconventional energy sources is becoming more important due to negative environmental effects and the scarcity of conventional energy sources on earth. Also, the high-end expenditures made by rod pump market participants to adopt cutting-edge technology to boost output from mature fields are anticipated to present a plethora of potential prospects for market participants in the ensuing year. The demand is influenced by developments and technological advancements in the rod pumps market.

"Need for Rod Pumps to Maximize Production to Promote Industry Progress"

In the upcoming years, it is anticipated that there will be a considerable need for rod pumps due to factors like efforts to boost production from older fields. Many of the world's existing reservoirs are still developing and lack the natural pressure needed to force oil and gas to the surface. Furthermore, these established oil fields account for a sizable portion of the world's oil and gas production. To maximize output and counteract the impact of the natural decline rates of the existing reserves, this calls for effective rod pumps.

RESTRAINING FACTORS

"Growing Opposition for Oil and Gas Extraction to Hinder Market Growth"

It is anticipated that the rod pumps market will be constrained by the growing opposition to oil and gas in the nation as a result of its high carbon emissions. Several restrictions are still considered to be a hindrance to global rod pumps market revenue. So, it is anticipated that the lack of major skilled individuals will impede rod pumps market expansion over the examined projected period. Moreover, stagnant oil prices might have a detrimental impact on the rod pumps market expansion.

ROD PUMPS MARKET REGIONAL INSIGHTS

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"Increase in Demand to Propel Market Progress in Asia"

In terms of revenue share, the Asian region dominated the global rod pumps market for rod pumps in 2019 and is anticipated to hold onto that position throughout the forecast period. Rising demand for oil and gas, chemical processing, electricity generation, and desalination, among other things, from developing nations like China and India, is responsible for the development. Additionally, it is projected that increased investments from nations like Indonesia along with expanding offshore activities will fuel regional rod pumps market growth during the projection period.

KEY MARKET PLAYERS

"Market Players Focus on New Product Launches to Strengthen Market Position"

Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.   

List of Market Players Profiled

• Weatherford International (U.S.)
• Zhongshi Group (China)
• Sovonex (China)
• SapwellsGlobal (Taiwan)
• Shandong RealTech Energy (China)
• Bolland (U.S.)
• UKRLAND
• Allspeeds Ltd
• TDES
• Thompson Pumps
• Schlumberger Limited
• Kostad Steuerungsbau GmbH

REPORT COVERAGE

The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants that includes the market and the potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.