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Sep 30, 2020 (AmericaNewsHour) —
The Global Pump Jack Market was valued at USD 2.81 billion in 2016 and is projected to reach USD 4.33 billion by 2025, growing at a CAGR of 4.92% from 2017 to 2025.
A pump jack is a device used in the petroleum industry to extract crude oil from oil well where there is not high enough pressure in the well to force the oil to the surface. These pump jacks physically extract the oil for use. Pump jacks operate by creating something known as artificial lift. Benefits of using pump jack include – versatile, safe, inexpensive, and easily adjustable.
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1. Market Drivers
1.1 Increasing matured oil fields