The global jack market was estimated to be USD 2.77 Billion in 2016, and is expected to grow at a CAGR of 4.88% to reach USD 3.63 Billion by 2022. The increasing maturing oil fields are expected to drive the market of pump jack. The global jack market is expected to rise at a quick pace over the projected period. Large space footprint and limitation of offshore applications and moderate to high maintenance costs are the restraints for the market. Jack manufacturers are implementing new technologies, such as remotely monitoring of pump jack activities and adapting new renewable based operating methods to reduce the operating cost for pump jacks. In addition, hydraulic jack is a device primarily used to lift heavy loads by applying less force. The type of force used to lift heavy loads varies depending on the type of jack. A hydraulic jack works on the basis of Pascal’s law. Hydraulic jacks are also used for other applications such as lifting a truck or any other vehicle for changing its tires and lifting heavy loads in industries. These jacks are employed in lifting platforms, material handling equipment, earth-moving equipment, and cranes that are fitted with hydraulic jacks to lift loads.
Rise in the disposable income of consumers and growth of industrialization are becoming major factors propelling the market growth. In addition, growth of the automotive industry and automation in the automotive industry play an important role in augmenting the global jacks market, which is further anticipated to boost the market growth. Furthermore, rising demand for hydraulic jacks from the construction sector and growth of the automation sector are expected to propel the global jacks market during the forecast period.
However, high maintenance costs of hydraulic jacks and limitation on use in offshore applications are major factors expected to hinder the global jacks market in the next few years is becoming one of major factors limiting the overall growth of the market. Conversely, growing number of R&D activities is expected to provide a huge market opportunity for the key players operating in the jack market.
The hydraulic jack segment is expected to dominate the market share in 2020 of global jack market. As hydraulic jack manufacturers are adopting new, renewable-based operating methods to reduce the operating cost and implement new technologies, such as remote monitoring of activities for hydraulic jacks. This factor is expected to create new opportunities for the global market in the next few years which is further promoting the growth of the type in the market during the forecast period. In addition, rising demand for hydraulic jacks from the construction sector and growth of the automation sector are expected to propel the global hydraulic jacks market during the forecast period.
The onshore segment is expected to dominate the market share in 2020 of global jack market. This is attributed to the fact The use of pump jack is limited to onshore application with very less use in offshore application, due to large space footprint. Onshore fields offer the requisite surface area and well spacing for the installation of pump jacks. Moreover, onshore fields allow for easy maintenance and repair, as they are easily accessible or well connected to monitoring facilities. Furthermore, large space footprint and limitation of offshore applications and moderate to high maintenance costs are the restraints for the market. Pump jack manufacturers are implementing new technologies, such as remotely monitoring of pump jack activities and adapting new renewable based operating methods to reduce the operating cost for pump jacks.
The North American market is expected to grow at the highest CAGR during the forecast period. This growth is due to abundance of stripper wells in the U.S. and increasing number of mature oil fields which are near to the end of its economic life. Furthermore, growing consumer spending, increasing rents, and availability of financial support in terms of bank loans are together notably contributing factors towards jack market. In addition, The U.S. is a key market in North America, due to high demand for hydraulic jacks in the country. Europe is anticipated to hold the second-largest share of the global jacks market.
Asia Pacific is anticipated to grow at a highest CAGR in the jack market during the forecast period. The hydraulic jacks market in Asia Pacific is projected to expand at a rapid pace during the forecast period. This can be attributed to rapid industrialization in India and China.. Moreover, countries such as China and Singapore have a higher potential for construction projects, which further demands for hydraulic and pump jack in the market. Government initiatives for infrastructural development & spending on residential & non-residential projects in countries such as Japan, China, India, Malaysia, and Thailand are anticipated to boost the demand for jack market regional growth.
Key Companies & Recent Developments
Partnerships, strategic mergers, and acquisitions are expected to be the most successful strategies for industry participants to get speedy access to growing markets while also improving technological capabilities. In terms of growth strategies, market players have been focusing on expansions and investments to expand their product portfolio and increase their market size as well as strengthen their market foothold in the regional market. Pump jack manufacturing companies are opening new manufacturing facilities and service centers in the Americas to serve their customers in an efficient manner. There is a mix of both organic and inorganic growth strategies that companies are using to stay relevant in the market.
Market Segmentation of Global SBS Waterproof Membrane Market
1. Pump Jack
2. Hydraulic Jack
Save Your Time
Wide Range of Reports
World Class Market Research
100% Customer Satisfaction
24/7 Customer care Support
Let's Talk Online