1 Global Sucker Rod Pumps (SRP) Market Scope
The global sucker rod pumps (SRP) market is anticipated to witness substantial growth in the coming years, with a CAGR of 3.79% from 2024 to 2033. In 2024, the total market value is projected to reach $521.84 million USD.
The sucker rod pumps (SRP), a pivotal component in the oil and gas industry, are mechanical devices designed to lift crude oil and other fluids from deep underground reservoirs to the surface. Their operation relies on the up-and-down movement of rods, making them a widely used lifting system. The market’s growth can be attributed to the steady demand for crude oil, the acceleration of oil and gas development spending, and the technological advancements in digital and intelligent equipment and technology.
Figure Global Sucker Rod Pumps (SRP) Market Size and CAGR (2024-2033)
2 Market Dynamic Analysis of Sucker Rod Pumps (SRP) Market
Drivers Analysis
The market growth of Sucker Rod Pumps (SRP) is propelled by the increasing demand for crude oil, which remains a critical energy resource and production raw material. The acceleration of oil and gas development spending is expected to expand the market for specialized oil drilling and production equipment, including SRPs. Additionally, the industry’s move towards high-end, digital, and intelligent directions presents opportunities for innovation and efficiency.
Restraints Analysis
The market faces challenges such as the risk of restricted market access due to strict supplier network management by oil companies and rising labor costs due to population aging and labor market competition. These factors could impede market growth. Furthermore, the volatility of crude oil prices, influenced by geopolitics, politics, and finance, can affect the investment of fixed assets in oil exploration and exploitation, directly impacting the market demand for SRPs.
3 Technological, Mergers, and Acquisitions Analysis of Sucker Rod Pumps (SRP) Market
The SRP market is experiencing significant technological innovations, with a shift towards digital and intelligent development. This includes the integration of sucker rod pumps with chips connected to cloud databases and processors, enabling real-time data generation and feedback for oil recovery monitoring. Such advancements allow for remote control of oil production equipment and enhance the efficiency of oilfield service companies.
In terms of corporate activity, mergers and acquisitions have played a significant role in shaping the market. For instance, LUFKIN Industries’ acquisition of US Rod and Patriot Pump, and the North American Rod Lift Business of Schlumberger N.V., have consolidated the market and expanded product offerings. These strategic moves have strengthened the market position of key players, providing them with a competitive edge in manufacturing and distribution capacity, as well as access to differentiated technology offerings.
4 Global Sucker Rod Pumps (SRP) Market Analysis by Type
The global Sucker Rod Pumps (SRP) market is segmented into various types, each playing a distinct role in the oil and gas industry. The market size for each type of SRP is anticipated to demonstrate significant growth, reflecting the diversity in demand and application across different geological and operational conditions.
In 2024, the market size for Insert Sucker Rod Pumps is forecasted to reach $173.55 million USD, capturing a 33.26% share of the total market value. These pumps, characterized by their complex structure and higher manufacturing costs, are designed for moderate depths with high sand fallback on well shutdown. They are recognized by API as a standard design and are suitable for wells with challenging conditions, such as sandy, low-fluid-level, gassy, or foamy wells.
Tubing Sucker Rod Pumps, on the other hand, are projected to account for a larger segment of the market, with a value of $290.79 million USD, holding a 55.72% share. These pumps are simpler in structure and lower in cost compared to insert pumps. They are connected to the production string, allowing for a larger pump diameter under the same pipe, which results in a larger displacement. This makes them ideal for high-production wells with less pump depth.
Table Global Sucker Rod Pumps (SRP) Market Size and Share by Type in 2024
Type of Sucker Rod Pumps (SRP) | Market Size in 2024 (M USD) | Market Share in 2024 (%) |
|---|---|---|
Insert Sucker Rod Pumps | 173.55 | 33.26 |
Tubing Sucker Rod Pumps | 290.79 | 55.72 |
5 Global Sucker Rod Pumps (SRP) Market Analysis by Application
The global Sucker Rod Pumps (SRP) market, when segmented by application, reveals a detailed picture of the industry’s demand across various sectors. In 2024, the market size for SRPs is anticipated to be distributed across three primary applications: Electric Motors, Solar Powered, and Other Power Sources.
For the Electric Motors application, the market size is projected to reach $332.16 million USD, securing a dominant position with a 63.65% share of the total market. This application is prevalent due to the widespread use of rod pumps in oil fields, which are generally powered by electric motors. The application’s significance is set to continue due to the reliability and efficiency of electric motors in driving SRPs.
The Solar Powered application is expected to see a market size of $42.79 million USD, holding an 8.20% share. This application is gaining traction for its suitability in remote areas and shallow, low-flow wells, where solar energy can be a sustainable and cost-effective power source.
Table Global Sucker Rod Pumps (SRP) Market Size and Share by Application in 2024
Application | Market Size in 2024 (M USD) | Market Share in 2024 (%) |
|---|---|---|
Electric Motors | 332.16 | 63.65 |
Solar Powered | 42.79 | 8.20 |
6 Global Sucker Rod Pumps (SRP) Market Analysis by Region
The geographical segmentation of the global SRP market in 2024 paints a diverse picture of regional market sizes and growth potentials. North America is anticipated to lead with a market size of $144.15 million USD, accounting for a 27.62% share. This region’s dominance can be attributed to the presence of mature oil and gas industries and ongoing technological advancements in extraction methods.
Europe follows with a market size of $103.80 million USD, holding a 19.89% share. The region’s market is characterized by a stable demand for SRPs, supported by established oil fields and a continuous focus on efficient extraction technologies.
The Asia Pacific region is projected to have a market size of $36.69 million USD, capturing a 7.03% share. This region is expected to experience growth due to the increasing demand for oil and the expansion of oil and gas exploration activities.
Latin America is anticipated to have a market size of $34.56 million USD, with a 6.62% share. The market in this region is influenced by the abundant oil reserves and the growing investment in oil and gas extraction.
The Middle East and Africa region is projected to have the largest market size of $202.63 million USD, securing a significant 38.83% share. This region’s market is driven by the vast oil reserves and the significant investment in oil and gas extraction technology, including SRPs.
Figure Global Sucker Rod Pumps (SRP) Value Market Share by Region in 2024
7 Global Sucker Rod Pumps (SRP) Market Competitive Landscape
The global Sucker Rod Pumps (SRP) market is characterized by a competitive landscape where a few key players hold a significant share. The top five companies, Schlumberger, LUFKIN Industries, Weatherford, ELKAM, and Black Gold Pump & Supply, Inc., account for 50.8% of the market in 2024, demonstrating their influence and reach within the industry.
Figure Global Sucker Rod Pumps (SRP) Market Share by Top 5 Companies in 2024
7.1 Schlumberger
Company Introduction and Business Overview:
Schlumberger is a multinational technology company that operates in the oil and gas services sector. Established in 1926 and headquartered in the USA, Schlumberger provides a wide range of services and products for reservoir characterization, production, drilling, and processing to the oil and gas industry. The company’s offerings span from exploration through production and include integrated pipeline solutions for hydrocarbon recovery.
Products Offered:
Schlumberger offers RHA API Insert Pumps, which are heavy-walled, stationary barrel, top anchor pumps recognized by API as a standard design. These pumps are suitable for moderate depths with high sand fallback on well shutdown and are designed to prevent the pump from becoming stuck.
Sales Revenue in 2024:
In 2024, Schlumberger’s sales revenue from SRPs is projected to be $101.59 million USD, with a gross margin of 22.28%.
7.2 LUFKIN Industries
Company Introduction and Business Overview:
LUFKIN Industries, founded in 1902 and headquartered in the USA, is a provider of rod lift products, automated control, and optimization equipment, and software for rod lift equipment to the oil and gas industry. The company’s products are mainly sold in the Americas, Europe, Africa, and Oman.
Products Offered:
LUFKIN Industries offers API Tubing Pumps, which are heavy-walled, stationary barrel, bottom hold-down pumps recognized by API as a standard design. These pumps are used in shallow wells that produce more fluid than an insert rod pump can accommodate.
Sales Revenue in 2024:
LUFKIN Industries is expected to generate a revenue of $65.17 million USD from SRPs in 2024, with a gross margin of 21.11%.
7.3 Weatherford
Company Introduction and Business Overview:
Weatherford is a multinational oilfield services company founded in 1941 and headquartered in the USA. The company provides innovative solutions, technologies, and services to the oil and gas industry, including downhole equipment distributed through its wholesale division, Weatherford Direct.
Products Offered:
Weatherford’s SRP offerings include Reciprocating Plunger Pumps, which are durable and efficient, especially in challenging applications such as corrosive, flammable, and abrasive fluids. These pumps offer mechanical efficiencies of over 90%, reducing power requirements and operating costs.
Sales Revenue in 2024:
Weatherford’s sales revenue from SRPs in 2024 is projected to be $51.38 million USD, with a gross margin of 21.50%.
7.4 ELKAM
Company Introduction and Business Overview:
ELKAM, headquartered in Russia, provides full service, technologies, and equipment for efficient artificial lift with minimum expenses per ton of produced fluid. The company operates with a modern manufacturing, engineering, and service approach, offering a package deal covering the full production cycle and service of oilfield equipment.
Products Offered:
ELKAM offers Insert Sucker Rod Pumps, which are set in boreholes on sucker rod string and fixed in tubing string with the help of seating assembly, ensuring leak-tightness and reducing workover costs.
Sales Revenue in 2024:
ELKAM’s sales revenue from SRPs in 2024 is expected to be $26.28 million USD, with a gross margin of 24.09%.
7.5 Black Gold Pump & Supply, Inc.
Company Introduction and Business Overview:
Black Gold Pump & Supply, Inc., established in 1982 and headquartered in the USA, is an ISO 9001:2015 Certified and API Spec Q1 manufacturer. The company creates, manufactures, sells and distributes a wide variety of API and non-API parts, products, and services for oil rigs and supporting equipment.
Products Offered:
Black Gold Pump & Supply, Inc. manufactures a full range of API 11AX Insert Rod Pumps, including various configurations such as RHA, RHB, RWA, RWB, RWT, RXB, and RST, available in both cup & mechanical hold-down seating configurations.
Sales Revenue in 2024:
Black Gold Pump & Supply, Inc.’s sales revenue from SRPs in 2024 is projected to be $16.87 million USD, with a gross margin of 24.42%.
