Global Sucker Rod Market Overview:
Sucker rod is the most common equipment that applicable for oil extraction from onshore oil fields. It consist of surface pumping unit that induces the alternate motion of a sucker rod string connected to a piston-type subsurface pump located at the bottom of the well. Sucker rod market has high growth prospects due to its real time information and temperature readings at the surface. Additionally, growing applications of the product in the oil & gas sector coupled with favourable functional properties of the product will further contribute to the industry expansion. Furthermore, factors such as the rising demand for anti-corrosion equipment coupled with shifting consumer focus toward power fluid will bolster the product demand over the forecast time period.
Market Drivers
- Increasing Demand of Crude Oil at Various End-User Industries.
- Rising Number of Oil and Gas Refineries.
Restraints
- Skilled individual required for installation and operation.
- High cost associated with Sucker rod.
Opportunities
- Technological Advancements Such as Tubing String and High Strength Rods.
- Adoption of Chromium Alloy Steel in Noncorrosive & Corrosive Wells.
Challenges
- Stringent Government Rules and Regulation Regarding Drilling.
- Adverse Impact Due to Complex System Design
Competitive Landscape:
In sucker rod market, it has been observed that most of the companies are upgrading or introducing downhole monitoring algorithms and improved whole reservoir monitoring that provides broader applications such as measuring well bore fluid level and monitoring torques. They rely on strategies such as mergers & acquisition, product development, geographical expansion, technological innovation and sourcing strategies to enhance their market share.
Some of the key players profiled in the report are Tenaris (Luxembourg), Dover (United States), Weatherford (United States), Nine Ring (China), Kerui Group (Malaysia), Jiyuan Petroleum Machinery, Ocher Machinery (Russia), DADI Petroleum Machinery (China), John Crane (United States), Shengli Oilfield Highland (China) and Shengli Oilfield Freet (China). Additionally, following companies can also be profiled that are part of our coverage like Dongying TIEREN (China), Shouguang Kunlong (China), CNPC Equipment (China) and Shandong Molong (China). Analyst at AdvanceMarketAnalytics see China Manufacturers to retain maximum share of Global Sucker Rod market by 2024. Considering Market by Sales Channel , the sub-segment i.e. OEMs(Original Equipment Manufacturer) will boost the Sucker Rod market. Considering Market by Oil Well, the sub-segment i.e. No corrosion or effective suppression oil well will boost the Sucker Rod market.
Available Customization:
Data related to EXIM [Export- Import], production & consumption by country or regional level break-up can be provided based on client request**
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Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Sucker Rod market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Sucker Rod market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.