Increase in demand for oil and gas: The pressure pumping market is closely linked to the oil and gas industry, as pressure pumping is used to extract oil and gas from the ground. The increase in demand for oil and gas globally has led to an increase in the demand for pressure pumping services.
Technological advancements: Advancements in pressure pumping technology have made the extraction process more efficient, which has increased the demand for pressure pumping services. New technologies such as hydraulic fracturing, horizontal drilling, and microseismic monitoring have improved the productivity of oil and gas wells.
Growing shale gas production: The increasing production of shale gas has led to an increase in the demand for pressure pumping services. Shale gas extraction requires hydraulic fracturing, which is a pressure pumping technique.
Growing exploration and production activities: Exploration and production activities in new oil and gas reserves require pressure pumping services. The growing exploration and production activities globally have contributed to the growth of the pressure pumping market.
Environmental regulations: Governments worldwide have implemented environmental regulations to minimize the impact of oil and gas exploration and production activities on the environment. Pressure pumping technology has been developed to comply with these regulations, which has led to an increase in the demand for pressure pumping services.
Increasing investment in oil and gas industry: Governments and private companies are investing heavily in the oil and gas industry to meet the growing energy demand. This investment has led to an increase in the demand for pressure pumping services.
Pressure Pumping Market Analysis:
The Pressure Pumping Market size is projected to reach USD 84.78 billion with an estimated 6% CAGR from 2023 to 2030. The report assesses the effect of the COVID-19 pandemic on the global pressure pumping market and presents a reliable estimation of the anticipated fluctuations in demand over the forecast period.
Market Segmentation
The global pressure pumping market has been segmented based on service type, resource type, and well type.
Based on service type, the global pressure pumping market has been segmented into hydraulic fracturing, cementing, and others. The hydraulic fracturing segment is expected to register the highest market share in the forecast period. Hydraulic fracturing is a method of pumping fluid into a wellbore to create enough pressure to crack or fracture the rock layer. The fluid normally contains a proppant that helps keep the fractures open so that oil and gas can be produced to the well.
Based on the resource type, the global pressure pumping market has been divided into conventional and unconventional. The unconventional segment is anticipated to lead the market for pressure pumping during the forecast period. Unconventional resources have been used worldwide, especially in North America. For example, the exploration of shale gas and other unconventional resources in North America is expected to drive the pressure pumping market over the forecast period.
Access Report Details@ https://www.marketresearchfuture.com/reports/pressure-pumping-market-1354
By well type, the global pressure pumping market has been divided into horizontal, vertical, and directional. The horizontal segment is projected to dominate the global pressure pumping market.
