Pressure Pumping Market Analysis:
The Pressure Pumping Market size is projected to reach USD 84.78 billion with an estimated 4.40% CAGR from 2022 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.
The pressure pumping market is expected to grow significantly in the coming years, driven by the increasing demand for oil and gas globally. Pressure pumping is a critical process in the oil and gas industry, used to extract oil and gas from underground reservoirs. The process involves injecting a mixture of water, sand, and chemicals into a well under high pressure to fracture the rock and release the hydrocarbons trapped inside.
The growing adoption of hydraulic fracturing techniques, also known as fracking, has been a major driver of the pressure pumping market. Fracking has enabled the extraction of previously inaccessible reserves of oil and gas, leading to a surge in demand for pressure pumping equipment and services.
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Market Dynamics
The factor contributing to the global pressure pumping market's growth include exploring unconventional resources in the oil gas sector. Increasing exploration and procurement activities in unconventional oil and gas reserves, particularly in shale basins, is expected to increase the demand for pressure pumping as it helps in hydraulic fracturing. For example, in May 2016, Halliburton (US) signed a four-year contract with Wintershall Holding GmbH (Germany) to provide drilling-related services to the Wintershall Maria project in Norway. The increasing use of hydraulic fracturing is the key driver of the market's growth for pressure pumping.
In addition, the global market for pressure pumping is expected to rise at a high pace during the forecast period due to rising hydraulic fracturing in the oil gas industry and increasing energy demand. The growth of unconventional resources is being witnessed worldwide, especially in North America, where the demand for pressure pumping has grown dramatically due to the advent of shale gas and other unconventional resources.
In addition, increasing shale gas basins, increased use of unconventional sources, and waterless fracturing foams are predicted to generate growth opportunities for the global pressure pumping industry. However, strict government regulations on pressure pumping and concerns about seismic activities could constrain the growth of the global market for pressure pumping.
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.
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.
Regional Analysis
Based on the region, the global pressure pumping market has been segmented into North America, Asia Pacific, South America, Europe, and the Middle East Africa.
North America is projected to hold the largest market share in the forecast period due to the abundance of unconventional wells and the development of alternative drilling technologies in North America. The US is predicted to dominate the North American pressure pumping market. In addition, vast hydrocarbon resources in the US Shale basins and continuous offshore drilling in the Gulf of Mexico region is projected to drive the pressure pumping market in the region.
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Key Players
The industry giants in the global pressure pumping market are Baker Hughes, a GE Company (US), Calfrac Well Services Ltd. (Canada), Halliburton (US), Key Energy Services (US), Schlumberger (US), Weatherford International Inc. (US), Trican (Canada), RPC Inc. (US), Sanjel Corporation (Canada), China Oilfield Services Ltd. (China), Saipem S.p.A. (Italy), Frac Tech Services International (US), Patterson-UTI Energy, Inc. (US), National Oilwell Varco (US), and Superior Energy Services (US).
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