Pressure Pumping Market to Witness Double Digit CAGR by 2024

Pressure Pumping Market
Pressure Pumping Market

Pressure Pumping Market

Global Pressure Pumping Market: Overview

Pressure pumping is a procedure where the fractures are propagated through layers of rock with the help of fracturing fluid that is pressurized and the cement is pumped into the well bore for completion. Pressure pumping is primarily used in the extraction of resources from low permeability reservoirs like shale gas, unconventional liquids, and tight gas which are otherwise very difficult to extract using regular drill procedures. Oil and gas wells have to be deployed using the pressure pumping process throughout the lifecycle. The depletion in reservoir fields of onshore and shallow water has compelled oil and gas enterprises to focus on the unconventional onshore and deepwater areas which require pressure pumping services to extract hydrocarbons.

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Global Pressure Pumping Market: Growth Factors

Pressure pumping market is projected to witness a good growth owing to growing activities in the exploration and production of non-conventional shale gas. These are coupled with further operations such as enhanced oil recovery (EOR), sand controlling, acidization, and services cementing. Pressure pumping services are implemented in the mature reservoirs which face the difficulty in extraction of oil. The huge demand for energy and surge for recoverable resources, explorations, and productions are the contributing factors to increase the demand for the global pressure pumping market. Heavy investments made by the oil and gas companies in the oil drilling activities are also driving the global pressure pumping market. High installation cost, concerns related to contamination of water, strict government regulations, and earth seismic activity are few factors which may restrain the pressure pumping market.

Global Pressure Pumping Market: Segmentation

The global pressure pumping market is segmented into well type, service type, and structure type. Based on the well type, the market is divided into land and offshore. Pressure pumping market on the basis of service type is fragmented into remedial cementing, cementing services, hydraulics, and fracturing. On the basis of the structure type, pressure pumping market is divided into a horizontal well and vertical well.

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Global Pressure Pumping Market: Regional Analysis

Geographically, the global pressure pumping market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Middle East is expected to show major growth in the pressure pumping market due to the presence of numerous oil fields and gas serving industries, along with favorable government regulations. Asia Pacific and the North American regions are expected to have strong progress in the market owing to the population growth, the surge in energy demand due to rapid industrialization, and development in drilling oil and gas exploration in these regions. Latin American regional market is expected to grow considerably due to its increasing economic development and demand for energy.

Global Pressure Pumping Market: Competitive Players

The major players in the pressure pumping market include China Oilfield Services Ltd., Baker Hughes Incorporated, Weatherford International Limited, Schlumberger Limited, Premier Pressure Pumping, and Halliburton Company. Additional players involved in the pressure pumping market are Universal and Weatherford International, Frontier Oilfield Services Inc., Superior Energy Services, Trican Well Services Limited, and Calfrac Well Services Ltd.

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Pressure Pumping Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa

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