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Pressure Pumping Market is Predicted to Touch USD 72.4 Billion at a 4.2% CAGR over the Forecast Period 2017 to 2024
Pressure Pumping Market
Market Research Future (MRFR)' study states that the global pressure pumping market is set to strike 9.57% CAGR across the assessment period 2019 to 2025. The market is also estimated to exceed valuation of USD 78 Bn by 2025.
Pressure pumping is a process that includes high pressure injection of fracking liquid chiefly water, having sand and other prop pants that are suspended through thickening agents into the wellbore. This creates cracks in deep rock formations with the help of which resources such as brine, natural gas, and petroleum can flow freely. Cementing is used for different purposes. It is widely used to protect and seal the wellbore, shut off the penetration of water permanently into the well, and also seal lost circulation areas where there is flow reduction within the well.
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Industry Highlights
Various factors are driving the growth of the pressure pumping market. These factors, in accordance with the Market Research Future (MRFR) report, include growing hydraulic fracturing in oil and gas industry, growing shale gas basin, growing demand for energy, advancements in extraction methods, and growing activities in the exploration as well as the production of non-conventional shale gas. Besides, services cementing, acidization, sand controlling, and enhanced oil recovery are also pushing the market growth.
Pressure pumping is the technique of fracture propagation via several layers of rock with the application of pressurized pumping and fracturing fluid. The method further involves cementing the well bore to complete it. Cementing is applied for different purposes. For instance, it finds application in sealing and protecting the wellbore. Mostly, cementing is done to permanently prevent water penetration into the well. Moreover, cementing is done to block a lost circulation zone which decreases the flow within the well. Besides, the depleting state of traditional resources has propelled the worldwide oil & gas sector to avail and explore benefits from the unconventional resources such as tight oil & gas, coalbed methane, and shale gas. Further, the movement toward finding unconventional resources is one of the key driving factors for the pressure pumping market. Surging procurement & exploration in unconventional oil & gas reserves, specifically in shale basins is estimated to drive the demand for pressure pumping as it assists in hydraulic fracturing.
Prominent Players
The global pressure pumping market has been dominated by key players such as Halliburton (US), Trican (Canada), Schlumberger (US), Key Energy Services (US), Sanjel Corporation (Canada), China Oilfield Services Ltd. (China), Calfrac Well Services Ltd. (Canada), Weatherford International Inc. (US), Superior Energy Services (US), Frac Tech Services International (US), RPC Inc. (US), and Saipem S.p.A. (Italy).
Market Segmentation:
The segments of the global pressure pumping market, based on service type, are hydraulic fracturing, cementing, and others. Among these, the hydraulic fracturing segment is expected to lead the growth of the market. The extensive use of hydraulic fracturing in extraction of unconventional minerals is anticipated to boost the expansion of the segment in the years to come.
On the basis of resource type, the global pressure pumping market has been divided into conventional and unconventional. The unconventional segment is expected to hold a larger market share due to rising demand for shale gas. It is projected to dominate the market over the next couple of years.
By well type, the segmental analysis of the global pressure pumping market covers - horizontal, vertical, and directional. Among these, the horizontal segment is assessed to dictate the growth pattern of the market over the next few years.
Regional Analysis of Pressure Pump Market
In the US, North America is leading in the pressure pumping market. A CAGR of 2.6%. by 2021 is predicted for the North American pressure pumping market. An escalation from USD 26.29 Billion in 2016 to USD 29.94 Billion is expected. They are making an investment in R&D for innovation in the pressure pumping. Hydraulic fracturing service is observed to be the largest pressure pumping service in North America.
In Europe, countries like Norway, Netherland and the North Sea are contributing to the pressure pumping market growth. Recent oil reserve discoveries and an increase in energy requirement are the factors driving the European pressure pump market.
The Middle East is doing great in the pressure pump market as they have great potential to raise the market but minimising their dependency on the oil and gas market.
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