Press release
Pressure Pumping Market Report 2024 | Share, Trends, Growth Demand, overview By 2033
Pressure Pumping Market
The pressure pumping market size is expected to see strong growth in the next few years. It will grow to $73.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to transition to unconventional resources, strategic reserves and security, sustainable practices, renewable hydrogen production, hydrogen economy development, market competitiveness.. Major trends in the forecast period include investments in upstream operations, collaboration in the energy industry, digitalization in oil and gas, technological innovations, horizontal drilling practices, remote monitoring and automation..
Market Overview -
Pressure pumping is the method of propagating a fracture through many rock layers by using pressure-fracturing fluid and pushing the cement into a wellbore. A pressure pump can be used to move water from point A to point B or in any other situation where a higher flow rate or increased water pressure is required.
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Surging Exploration Activities Fuel Growth In The Pressure-Pumping Market
Growing exploration activities in the oil, gas, and mining industries are expected to boost the growth of the pressure-pumping market going forward. The oil and gas industry has a specialized sector called exploration and production (E&P) that deals with the first phase of energy production. Producing oil wells needs some additional lift systems to pump the reservoir oil, thus, pressure pumps are needed to produce heavy oil and bring it to the surface. For instance, according to the report published in 2021 by the International Energy Agency, a France-based agency committed to shaping a secure and sustainable energy future for all, there will be a 5 mb/d rise in global oil production capacity by 2026. Furthermore, in July 2022, according to a report published by the US Energy Information Administration, a US-based federal statistical agency, the deployment of active well service rig count in the United States increased by 22.23% from 738 in 2020 to nearly 949 in 2021, due to rising oil and gas exploration and drilling operations. Therefore, growing exploration activities in the oil, gas, and mining industries are driving the growth of the pressure-pumping market.
Competitive Landscape -
Major companies operating in the pressure pumping market report are Baker Hughes Company, Halliburton Company, Trican Well Service Ltd., NexTier Oilfield Solutions, RPC Inc., FTS International Inc., Schlumberger Limited, National Oilwell Varco Inc., Calfrac Well Services Ltd., Flowserve Corporation, ITT Inc., General Electric Company, Weatherford International Plc., KSB Limited, Maximator GmbH, Danfoss, C&J Energy Services, LEWA GmbH, KAMAT GmbH & Co. KG, SPP PUMPS, Sam Pumps, Sulzer, Saipem SpA, Chevron Corporation, Shell PLC, Liberty Oilfield Services, ProPetro Holding Corp., Keane Group Inc., Sanjel Energy Services, Schlumberger Production Management .
Innovative Solutions Sets New Standards In High-Efficiency Electric Servo Intensifier Pumps
Product innovations have emerged as the key trend gaining popularity in the pressure pumping market. Major companies operating in the pressure pumping market are developing innovative products to strengthen their position in the market. For instance, in 2022, Waterjet Corporation, an Italy-based manufacturer and seller of technologically advanced machines and systems for high-pressure waterjet cutting and finishing, launched E-Drive Pro, an innovative high efficiency (90%) 100% electric servo intensifier pump. Unique features of the E-Drive Pro include its power to withstand high physical stress, its capability of delivering a pressure of 6,500 bars, and its ability to increase the pressure to 6,000 bars with 90% efficiency.
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Key Segments -
The pressure pumping market covered in this report is segmented -
1) By Pump Type: Dynamic, Positive Displacement
2) By Pressure: Low, Medium, High
3) By Application: Oil And Gas, Mining, Chemical, Municipalities, Marine, Automotive, Food And Beverage, Construction, Agriculture, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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