Pressure Pumping Market Overview, Top Key Players and Growth Analysis by Forecast to 2027

Market Overview
Significant depletion of matured oil fields has forced Oil companies to shift their focus towards drilling activities. Pressure pumping being an essential part of pumping oil from matured oil fields and increased drilling activities to pump oil from unconventional onshore fields is leading to a significant increase in the demand in the pressure pumping market. With the further depletion of oil fields the market for pressure pumping is going to witness further growth due to increasing complexity of pumping oil from shallow oil fields.

Pressure pumping is a propagation of fractures through layers of rock using pressurized fracturing fluid and pumping the cement into the well bore to complete it. It is primarily used to extract resources from low permeability reservoirs such as shale gas, and unconventional liquids, which are difficult to recover through regular drilling procedures.

According to a recent study report published by the Market Research Future, The global market of Pressure Pumping is booming and expected to gain prominence over the forecast period. The global Pressure Pumping market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023).

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Global Pressure Pumping Market - Competitive Analysis
Global Pressure Pumping Market appears to be highly fragmented and competitive owning to the presence of numerous large and medium players active in regional market. The key strategies traced from the analysis of recent developments of the key players include Product Launch, Agreement & Partnership, Acquisition and expansion. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. On the product and sales side, companies are investing in innovation/R&D, brand building, and fostering strong relationships with customers to support their competitive position.

Prominent Players
Weatherford International, China Oilfield Services Ltd., Halliburton Company, Saipem S.p.A., Schlumberger Limited, Baker Hughes and Superior Energy Services among other are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Pressure Pumping Market.

Industry News
In January 2016, Trican Well Service Ltd announce that it has entered into a definitive agreement with Keane Group, a privately-held, U.S. based well completion services company for the sale of Trican's United States pressure pumping business. The agreed purchase price for the disposition is USD 200 million, or CDN 285 million.

In March 2017, Trican and Canyon to combine to create premier canadian pressure pumping company

Regional Analysis
North America dominates the Pressure Pumping market. The U.S. accounts for the largest market share in the North American region. The advancements in unconventional drilling technologies, which have attracted capital for oil and gas drilling projects. Additionally, vast hydrocarbon resources in the U.S. Shale basins and continuous offshore drilling in the Gulf of Mexico region, are driving the demand of the market.

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Asia Pacific and Europe are the other major market for the Pressure Pumping. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe Pressure Pumping market is expected to be dominated by countries such as U.K, Norway and Russia. New discovery of oil has been found in the Laptev Sea offshore Northern Russia and several drilling projects have been approved in the Russian Arctic sea region closer to the North Pole are the factors driving the market in the region. It is expected to contribute significantly during the forecast period.

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This release was published on openPR.