Press release
Pressure Pumping Market Size, Share, Growth Analysis with Top Market Players Weatherford International, China Oilfield Services Ltd., Halliburton Company, Saipem S.p.A., Schlumberger Limited
Pressure Pumping Market
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.
New oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. For example, in Liberia, Exxon Mobile Corporation is planning to start oil drilling in its recently found oil reserves by 2018. Moreover, global increasing demand for energy cross the globe has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the Pressure Pumping market. However, stringent government regulation as well as high installation cost of pressure pumping systems are the factors may hinder the market growth of the market.
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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
Commenting on the report, an analyst from Market Research Future (MRFR)’s team said: 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.
North America is the leading region in this market mainly due to large number of major contractors and Companies in this region. North America is poised to growth at a significant pace with the existing competition in the market and heavy investments in R&D for technological development.
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