Growth opportunities in the Pressure Pumping Market look promising over the next six years. This is mainly due to the extreme latency rate in the production and recovering process of natural gas extraction and the increase in the research activities in reserves like oil and gas.
Pressure Pumping Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
The augmentation in the procurement and investigation activities in unconventional reserves like oil & gas, primarily in shale basins, is one of the major drivers accelerating the growth of the global pressure pumping market. Implementing these pumps to explore unique resources such as oil and gas in acute hot and cold conditions will further stimulate the market size. Also, the high potential rate in the production and retrieving process of extrication of natural gas is supporting the market growth.
Additionally, a considerable investment generated by the oil and gas companies for drilling activities is driving the market growth. In accordance with the French Institute of Petroleum, approximately US$ 16,700 billion will be invested in the oil and gas sector between 2020 and 2040 for recommencement of reserves and production. Furthermore, swift industrialization has raised the oil demand, which will stimulate market growth. However, the high price associated with the installation of pumping systems will curb the market growth.
Type Segment Drivers
Based on the Type, hydraulic fracturing is predicted to expand at a faster CAGR over the forecast period. This is mainly because of their rising implication in the oil and gas sector. As per the U.S. Energy Information Administration, oil & gas production is expected to fuel by 21 million barrels per day by the end of 2040. This, in turn, will bring out enormous growth opportunities for the market.
Regional Drivers
Based on the regional coverage, North America is projected to lead the market during the forecast period. This is attributed to their escalating demand led by the persistence of the oil and gas industry in Canada and the U.S. On the other hand, Asia Pacific is expected to witness a higher CAGR over the forecast period. This is led by the growing number of wells drilled in China. For instance, the number of wells supplemented from 15,800 in 2016 to 17,000 in 2017 & and are expanding with time.
Pressure Pumping Market’s leading Manufacturers:
- Sanjel Energy Services
- Calfarc Well Services Ltd.
- FTS International
- Halliburton
- Baker Hughes Company
- RPC Inc.
- TRICAN
- Weatherford
- Schlumberger Limited
- Patterson-UTI Energy
Pressure Pumping Market Segmentation:
Segmentation by Type
- Hydraulic Fracturing
- Cementing
- Others
Segmentation by Well Type
- Horizontal
- Vertical
- Directional
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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