Increasing offshore exploration activities, rising demand for oil and gas across the globe, and implementation of favorable government policies are some key factors driving market growth
Pressure Pumping Market Size – USD 63.56 Billion in 2020, Market Growth – at a CAGR of 4.6%, Market Trends – Rapid increase in offshore E&P activities worldwide
The global Pressure Pumping Market size is expected to reach USD 85.94 Billion in 2028 at a CAGR of 4.6%, according to the latest report by Reports and Data. Increasing demand for energy owing to rapid industrialization has resulted in rising number of exploration and production activities, and this has been driving market revenue growth to a significant extent. Rising usage of hydraulic fracturing in oil & gas industry and increasing expenditure on oil drilling activities has boosted adoption of pressure pumping services. Increasing offshore E&P activities and implementation of supportive regulations for new exploration activities are other key factors driving revenue growth of the market.
Pressure pumping includes application of pressure pumps of various processes in the oil & gas industry such as well stimulation, well completion, and well intervention, among others. Pressure pumping is crucial during the lifecycle of well and plays a pivotal role in the oil & gas industry. Pressure pumping is generally deployed in mature and unconventional oilfields to secure wellbore and enhance drainage capacity of reservoir. Pressure pumping services are extensively used by operator companies for oilfields that have low hydrocarbon output. Fracking or coiled tubing is used to overcome low production of hydrocarbons caused by sand issues in reservoir, changes in wellbore porosity, and loss of pressure in reservoir.
Pressure pumping devices are used in mature oil reservoirs where extraction of oil is difficult and complicated. Rising demand for energy and increasing number of drilling operations to extract oil & gas has boosted adoption of advanced drilling technologies and enhanced oil recovery and this is expected to drive market revenue growth over the forecast period. However, high installation costs and increasing concerns regarding negative impacts of drilling and pressure pumping on the environment such as water contamination, risk of earthquakes, and air emissions are expected to restrain growth of market to a certain extent over the forecast period.
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Key companies in the market include Schlumberger Limited, Baker Hughes, Halliburton, Calfrac Energy Services Ltd., C&J Energy Services, Inc., Trican, and Superior Energy Services, Inc.
Some Key Highlights From the Report:
- Hydraulic fracturing segment is expected to register significant revenue CAGR over the forecast period. Growth can be attributed to hydraulic fracturing being the most widely used pressure pump services globally. Increasing production of tight oil and gas across North America and rest of the world is expected to boost demand for hydraulic fracturing over the forecast period.
- Horizontal well type segment revenue is expected to expand considerably over the forecast period, attributable to increasing production of oil & gas and rapid technological advancements.
- North America is expected to account for largest revenue share in the global market over the forecast period owing to presence of mature oil fields in the United States and Canada, increasing production of oil & gas from unconventional resources, and rapid advancements in drilling technologies in the region. In addition, robust presence of major market players such as Baker Hughes, Schlumberger, and Halliburton in the region is expected to further drive regional market revenue growth.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/pressure-pumping-market
For the purpose of this report, Reports and Data has segmented the global pressure pumping market based on type, well type, and region:
Type Outlook (Revenue, USD Million; 2018-2028)
- Hydraulic Fracturing
Well Type Outlook (Revenue, USD Million; 2018-2028)
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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