Pressure Pumping Market Overview
Pressure pumping is the technique of fracture propagation via several layers of rock with the application of pressurized pumping and fracturing fluid. The method further involves cementing the well bore to complete it. Cementing is applied for different purposes. As per reports published by Market Research Future, the global pressure pumping market is expected to expand at 4.2% CAGR.
For instance, it finds application in sealing and protecting the wellbore. Mostly, cementing is done to permanently prevent water penetration into the well. Moreover, cementing is done to block a lost circulation zone which decreases the flow within the well. Besides, the depleting state of traditional resources has propelled the worldwide oil & gas sector to avail and explore benefits from the unconventional resources such as tight oil & gas, coalbed methane, and shale gas.
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Industry Highlights
Further, the movement toward finding unconventional resources is one of the key driving factors for the pressure pumping market. Surging procurement & exploration in unconventional oil & gas reserves, specifically in shale basins is estimated to drive the demand for pressure pumping as it assists in hydraulic fracturing. Procuring the unconventional resources demand specific skills that facilitates the utilization of hydraulic fracturing. The rising application of hydraulic fracturing is the primary driver for the expansion of pressure pumping market. The worldwide pressure pumping market is likely to generate a revenue of USD 72.4 Billion by 2024.
The significant factors encouraging the growth of pressure pumping market include surging demand for energy coupled with rising hydraulic fracturing in oil & gas sector. The growth of unconventional resources is being observed throughout the world, specifically in North America. In North America, the pressure pumping market has witnessed prominent demand due to the emergence of shale gas and other unconventional resources in the region. Hydraulic fracturing is considered a complex technology that has developed most of the unconventional resources. This includes the unconventional extraction of natural gas that is obtained by traditional procedures. Besides, with the surge in application of unconventional sources, the expanding shale gas extraction & exploration in Canadian oil sands stimulates the market growth to a large extent. However, stringent government regulations on concerns related to seismic activities might limit the growth of the global pressure pumping market.
Market Segmentation
The global pressure pumping market has been segmented based on resource type, service type, region, and well type.
Based on resource type, the pressure pumping market has been segmented into unconventional and conventional. The unconventional segment is estimated to lead the pressure pumping market over the forecast period.
Based on service type, the market has been segmented into cementing, hydraulic fracturing, and others. Hydraulic fracturing is anticipated to be the swiftest growing segment over the forecast period.
Based on well type, the pressure pumping market has been segmented into vertical and horizontal. The horizontal segment is likely to lead the worldwide pressure pumping market.
Regional Analysis
Geographically, the global pressure pumping market has been segmented as North America, Asia Pacific, the Middle East & Africa, South America, and Europe.
North America is estimated to represent the largest market share over the forecast period owing to abundance of unconventional wells in North America. The US is likely to lead the North America pressure pumping market. In 2017, approximately 53% of the total US crude oil production was obtained from unconventional wells, primarily from the shale, which will eventually propel the demand for pressure pumping market in the region.
Key Players
The global pressure pumping market has been dominated by key players such as Halliburton (US), Trican (Canada), Schlumberger (US), Key Energy Services (US), Sanjel Corporation (Canada), China Oilfield Services Ltd. (China), Calfrac Well Services Ltd. (Canada), Weatherford International Inc. (US), Superior Energy Services (US), Frac Tech Services International (US), RPC Inc. (US), and Saipem S.p.A. (Italy).
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