Global Pressure Pumping Market Overview
Increase in depletion in matured oil fields is rising the demand for pressure pumps. There is a need to implement a complex pumping system to drill into the shallows of the mature oil fields to procure oil. 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.
This brings in the importance of drilling into unconventional onshore resources like coalbed methane (CBM), tight oil, shale oil which requires this specific drilling technique. Thus, increasing the demand for pressure pumps that use hydraulic fracturing. The pressure pump is economic and is predicted to cause a dip in the oil price in the forecasted year. The unconventional oils have high porosity and less permeability that makes the natural flow of oil difficult. The pressure pump plays a significant role in oil extraction over other conventional techniques.
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Leading Players
The prominent companies those driving the global pressure pump market are China Oilfield Services Ltd (China), Weatherford International (US), Halliburton Company (US), Schlumberger Limited (US), Saipem S.p.An (Italy), Superior Energy Services (US), Baker Hughes (US), Frac Tech Services International, Trican (Canada) and Calfrac Well Services (Canada).
Pressure Pump Market Segmentation
The Pressure Pumping Market Reports is segmented into well type and services.
Based on the good type vertical it is further c classified into land and offshore pressure pumping market.
Based on the services the pressure pump market is further classified into cementing, hydraulics and fracturing.
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Regional Analysis
In the US, North America is leading in the pressure pumping market. A CAGR of 2.6%. by 2021 is predicted for the North American pressure pumping market. An escalation from USD 26.29 Billion in 2016 to USD 29.94 Billion is expected. They are making an investment in R&D for innovation in the pressure pumping. Hydraulic fracturing service is observed to be the largest pressure pumping service in North America.
In Europe, countries like Norway, Netherland and the North Sea are contributing to the pressure pumping market growth. Recent oil reserve discoveries and an increase in energy requirement are the factors driving the European pressure pump market.
The Middle East is doing great in the pressure pump market as they have great potential to raise the market but minimising their dependency on the oil and gas market.
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