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.
According to a recent
study report published by the Market Research Future, The global market of
Pressure Pumping is booming and expected to gain prominence over the forecast
period. The global Pressure Pumping market is forecasted to demonstrate an
exponential growth by 2027, surpassing its previous growth records in terms of
value with a whooping, CAGR during the estimated period (2017 – 2027).
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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.
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.
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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
Segmentation
Based on services, the
market has been segmented into cementing, hydraulics fracturing, and others.
Hydraulics fracturing dominates the service segment of global market.
Hydraulics fracturing is a process of pumping fluid into a wellbore to create
enough pressure to crack, or fracture, the rock layer. The fluid usually
contains a proppant like sand, that helps keep the fractures open to allow oil
and gas to be produced to the well. Cementing services is the second major
segment for pressure pumping market and it is expected to witness strong growth
over the forecast period.
Based on well type, the
market has been segmented land and offshore. Onshore dominates the well type
segment of global market. Offshore segment is expected to be the fastest
growing segment during the forecast period. Increasing the exploration
activities in deep and ultra-deep waters especially in the North Sea, and Gulf
of Mexico is expected to drive demand in the sector over the forecast period.
Segmentation by Regions:
Comprises Geographical regions - North America, Europe, Asia Pacific, Middle
East & Africa and South America.
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