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.
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
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.
The
pressure pump is economic and is predicted to cause a dip in the oil price in the
forecasted year.
Although
the market research reports pressure pump market a good sector to invest, human
health and security remain the major challenges associated with the pressure
pump techniques. Environmental hazards like contamination of groundwater is
another issue.
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Pressure Pump Market
Segmentation
The
pressure pump market 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.
Regional Analysis of
Pressure Pump Market
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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The Pressure Pump Market
Drivers
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).
Industry Update
July
2018, The leading global provider of high-pressure hydraulic service, Well
Services LLC (US) announced its partnership with a special purpose acquisition
company, Matlin & Partners Acquisition Corporation (US) to increase its
fleet size to 17 spreads with 800,000 hydraulic HP approximately.
This
collaboration targets launching of the next generation pressure pumping company
with a Clean Fleet technology to make it a robust technology for end users.
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