Pressure Pumping Market Share
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. 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. 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 Share is likely to generate a revenue of USD 72.4
Billion by 2024. As per reports published by Market Research Future, the global
pressure pumping market is expected to expand at 4.2% CAGR. 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 share 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 share 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).
No comments:
Post a Comment