Global Pressure Pumping Market Analysis
The global pressure pumping market is predicted to
touch USD 72.4 billion at a 4.2% CAGR over the forecast period (2017-2024),
reveals the new Market Research Future (MRFR) report. Pressure pumping simply
put, is a fracture propagation method through several rock layers using
pressurized fracturing fluid followed by pumping the cement in the well bore
for completing it. It is chiefly used for extracting resources from low
permeability reservoirs such as unconventional liquids, shale gas, and tight
gas. Adapting to the recent novel COVID-19 pandemic, the impact of the COVID-19
on Pressure Pumping Market is included in the present report.
Pressure pumping is a process that includes high
pressure injection of fracking liquid chiefly water, having sand and other prop
pants that are suspended through thickening agents into the wellbore. This
creates cracks in deep rock formations with the help of which resources such as
brine, natural gas, and petroleum can flow freely. Cementing is used for
different purposes. It is widely used to protect and seal the wellbore, shut
off the penetration of water permanently into the well, and also seal lost circulation
areas where there is flow reduction within the well.
On the contrary, stringent regulations laid down by
the government on pressure pumping, concerns related to seismic activities,
high installation costs, unfavorable weather conditions, shortage of
professional workforce, and concerns regarding contamination of water are
factors that may restrict the pressure pumping market growth over the forecast
period.
Market Segmentation
The Market Research Future report offers a wide
segmental analysis of the pressure pumping market based on services type,
resource type, and well type.
Based on service type, the pressure pumping market
is segmented into cementing, hydraulic fracturing, and others. Of these, the
hydraulic fracturing segment will have the largest share in the market over the
forecast period. This will be followed by cementing services.
Based on well type, the pressure pumping market is
segmented into vertical wells and horizontal wells.
Based on resource type, the pressure pumping market
is segmented into conventional and unconventional.
Regional Analysis
Based on the region, the pressure pumping market
report covers growth opportunities and the latest trends across Europe, North
America, Asia Pacific, and the Middle East and Africa. Of these, North America
will be the frontrunner in the market over the forecast period. The US is the
key contributor here owing to advancements in unconventional drilling
technologies that have gathered capital for oil & gas drilling projects.
Besides, ample resources of hydrocarbon in the US, and constant offshore drilling
are pushing the market growth in the region.
The pressure pumping market in the APAC region is
predicted to have significant growth over the forecast period. Growing energy
demand due to industrialization and urbanization from Indonesia, China, and
India are driving market growth.
The pressure pumping market in Europe is predicted
to have favorable growth over the forecast period. Russia, Norway, and the UK
are the key contributors here. New discovery of oil in Northern Russia, coupled
with approval of various drilling projects are driving the market growth in
this region.
Key Players
Leading players profiled in the pressure pumping
market report include Superior Energy Services, Baker Hughes, Schlumberger
Limited, Saipem S.p.A., Halliburton Company, China Oilfield Services Ltd., and
Weatherford International, among others. The leading market players are
adopting various key strategies such as acquisition and expansion, agreement
and partnership, product launch, brand building, and investments in research and
development and innovations to create a foothold in the market.
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