Global Pressure Pumping Market Analysis
The global pressure
pumping market size 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.
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.
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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