Pressure Pumping Market
Overview
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. As
per reports published by Market Research Future, the global pressure pumping
market is expected to expand at 4.2% CAGR. A detailed analysis report of COVID-19 impact on Pressure Pumping Market Size is provided with the
report.
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.
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Industry Highlights
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 is likely to generate a
revenue of USD 72.4 Billion by 2024.
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 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 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).
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