The Pressure Pumping Market size is expected to reach USD 85.94 Billion in 2028 at a CAGR of 4.6%, according to the latest report by Reports and Data. Increasing demand for energy owing to rapid industrialization has resulted in rising number of exploration and production activities, and this has been driving market revenue growth to a significant extent. Rising usage of hydraulic fracturing in oil gas industry and increasing expenditure on oil drilling activities has boosted adoption of pressure pumping services. Increasing offshore EP activities and implementation of supportive regulations for new exploration activities are other key factors driving revenue growth of the market.
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Key companies in the market include:
Schlumberger Limited, Baker Hughes, Halliburton, Calfrac Energy Services Ltd., CJ Energy Services, Inc., Trican, and Superior Energy Services, Inc.
Pressure pumping includes application of pressure pumps of various processes in the oil gas industry such as well stimulation, well completion, and well intervention, among others. Pressure pumping is crucial during the lifecycle of well and plays a pivotal role in the oil gas industry. Pressure pumping is generally deployed in mature and unconventional oilfields to secure wellbore and enhance drainage capacity of reservoir. Pressure pumping services are extensively used by operator companies for oilfields that have low hydrocarbon output. Fracking or coiled tubing is used to overcome low production of hydrocarbons caused by sand issues in reservoir, changes in wellbore porosity, and loss of pressure in reservoir.
Pressure pumping devices are used in mature oil reservoirs where extraction of oil is difficult and complicated. Rising demand for energy and increasing number of drilling operations to extract oil gas has boosted adoption of advanced drilling technologies and enhanced oil recovery and this is expected to drive market revenue growth over the forecast period. However, high installation costs and increasing concerns regarding negative impacts of drilling and pressure pumping on the environment such as water contamination, risk of earthquakes, and air emissions are expected to restrain growth of market to a certain extent over the forecast period.
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Some Key Highlights From the Report:
- Hydraulic fracturing segment is expected to register significant revenue CAGR over the forecast period. Growth can be attributed to hydraulic fracturing being the most widely used pressure pump services globally. Increasing production of tight oil and gas across North America and rest of the world is expected to boost demand for hydraulic fracturing over the forecast period.
- Horizontal well type segment revenue is expected to expand considerably over the forecast period, attributable to increasing production of oil gas and rapid technological advancements.
- North America is expected to account for largest revenue share in the global market over the forecast period owing to presence of mature oil fields in the United States and Canada, increasing production of oil gas from unconventional resources, and rapid advancements in drilling technologies in the region. In addition, robust presence of major market players such as Baker Hughes, Schlumberger, and Halliburton in the region is expected to further drive regional market revenue growth.
- In January 2021, Liberty Inc. and Schlumberger announced the merger of Schlumberger’s onshore hydraulic fracturing business in the United States and Canada. Under the agreement, Schlumberger will retain 37% equity interest in the company. The deal is expected to double Liberty’s pressure pumping capacity without adding any debt to the company’s finances.
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For the purpose of this report, Reports and Data has segmented the global pressure pumping market based on type, well type, and region:
Type Outlook (Revenue, USD Million; 2018-2028)
- Hydraulic Fracturing
- Cementing
Well Type Outlook (Revenue, USD Million; 2018-2028)
- Horizontal
- Vertical
- Directional
Regional Outlook (Revenue, USD Million; 2018-2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East Africa
Key Highlights in the Report:
- A detailed analysis of the Pressure Pumping market through the assessment of different market aspects such as product type, application, end-use verticals, and others.
- Qualitative and quantitative analysis along with the market estimation for the forecast period 2021-2028
- Detailed analysis of market dynamics such as drivers, restraints, opportunities, and threats
- Insights into recent development, business expansion plans, and strategic alliances of the top companies in the market
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