Pressure Pumping Market Research Report: Information by Service Type (Hydraulic Fracturing, Cementing, and Others), Resource Type (Conventional and Unconventional), Well Type (Horizontal, Vertical, and Directional), and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)-Forecast till 2030
ID: MRFR/E&P/0846-HCR | February 2021 | Region: Global | 120 pages
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Pressure Pumping Market Scenario
The pressure pumping market size is projected to reach USD 84.78 billion by 2025 with an estimated 6% CAGR from 2021 to 2027.
The major factors driving the growth of the global pressure pumping market include exploring unconventional resources in the oil & gas industry. Increasing exploration and procurement activities in unconventional oil and gas reserves, especially in shale basins is expected to raise the demand for pressure pumping as it helps in hydraulic fracturing. For instance, in May 2016, Halliburton (US) signed a four-year contract with Wintershall Holding GmbH (Germany) to provide drilling-related services to Wintershall’s Maria project in Norway.
The growing use of hydraulic fracturing is the major driver for the growth of the pressure pumping market. Additionally, the global pressure pumping market is projected to grow at a high rate during the forecast period due to the increasing hydraulic fracturing in the oil & gas industry and increasing demand for energy. The development of unconventional resources is being witnessed across the globe, especially North America, where the market has grown drastically owing to the emergence of shale gas and other unconventional resources. Moreover, growing shale gas basins, increase in use of unconventional sources, and waterless fracturing-foams are expected to create growth opportunities for the global market. However, strict government regulations regarding pressure pumping and concerns regarding seismic activities might restrain the growth of the global pressure pumping market. Global market has been segmented based on service type, resource type, well type, and region. Based on service type, the global market is segmented into hydraulic fracturing, cementing, and others. The hydraulic fracturing segment is expected to hold the largest market share during the forecast period.
Hydraulic fracturing is a process of pumping fluid into a wellbore to create enough pressure to crack, or fracture, the rock layer. The fluid usually contains a proppant that helps keep the fractures open to allow oil and gas to be produced to the well. Based on resource type, the global market has been segmented into conventional and unconventional. The unconventional segment is expected to dominate the pressure pumping market during the forecast period. The use of unconventional resources is being witnessed across the globe, especially in North America. For instance, in North America, the exploration of shale gas and other unconventional resources is expected to drive the market during the forecast period. Based on well type, the global pressure pumping market has been segmented into horizontal, vertical, and directional.
The horizontal segment is expected to dominate the global market.Based on region, the global market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America. North America is expected to hold the largest market share during the forecast period due to an abundance of unconventional wells and advancement in alternative drilling technologies in North America. The US is expected to dominate the North America pressure pumping market. Additionally, vast hydrocarbon resources in the US Shale basins and continuous offshore drilling in the Gulf of Mexico region is expected to drive the market in the region.
Key Players
The key players in the global pressure pumping market are Baker Hughes, a GE Company (US), Halliburton (US), Schlumberger (US), Weatherford International Inc. (US), Trican (Canada), RPC Inc. (US), Key Energy Services (US), Sanjel Corporation (Canada), Frac Tech Services International (US), Calfrac Well Services Ltd. (Canada), China Oilfield Services Ltd. (China), Saipem S.p.A. (Italy), Patterson-UTI Energy, Inc. (US), National Oilwell Varco (US), and Superior Energy Services (US).
Intended Audience
The intended audience of the report on the global pressure pumping market are:
instance, in May 2016, Halliburton (US) signed a four-year contract with Wintershall Holding GmbH (Germany) to provide drilling-related services to Wintershall’s Maria project in Norway. The growing use of hydraulic fracturing is the major driver for the growth of the market. Additionally, the global market is projected to grow at a high rate during the forecast period due to the increasing hydraulic fracturing in the oil & gas industry and increasing demand for energy. The development of unconventional resources is being witnessed across the globe, especially North America, where the market has grown drastically owing to the emergence of shale gas and other unconventional resources. Moreover, growing shale gas basins, increase in use of unconventional sources, and waterless fracturing-foams are expected to create growth opportunities for the global market. However, strict government regulations regarding pressure pumping and concerns regarding seismic activities might restrain the growth of the global pressure pumping market.
Intended Audience
The intended audience of the report on the global pressure pumping market are:
- Pressure pumping contractors
- Pressure pumping suppliers
- Pressure pumping manufacturers
- Public and private companies
- Research and development companies
- Institutional investors
- Government and research organizations
Market Segmentation
Global pressure pumping market has been segmented based on service type, resource type, well type, and region. Based on service type, the global market is segmented into hydraulic fracturing, cementing, and others. The hydraulic fracturing segment is expected to hold the largest market share during the forecast period. Hydraulic fracturing is a process of pumping fluid into a wellbore to create enough pressure to crack, or fracture, the rock layer. The fluid usually contains a proppant that helps keep the fractures open to allow oil and gas to be produced to the well. Based on resource type, the global market has been segmented into conventional and unconventional. The unconventional segment is expected to dominate the market during the forecast period. The use of unconventional resources is being witnessed across the globe, especially in North America. For instance, in North America, the exploration of shale gas and other unconventional resources is expected to drive the market during the forecast period. Based on well type, the global pressure pumping market has been segmented into horizontal, vertical, and directional. The horizontal segment is expected to dominate the global market.
Based on region, the global market is segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America. North America is expected to hold the largest market share during the forecast period due to an abundance of unconventional wells and advancement in alternative drilling technologies in North America. The US is expected to dominate the North America pressure pumping market. Additionally, vast hydrocarbon resources in the US Shale basins and continuous offshore drilling in the Gulf of Mexico region is expected to drive the market in the region.
Pressure pumping is a method of fracture propagation through multiple rock layers using pressurized fracturing fluid and pumping the cement into the wellbore to complete it. This method is primarily used to extract resources from low permeability reservoirs such as shale gas and unconventional liquids, which are difficult to recover through regular drilling procedures. Moreover, the depleting state of conventional resources has driven the global oil & gas industry to explore and avail benefits from the unconventional resources such as shale gas, tight oil & gas, and coalbed methane. Extracting the unconventional resources demand specific techniques that lead to the utilization of hydraulic fracturing. Hydraulic fracturing is considered as the critical technology that has made most unconventional resources, including unconventional natural gas obtained by traditional extraction.
Report Scope:
| Report Attribute/Metric | Details |
|---|---|
| Market Size |
|
| CAGR | 6% CAGR(2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Service Type, Resource Type and Well Type |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Baker Hughes, a GE Company (US), Halliburton (US), Schlumberger (US), Weatherford International Inc. (US), Trican (Canada), RPC Inc. (US), Key Energy Services (US), Sanjel Corporation (Canada), Frac Tech Services International (US), Calfrac Well Services Ltd. (Canada), China Oilfield Services Ltd. (China), Saipem S.p.A. (Italy), Patterson-UTI Energy, Inc. (US), National Oilwell Varco (US), and Superior Energy Services (US). |
| Key Market Opportunities |
|
| Key Market Drivers |
|
Frequently Asked Questions (FAQ) :
The market will be valuing around USD 78.17 billion by 2027.
The market will be recording 9.57% CAGR in the forecast period.
The market will be evolving from 2020 to 2027.
The global pressure pumping market will be growing at a high rate because of the growing hydraulic fracturing in the oil & gas industry and increasing demand for energy.
North America will hold the largest market share in the future.
