Pressure Pumping Market Analysis, Region & Country Revenue Share, & Forecast Till 2028
Increasing offshore exploration activities, rising demand for oil and gas across the globe, and implementation of favorable government policies are some key factors driving market growth
Pressure Pumping Market
Size – USD 63.56 Billion in 2020, Market Growth – at a CAGR of 4.6%, Market
Trends – Rapid increase in offshore E&P activities worldwide
The global 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 E&P activities and implementation of supportive regulations for
new exploration activities are other key factors driving revenue growth of the
market.
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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Key companies in the market include Schlumberger Limited,
Baker Hughes, Halliburton, Calfrac Energy Services Ltd., C&J Energy
Services, Inc., Trican, and Superior Energy Services, Inc.
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.
To identify the key
trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/pressure-pumping-market
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
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Regional Outlook (Revenue, USD Million; 2018-2028)
- North
America
- Europe
- Asia
Pacific
- Latin
America
- Middle
East & Africa
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leading players. Kindly get in touch with us to know more, and our team will
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