Global Pressure Pumping Market Trends, Estimation and Forecasts to 2024
The Global Pressure Pumping Market is expected to reach $314.14 Billion by 2024 and having a CAGR of 17.4% over the forecast period of 2017 to 2024.
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Pressure pumping is a technique which is used for the extraction of resources from the low permeability and tough to breach reservoirs such as shale gas, tight gas and unconventional liquids. These resources are difficult to be recovered through the usual drilling processes.
Pressure pumping includes propagation of fractures through the layers of rock using a pressurized fracturing fluid and pumping the cement into the well bore to complete it.
This process involves the high-pressure injection of 'fracking fluid' (usually water, containing sand or other proppants suspended with the aid of thickening agents) into a wellbore in order to create cracks in the deep-rock formations through which resources such as natural gas, petroleum, and brine can flow freely. Pressure pump services are primarily provided by oilfield service companies to oil and gas companies.
Hydraulic fracturing is the frequently used pressure pump service, globally. In addition to this, cementing services, sand control services and acidization, are also a part of the industry.
Exploration of unconventional resources such as shale gas, tight oil and oil sands, is complicated and time consuming. Moreover, these resources cannot be extracted by using conventional methods.
Hence, improvised pressure pumping processes such as fracking is highly adopted for the efficient exploration of the deeper and tough to reach zones of the earth's crust. The growing demand of energy with the increase in investments in offshore and unconventional exploration and production activities is a driving agent for the global pressure pumping market.
Rapidly decreasing reserves is also pushing the industry to move forward for improvised solutions. Increased drilling activities to pump oil from unconventional onshore fields is leading to a significant increase in the Pressure Pumping Market.
Pressure pumping is facing a lot of public opposition on environmental hazards caused by fracturing. Water usage, water contamination, and seismic activities are the most important concerns of pressure pumping.
Due to these environmental concerns, the growth of the global market is diminished with a ban in many countries on hydraulic fracturing. Stringent government regulations, eccentric crude oil market, high initial investments, lack of skilled labor, and operational challenges such as harsh weather and unfavorable conditions are restraining the market from growth.
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The significant depletion of matured oil fields has forced oil companies to focus towards drilling activities. The pressure pumping market will continue to grow at an increasing pace, as oil and gas operators continue to discover reserves in unconventional resources where pressure pumping is highly required.
Moreover, the requirement to maintain and boost recovery rates from these unconventional resources has increased and will continue to do so, hence to maintain and boost production, pressure pumping will play a key role in the future of the unconventional oil and gas market. Geographical regions such as U.S., Gulf Mexico, China, Northwest- Australia, and Western parts of Africa are expected to emerge out as the new opportunities for pressure pumping technology.
The segmentation of the market is done on the basis of service type, well type, resource types and geography. According to Service type, the market is segmented as Hydraulic fracturing, Cementing and others.
On the basis of well type, the market is segmented as horizontal and vertical. According to the resource type the market is segmented as Conventional and Unconventional.
On the basis of geography the market is segmented as North America, Europe, Asia pacific and Rest of World.
Baker Hughes, Franc Tech Services International., Schlumberger Limited, China Oilfield Services Ltd, Halliburton Company, Superior Energy Services, National Oil well Varco, Saipan Spa, Weatherford International and Fluor are some major companies of Pressure Pumping Market.
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PRESSURE PUMPING MARKET SEGMENTATION
By Service Type
- Hydraulic fracturing
- Other pressure pump services
By Well Type
By Resource Type
Rest of World
- Latin America
- Middle East
Pressure Pumping Market Key Players
- Baker Hughes,
- Franc Tech Services International.
- Schlumberger Limited
- China Oilfield Services Ltd
- Halliburton Company
- Superior Energy Services
- National Oil well Varco
- Saipan Spa
- Weatherford International
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