Yahoo Finance Pressure Pumping Market Projected to Garner USD 84.78 Billion by 2025 with a CAGR of 6% - Report by Market Research Future (MRFR)
Rising Demand for Reliable Pressure Pumping Services Boosts Market Dynamics
New York, US, June 29, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Pressure Pumping Market Analysis by Service Type (Hydraulic Fracturing, Cementing, and Others), Resource Type (Conventional and Unconventional), Well Type (Horizontal, Vertical, and Directional), and Region -Forecast till 2030” valuation is poised to reach USD 84.78 Billion by 2025, registering an 6% CAGR throughout the forecast period (2021–2025).
Pressure Pumping Market Overview
The pressure pumping market is projected to garner significant gains over the next couple of years. The rising demand for a wide range of oil/gas well pumping and stimulation services drives the market growth. Industry players strive to meet or exceed customers’ needs for professional and safe well-pumping services. They aim to operate at the highest proficiency level while maintaining the safety and fair pricing that the pressure pumping industry demands.
Pressure Pumping Market Report Scope:
Report Metric | Details |
Market Size by 2025 | USD 84.78 Billion |
CAGR | 6% (2021-2025) |
Base Year | 2020 |
Forecast Period | 2021-2025 |
Historical Data | 2019 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Service Type, Resource Type and Region |
Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Key Vendors | Halliburton (US), Baker Hughes, a GE Company (US), Schlumberger (US), Trican (Canada), Weatherford International Inc. (US), RPC Inc. (US), Sanjel Corporation (Canada), Key Energy Services (US), Frac Tech Services International (US), China Oilfield Services Ltd. (China), Calfrac Well Services Ltd. (Canada), Saipem S.p.A. (Italy), National Oilwell Varco (US), Patterson-UTI Energy, Inc. (US), and Superior Energy Services (US) |
Key Market Opportunities | Increase in use of unconventional sources |
Key Market Drivers | Increasing exploration and procurement activities in unconventional oil and gas reserves |
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Besides, the support and funding from private and public sectors worldwide to improve mobility and reliability in O&G operations at reduced costs boost the market demand. Over the past couple of years, macro fundamentals of the pressure pumping industry have strengthened notably. Advances in a variety of equipments used in pressure pumping services such as mixing units, pumps, and transports favor market dynamics.
Moreover, recent demand recovery, escalating oil & gas commodity prices, and the most stringent noise reduction requirements influence the pressure pumping market demand. Also, encouraging trends in pandemic containment efforts are expected to drive investment over the upcoming period immensely. Service providers work collaboratively to improve completions performance in pressure pumping services assets.
Pressure Pumping Market Segments
The pressure pumping market is segmented into service types, resource types, well types, and regions. The service type segment is sub-segmented into hydraulic fracturing, cementing, and others. Of these, the hydraulic fracturing segment is expected to dominate the pressure pumping market, holding the largest market share during the forecast period.
The resource type segment is sub-segmented into conventional and unconventional resources. Of these, the unconventional resources segment is expected to account for the largest market share, witnessing rising use across the globe. The rising exploration activities in shale gas and other unconventional resources worldwide are expected to drive the market during the forecast period.
The well type segment is sub-segmented into horizontal, vertical, and directional. The horizontal segment is expected to account for the largest market share in the global market, witnessing rising adoption during the forecast period. By region, the analysis is segmented into the Asia Pacific, Americas, Europe, and the rest-of-the-world.
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Pressure Pumping Market Regional Analysis
North America dominates the global pressure pumping market, witnessing rapid growth in unconventional wells and advances in alternative drilling technologies. Besides, the presence of vast hydrocarbon resources and Shale basins in the US, alongside continuous growth in offshore drilling in the Gulf of Mexico, boosts the region’s market shares.
The US is expected to dominate the North American pressure pumping market. Rising investments in oil and gas infrastructure development across the region substantiate market revenues. The increasing per capita energy consumption and E&P activities in the oil and gas sector in the region push the market growth.
The steep increase in oil and natural gas production in North America is growing continually, which, as a result, increases the market value. Rapid R&D investments to drive developments and upgrades of pressure pumping technologies, alongside the spurring rise in O&G and power generation industries, influence regional market growth.
Industry Trends
The pressure pumping market dynamics are expected to accelerate as the magnified impact of the low-cost, low-carbon strategy. Growing implementations of hydraulic fracturing services to enhance the production of oil and natural gas with low permeability and restricted flow of hydrocarbons offer significant growth opportunities. Improvements in hydraulic fracturing techniques, coiled tubing, cementing, and other well stimulation services increase the market demand.
Upstream providers of pressure pumping services and pressure control equipment and services to the oil and natural gas industries undertake R&D activities for innovations to enhance the hydraulic fracturing process. Today’s pressure pumpers need to overhaul their business models and focus on efficiency to succeed in a permanently changing environment.
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Some industry players are innovating by engineering compact high-pressure commercial pumps to fit into increasingly tighter spaces while delivering higher output, greater fluid control, and unrivaled durability. OEMs looking to improve their product performance and mobility work with custom pump manufacturers.
Pressure pumping services are integrated into oil & gas companies and independent natural gas producing companies for well completion and the production of oil and natural gas from formations in reservoirs. The increasing manufacturing and sale of chemicals and fluids produced and sold by engineered chemistry businesses positively impact the growth of the pressure pumping market.
Pressure Pumping Market Competitive Analysis
Dominant Key Players on Pressure Pumping Market Covered are:
Halliburton (US)
GE Company (US)
Schlumberger (US)
Trican (Canada)
Weatherford International Inc. (US)
RPC Inc. (US)
Sanjel Corporation (Canada)
Key Energy Services (US)
Frac Tech Services International (US)
China Oilfield Services Ltd. (China)
Calfrac Well Services Ltd. (Canada)
Saipem S.p.A. (Italy)
National Oilwell Varco (US)
Patterson-UTI Energy Inc. (US)
Superior Energy Services (US)
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Highly competitive, the pressure pumping market appears fragmented due to the presence of several well-established players. Industry players make vast investments in research and development activities and foster their expansion plans.
These market players adopt approaches such as greater commercialization of their products, promotion initiatives through competitions & trade exhibitions, and increased collaboration. This market witnesses implementation of several strategic deals, such as collaboration, mergers & acquisitions, product launches, and expansion.
For instance, on Apr. 04, 2022, ProPetro announced the extension of its pressure pumping services agreement with Pioneer to provide pressure pumping services to Pioneer Natural Resources for the rest of 2022 and possibly through 2023.
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