Global Pressure Pumping Market

Pressure Pumping Market Size, Share, Growth Analysis, By Well Type(Horizontal, Vertical, Directional), By Service Type(Hydraulic Fracturing, Cementing Services, and other services), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20I2070 | Region: Global | Published Date: July, 2024
Pages: 265 | Tables: 63 | Figures: 75

Pressure Pumping Market Insights

Pressure Pumping Market size was valued at USD 82.94 billion in 2019 and is poised to grow from USD 88.41 billion in 2023 to USD 147.42 billion by 2031, growing at a CAGR of 6.6% in the forecast period (2024-2031).

Increasing number of unconventional sources and waterless fracturing foams is expected to boost growth opportunities for the global pressure pumping market. In addition to this, the pressure pumping industry is largely fueled with the increasingly advanced technology and products in the developed countries.

The major application of pressure pumps is hydraulic fracturing and operations related to well-cementing. With the increasing number of exploration activities the global pressure pumping market is projected to grow at a good rate during the forecast period. The growing activities in the oil, gas, and mining industry are also likely to be a key factor for the growth of the pressure pumping market. In January 2021, Liberty Oilfield Services Inc., and Schlumberger’s onshore hydraulic fracturing business in the US and Canada. As a part of the merger, Schlumberger will retain an equity interest of 37% in the North American Oilfield Company.

New oil reserve discoveries increase the drilling and exploration activities in the coming years. For instance, In Liberia, Exxon Mobil Corporation is planning to start oil drilling by 2031. Increasing demand for energy across the globe has resulted in the rapid increase in the drilling activities, which ultimately has provided a significant boost to the global pressure pumping market.

US Pressure Pumping Market is poised to grow at a sustainable CAGR for the next forecast year.

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Pressure Pumping Market size was valued at USD 82.94 billion in 2019 and is poised to grow from USD 88.41 billion in 2023 to USD 147.42 billion by 2031, growing at a CAGR of 6.6% in the forecast period (2024-2031).

The pressure pumping market is fragmented due to the presence of many well-established players such as Trican, Sanjel Corporation, RPC Inc. These players are continuously increasing investments in research and developments activities to give expansion to their business. For instance, Michigan Sugar Company, a sugar processing company, plans to invest USD 65 million in expanding its processing facility in Monitor Township, Michigan. Several key players are adopting approaches such as commercialization of their products, several types of promotion initiatives and increased collaboration. 'Schlumberger', 'Halliburton', 'Baker Hughes', 'Weatherford International', 'National Oilwell Varco', 'C&J Energy Services', 'Calfrac Well Services', 'FTS International', 'Keane Group', 'Liberty Oilfield Services', 'NexTier Oilfield Solutions', 'Patterson-UTI Energy', 'ProPetro Holding Corp.', 'RPC Inc.', 'Sanjel Energy Services', 'Superior Energy Services', 'Trican Well Service', 'Basic Energy Services', 'Mammoth Energy Services', 'Nine Energy Service'

The quick development of energy interest because of industrialization combined with the developing population is an excellent driver for the rising pressure pumping market. Pressure pumping gadgets has been started utilizing widely in increasing oil supplies where oil extraction is generally troublesome.

Growing implementation of hydraulic fracturing services to empower the production of oil and natural gas with low permeability and restricted flow of hydrocarbons is likely to offer significant growth opportunities to the market. In hydraulic fracturing, coiled tubing, cementing, and other well stimulation services along with low cost and low-carbon strategy increases the demand.

Globally, North-America dominated the pressure pumping market in 2021 and is expected to maintain its dominance throughout the forecast period. Presence of industries like mature oil fields and robust oilfield services in the Canada and United States are considered as key factors for the growth of market in the region. Rising investments in oil and gas infrastructure on a large scale across the region push the market’s growth.

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Global Pressure Pumping Market

Report ID: SQMIG20I2070

$5,300
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