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

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.