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

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

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

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