Overview and Scope
Pressure pumping is the method of propagating a fracture through many rock layers by using pressure-fracturing fluid and pushing the cement into a wellbore. A pressure pump can be used to move water from point A to point B or in any other situation where a higher flow rate or increased water pressure is required.
Sizing and Forecast
The pressure pumping market size has grown strongly in recent years. It will grow from $57.3 billion in 2023 to $60.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to growth in hydraulic fracturing, rise in oil and gas exploration, shale revolution, global energy demand, market liberalization, stringent environmental standards, cost efficiency in oil recovery..
The pressure pumping market size is expected to see strong growth in the next few years. It will grow to $73.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to transition to unconventional resources, strategic reserves and security, sustainable practices, renewable hydrogen production, hydrogen economy development, market competitiveness.. Major trends in the forecast period include investments in upstream operations, collaboration in the energy industry, digitalization in oil and gas, technological innovations, horizontal drilling practices, remote monitoring and automation..
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Segmentation & Regional Insights
The pressure pumping market covered in this report is segmented –
1) By Pump Type: Dynamic, Positive Displacement
2) By Pressure: Low, Medium, High
3) By Application: Oil And Gas, Mining, Chemical, Municipalities, Marine, Automotive, Food And Beverage, Construction, Agriculture, Other Applications
North America was the largest region in the pressure pumping market in 2023. North America is expected to be the fastest-growing region in the pressure pumping market during the forecast period. The regions covered in the pressure pumping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Growing exploration activities in the oil, gas, and mining industries are expected to boost the growth of the pressure-pumping market going forward. The oil and gas industry has a specialized sector called exploration and production (E&P) that deals with the first phase of energy production. Producing oil wells needs some additional lift systems to pump the reservoir oil, thus, pressure pumps are needed to produce heavy oil and bring it to the surface. For instance, according to the report published in 2021 by the International Energy Agency, a France-based agency committed to shaping a secure and sustainable energy future for all, there will be a 5 mb/d rise in global oil production capacity by 2026. Furthermore, in July 2022, according to a report published by the US Energy Information Administration, a US-based federal statistical agency, the deployment of active well service rig count in the United States increased by 22.23% from 738 in 2020 to nearly 949 in 2021, due to rising oil and gas exploration and drilling operations. Therefore, growing exploration activities in the oil, gas, and mining industries are driving the growth of the pressure-pumping market.
Key Industry Players
Major companies operating in the pressure pumping market report are Baker Hughes Company, Halliburton Company, Trican Well Service Ltd., NexTier Oilfield Solutions, RPC Inc., FTS International Inc., Schlumberger Limited, National Oilwell Varco Inc., Calfrac Well Services Ltd., Flowserve Corporation, ITT Inc., General Electric Company, Weatherford International Plc., KSB Limited, Maximator GmbH, Danfoss, C&J Energy Services, LEWA GmbH, KAMAT GmbH & Co. KG, SPP PUMPS, Sam Pumps, Sulzer, Saipem SpA, Chevron Corporation, Shell PLC, Liberty Oilfield Services, ProPetro Holding Corp., Keane Group Inc., Sanjel Energy Services, Schlumberger Production Management .
The pressure pumping market report table of contents includes:
1. Executive Summary
2. Pressure Pumping Market Characteristics
3. Pressure Pumping Market Trends And Strategies
4. Pressure Pumping Market – Macro Economic Scenario
5. Global Pressure Pumping Market Size and Growth
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31. Global Pressure Pumping Market Competitive Benchmarking
32. Global Pressure Pumping Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Pressure Pumping Market
34. Pressure Pumping Market Future Outlook and Potential Analysis
35. Appendix
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