Westford,USA, June 20, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest,major providers of pressure pumping services and associated equipment in the oil and natural gas industries are conducting research and development activities to enhance the hydraulic fracturing process and promote innovation. This trend highlights the growing demand for pressure pumping services and related equipment as operators seek to maximize production from unconventional resources.
Browse in-depth TOC on "Pressure Pumping Market"
- Pages - 265
- Tables - 63
- Figures – 75
A pump is a mechanical device that transfers fluids (liquids or gases) from one place to another. Its function is to create a flow or pressure difference in the fluid that enables it to be transported through a process or system. The energy source for pumps can be electricity, gasoline or diesel engines. There are various types of pumps, such as centrifugal, positive displacement, and jet pumps, each with unique characteristics and applications. Pumps are widely used in various industries, including water and wastewater treatment, oil and gas production, chemical processing and others.
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Prominent Players in Pressure Pumping Market
- 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
Horizontal Wells Segment is Anticipated to Grow Due tothe Growing Demand for Pressure Pumping Services
Horizontal wells accounted for approximately 16% of crude oil production from tight oil formations. However, this percentage had surged to approximately 98%by the end of 2018. Increasing productivity, technical advancements and the benefits of using horizontal wells are factors expected to drive the growth of the pressure pumping market in the coming years. These developments are expected to increase the demand for pressure pumping services and related equipment in the oil and natural gas industries.
North America dominated the pressure pumping market and is expected to maintain its leading position throughout the forecast period. The region's mature oil fields and robust oilfield services industry drive the market's growth in the United States and Canada. In addition, rising investments in oil and gas infrastructure on a large scale across the region are also expected to fuel market growth in the coming years.
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Hydraulic Fracturing Segment is Dominating the Market Due to the Increasing Number of Horizontal Wells
The hydraulic fracturing segment is expected to maintain a dominant position in the market due to the rising number of horizontal wells drilled worldwide. The market can be segmented into horizontal and vertical wells based on well type. In recent years, there has been a significant increase in the number of horizontal wells drilled globally, leading to the dominance of this well type in the pressure pumping market.
Asia Pacific is expected to experience a surge in pressure pumping demand due to the region's rapid industrialisation, which has led to an increase in the demand for oil. Furthermore, the efforts taken by various regional governments to reduce dependence on oil imports and promote indigenous oil production are expected to boost the overall market significantly. This trend is expected to continue in the near future, making the Asia Pacific region a lucrative market for pressure pumping.
A comprehensive analysis of the major players in the Pressure Pumping market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Pressure Pumping Market
- In February 2023, Motion & Control Enterprises has acquired Precision Pump & Valve, a distributor of safety relief and control valves, pumps, and related equipment. The company provides solutions for oil, gas, petrochemical, and chemical processing markets. This acquisition will enhance Motion & Control Enterprises' portfolio and expand its presence in these markets.
- BASF and MAN Energy Solutions have collaborated to start the construction of an industrial-scale heat pump at the BASF site in Ludwigshafen in 2022. The project aims to significantly reduce greenhouse gas emissions, promote the use of low-CO2 technology in chemical manufacturing and reduce natural gas usage at the site. This project is part of BASF's ongoing efforts to promote sustainable practices.
Key Questions Answered in Pressure Pumping Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
Related Reports in SkyQuest’s Library:
Global Hot Water Circulator Pump Market
Global Industrial Pumps Market
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