Newark, Jan. 02, 2024 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the global pressure pumping market will grow from USD 69.28 Billion in 2022 to USD 106.56 Billion by 2032. Technological developments have prompted the creation of increasingly complex and efficient pumping methods as the industry develops. For example, operators can improve the process by modifying parameters on the fly to maximize work performance thanks to real-time monitoring and data analytics integration. Further, advances in materials science have produced more durable and efficient proppants, reduced fractures' life and enhancing reservoir connection overall. The industry's dedication to efficiency, sustainability, and conscious resource development is shown in the ongoing development of practice pumping technology and procedures. Pressure pumping will continue to be a crucial element in the hydrocarbon extraction process, influencing the direction of the oil and gas sector as the energy landscape changes.
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Report Coverage Details
| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 69.28 Billion |
| Market Size in 2032 | USD 106.56 Billion |
| CAGR | 4.4% |
| No. of Pages in Report | 237 |
| Segments Covered | Service Type, Resource Type, Well Type |
| Drivers | Reservoir Optimization and Maximizing Recovery |
| Opportunities | Unconventional Resource & Oilfield Exploration |
| Restraints | Infrastructure Limitations |
Key Insight of the pressure pumping Market
Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
During the forecast period, Asia-Pacific is expected to grow at the highest CAGR within the global Pressure pumping market. The Asia-Pacific region would significantly expand. Emerging nations such as China, and India are prominent countries in the Asia Pacific region. Energy demand is rising in the Asia-Pacific region, which is home to some of the fastest-growing economies in the world. Pressure pumping is essential to improving the extraction of hydrocarbons from both conventional and unconventional sources, and this demand is driving a rise in exploration efforts. Nations like China and India contribute a significant portion of the market share in the region. Many nations in the Asia-Pacific are looking into unconventional resources like shale gas and oil as the need for energy security grows. Growing the region's market share is facilitated by investments in hydraulic fracturing technologies and shale exploration. Particularly, China has demonstrated a growing desire to utilize its shale resources.
The cementing segment is expected to grow at the highest CAGR during the forecast period.
The service type segment includes hydraulic fracturing and cementing. The cementing segment is expected to grow at the highest CAGR during the forecast period. Construction is an essential step in the building and finishing of buildings. An efficient machining process provides a safe base for upcoming drilling and production operations. A well's longevity, productivity, and environmental performance are all impacted by properly designed construction activities, which also add to its overall success. Concrete services are essential to maintain the structural integrity of the casing. In addition to holding the casing in place, the concrete slurry pumping into the annulus surrounding it protects against corrosive substances and external pressures. A major determinant of cementing services' market share is their capacity to maintain casing integrity.
The vertical segment is expected to grow at the highest CAGR during the forecast period.
The well type segment is bifurcated into horizontal, directional and vertical. The vertical segment is expected to grow at the highest CAGR during the forecast period. Vertical wells are frequently used in traditional reservoirs, where the geological features allow for easy extraction. Pressure pumping services in vertical wells continue to be used in areas with conveniently accessible and well-defined conventional reservoirs, as evidenced by their market share. Vertical wells are important in developed areas because pumping services stimulate wells and improve recovery. The industry's emphasis on maximizing production from current assets through methods like treatments and hydraulic fracturing is reflected in the market share of vertical wells. When considering operational expenses, vertical wells are typically less expensive than horizontal drilling.
The unconventional segment is expected to grow at the highest CAGR during the forecast period.
The resource segment is bifurcated into conventional and unconventional. The unconventional segment is expected to grow at the highest CAGR during the forecast period. The shale exploration activities are closely linked to the market share of pressure pumping services in the unconventional sector. The process of extracting oil and gas from shale formations has been transformed by hydraulic fracturing, which is made possible by pumping. The process entails injecting high-pressure fluids into tight rock formations to cause fractures and release hydrocarbons. Non-conventional resources include tight sandstone and coal-fired methane reservoirs in addition to shale. Pumping services are essential to maximize output from these unconventional resources.
Recent Developments:
• In March 2022: Waterjet Corporation, an innovative high efficiency (90%) 100% electric servo intensifier pump, was introduced by Waterjet Corporation, an Italy-based manufacturer and marketer of technologically superior machines and systems for high-pressure waterjet cutting and finishing. The E-Drive Pro is distinguished by its capacity to sustain elevated physical strain, its ability to deliver 6,500 bars of pressure, and 90% efficiency in raising the pressure to 6,000 bars.
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Market Dynamics
Driver: Rising Demand for Natural Gas
Natural gas is positioned to replace fossil fuels as the globe moves toward cleaner energy sources. The need to lessen climate change and cut carbon emissions is causing this change. Natural gas is becoming increasingly popular as a transitional energy source because it burns cleaner than coal and oil. Pressure pumping services are in greater demand due to the increased emphasis on natural gas extraction. These services are essential to optimizing natural gas output. To extract gas from underground reservoirs, pumping—injecting high-pressure fluids—is a crucial step in natural gas production. This factor is boosting the market growth and development.
Restraint: Volatility Associated with the Commodity Prices
The pressure pumping industry highly depends on the price of commodities like gas and oil. The pricing of these commodities directly impacts how profitable businesses in this sector can be. Increasing exploration and production operations is usually associated with high oil and gas prices, which drives up demand for pumping services. In contrast, there is a decline in exploration and production during times of low oil and gas prices, which immediately affects the market's need for pumping services. The market for practice pumping is heavily impacted by the fluctuations in commodity prices while making investment decisions. This factor is restraining the makrut growth and development.
Opportunity: Technological Advancements
The continuous technological advances in practice pumping methods and apparatus have led to a notable expansion in the practice pumping business. These developments have been crucial in raising overall well-being production, cutting expenses, and boosting operational efficiency. Hydraulic fracturing technologies are one of the major technological developments causing this inconvenience. With real-time monitoring systems, opponents may instantly obtain vital information about work performance, equipment status, and environmental conditions. These systems provide actionable insights that support proactive decision-making through sophisticated sensors, technology technologies, and data analytics. Through constant observation of critical parameters like time, performance, and flow rates, real-time monitoring systems enable operators to maximize production efficiency and promptly address any operational difficulties.
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Some of the major players operating in the pressure pumping market are:
• 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
Key Segments Cover in the Market:
By Service Type:
• Hydraulic Fracturing
• Cementing
By Resource Type:
• Conventional
• Unconventional
By Well Type:
• Horizontal
• Vertical
• Directional
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channel analysis.
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