The global market for Pressure Pumping is expected to expand at a steady growth rate during the projection period (2016-2027). There has been a sizeable increase in exploration activities for oil and gas in recent years. This is attributed to the increased demand for fossil fuel across the globe. Despite the increasing efforts to reduce dependency on non-renewable resources, their demand continues to grow. The aforementioned factor is playing a crucial role in propelling the Global Pressure Pumping Market. Today, Pressure Pumping has become one of the most widely used technology for fracturing rocks. The ever-growing energy requirement has fuelled the demand for advanced oil and gas extraction technologies.
Pressure Pumping is extraction method, which is primarily used in areas with poor permeability having large deposits of natural gas, shale gas and other conventional oils. In pressure pumping, a high pressured fracking fluid is injected into the targeted wellbore, which inevitably creates crakes in deep-rock formations hence allowing resources such as natural gas, brine and petroleum to flow out freely. Pressure pumping service providers are focusing on technological innovations to further improve the process of fracking. Utilization of novel technologies is expected to remain instrumental for the growth of the global market for Pressure Pumping in the coming years. On the other hand, stricter environmental regulations and high cost of setup is undermining the potentials of the market. Also, lack of labour who are adequately skilled for operating pressure pump systems and greater extraction complication are some of the other critical challenges faced by stakeholders.
Global Pressure Pumping Market – Competitive Dashboard
MRFR’s in its report has profiled some of the major players functioning in the global market for Pressure Pumping, which include Superior Energy Services, China Oilfield Services Ltd., Saipem S.p.A., Baker Hughes, Weatherford International, Halliburton Company, and Schlumberger Limited. Many of these companies are actively participating in M&A activities and improving their service offerings in order to increase their global presence and increase client base.
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Latest Industry Highlights:
Government of British Columbia has recently revealed interest in analysing the effects of fracking for natural gas in the country. A group of scientists is set examine the safety and environmental viability of fracking for natural gas in the country. Reportedly, the group of scientist will also advice on the steps that should be taken to minimize environmental risks.
Halliburton Co., a leading fracking company has reportedly increased its fleets of pressure pumping machineries by nearly 700,000 horsepower over the past year, a massive growth gush that comes as U.S. drillers extract more crude from shale gas.
Fracking companies operating in the UK are under radar. As per online sources, fracking companies in the country will now have to undergo financial health checks to get clearance for operations.
Global Market for Veterinary Medicine – Segmental Analysis
The report published by Market Research Future (MRFR) has offered a thorough segmental analysis based on well type, services type and regions. On the basis of well type, the market has been segmented into offshore and land. Based on services type, the market has been segmented into hydraulics, fracturing and cementing. By region, the market has been segmented into North America, Asia-Pacific Europe, Middle East, South America, and Africa.
North America to Remain the Most Attractive Market for Pressure Pumping Over 2027
The market in North America is likely to remain highly profitable during the forecast period. Presence of leading players is making a positive impact on the region’s market. Over the next couple of years, North America is projected to witness a considerable growth as investment continue to grow in the oil and gas sector in the region. With old matured oil fields are nearing exhaustion, companies look to explores fresh sites in both the US and Canada. As such, the demand for pressure pumping services in these countries is on the rise.
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