Market Highlights:-
Pressure pumping is an essential part of pumping oil from matured oil fields. Increased drilling activities to pump oil from unconventional onshore fields has propelled the significant increase in the demand in the pressure pumping market. Owing to increasing complexity of pumping oil from shallow oil fields, the pressure pumping market will be experiencing rapid growth in the future. Stable prices and an upswing in upstream oil & gas investments will augment the demand for pressure pumping operations over the forecast period. These factors are definitely propelling the market globally. However, increasing concern about the environmental damage caused by pressure pumping such as seismic activities and water contamination hinder the otherwise surging pressure pumping market. Nonetheless, the market is experiencing continuous growth during the forecast period due to many positive drivers propelling the market growth.
Current key developments made by major pressure pumping manufacturers, mergers and acquisitions, partnerships, collaborations, and product launches are some strategies adopted by the existing companies in the global market to strengthen their positions in the market. Major players in the global pressure pumping market are aiming to expand their operations in emerging regions as well. These strategically inclined activities drive the competition in the market.
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Top Key Players:-
Some of the key players in the Pressure Pumping market are Weatherford International, China Oilfield Services Ltd., Halliburton Company, Saipem S.p.A., Schlumberger Limited, Baker Hughes and Superior Energy Services
Pressure Pumping Market – Segmentation
Global Pressure Pumping Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.
Segmentation:
Based on services, the market has been segmented into cementing, hydraulics fracturing, and others. Hydraulics fracturingdominates the service segment of global market. Hydraulics fracturing is a process of pumping fluid into a wellbore to create enough pressure to crack, or fracture, the rock layer. The fluid usually contains a proppant like sand, that helps keep the fractures open to allow oil and gas to be produced to the well. Cementing services is the second major segment for pressure pumping market and it is expected to witness strong growth over the forecast period.
Based on well type, the market has been segmented land and offshore. Onshore dominates the well type segment of global market. Offshore segment is expected to be the fastest growing segment during the forecast period. Increasing the exploration activities in deep and ultra-deep waters especially in the North Sea, and Gulf of Mexico is expected to drive demand in the sector over the forecast period.
Segmentation by Regions: Comprises Geographical regions – North America, Europe, Asia Pacific, Middle East & Africa and South America.
Industry News:-
Schlumberger Limited. (SLB) shares have been by Findlay Park Partners LLP. Findlay Park Partners LLP grew its position in shares of Schlumberger Ltd. by 26.1% during the 1st quarter of 2018.
Baker Hughes and Snam are planning to develop liquefied natural gas (LNG) plants in Italy. The deal took place to push the need to use natural gas as a transport fuel across Europe. Snam plans to build four facilities in Italy to provide LNG for use in heavy-duty vehicles such as trucks.
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Regional Analysis:-
Geographically, North America is leading among all the regions primarily due to presence of large number of major contractors and companies in this region. North America is projected to grow at a remarkable pace with the existing competition in the market and heavy investments in R&D for technological development. Also, rising shale gas price and increasing oil and gas exploration has led to the growth of the market in this region. Furthermore, progress in science and technology, availability of funding for oil and gas sector, abundant resources, and proficiency in remote location operation fuel the growth of oil and gas industry which, in turn, fuels the pressure pumping market growth.
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