Pressure Pumping Market Analysis:
Pressure pumping is a process that includes high pressure injection of fracking liquid chiefly water, having sand and other prop pants that are suspended through thickening agents into the wellbore. This creates cracks in deep rock formations with the help of which resources such as brine, natural gas, and petroleum can flow freely. Cementing is used for different purposes. It is widely used to protect and seal the wellbore, shut off the penetration of water permanently into the well, and also seal lost circulation areas where there is flow reduction within the well.
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Various factors are driving the growth of the pressure pumping market. These factors, in accordance with the Market Research Future (MRFR) report, include growing hydraulic fracturing in oil and gas industry, growing shale gas basin, growing demand for energy, advancements in extraction methods, and growing activities in the exploration as well as the production of non-conventional shale gas. Besides, services cementing, acidization, sand controlling, and enhanced oil recovery are also pushing the market growth.
On the contrary, stringent regulations laid down by the government on pressure pumping, concerns related to seismic activities, high installation costs, unfavorable weather conditions, shortage of professional workforce, and concerns regarding contamination of water are factors that may restrict the pressure pumping market growth over the forecast period.
Pressure Pumping Market Segmentation:
The Market Research Future report offers a wide segmental analysis of the pressure pumping market based on services type, resource type, and well type.
Based on service type, the pressure pumping market is segmented into cementing, hydraulic fracturing, and others. Of these, the hydraulic fracturing segment will have the largest share in the market over the forecast period. This will be followed by cementing services.
Based on well type, the pressure pumping market is segmented into vertical wells and horizontal wells.
Based on resource type, the pressure pumping market is segmented into conventional and unconventional.
Based on the region, the pressure pumping market report covers growth opportunities and the latest trends across Europe, North America, Asia Pacific, and the Middle East and Africa.
Of these, North America will be the frontrunner in the market over the forecast period. The US is the key contributor here owing to advancements in unconventional drilling technologies that have gathered capital for oil & gas drilling projects. Besides, ample resources of hydrocarbon in the US, and constant offshore drilling are pushing the market growth in the region.
The pressure pumping market in the APAC region is predicted to have significant growth over the forecast period. Growing energy demand due to industrialization and urbanization from Indonesia, China, and India are driving market growth.
The pressure pumping market in Europe is predicted to have favorable growth over the forecast period. Russia, Norway, and the UK are the key contributors here. New discovery of oil in Northern Russia, coupled with approval of various drilling projects are driving the market growth in this region.
Leading players profiled in the pressure pumping market report include Superior Energy Services, Baker Hughes, Schlumberger Limited, Saipem S.p.A., Halliburton Company, China Oilfield Services Ltd., and Weatherford International, among others. The leading market players are adopting various key strategies such as acquisition and expansion, agreement and partnership, product launch, brand building, and investments in research and development and innovations to create a foothold in the market.
Industry Related News:
July 2019: ProPetro Holding Corp., pressure pumping expert, is planning to deploy completion fleets that are electrically powered in the Permian Basin.
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