Global Pressure Pumping Market – Competitive Analysis
The market is highly competitive yet consolidated. Mergers & acquisitions, Innovation, brand reinforcement and partnership remain the key trends for leading players. They strive to develop HPP that can reduce the downtime and maintenance with longer life lowering the total costs. Due to the expected extensions in product, service, and product innovations, the market is soon expected to witness a fierce competition.
Global Pressure Pumping Market – Overview
Pressure pumping is a propagation of fractures through layers of rock using pressurized fracturing fluid and pumping the cement into the well bore to complete it. It is primarily used to extract resources from low permeability reservoirs such as shale gas, and unconventional liquids, which are difficult to recover through regular drilling procedures.
According to a recent study report published by the Market Research Future, The global market of Pressure Pumping is booming and expected to gain prominence over the forecast period. The global Pressure Pumping market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2017 – 2023).
New oil reserve discoveries increase the drilling and exploration activities in coming years which upsurge the demand for the market. For example, in Liberia, Exxon Mobile Corporation is planning to start oil drilling in its recently found oil reserves by 2018. Moreover, global increasing demand for energy cross the globe has resulted in rapid increase in the offshore drilling activities to meet the increasing demand, which ultimately has provided significant boost to the Pressure Pumping market. However, stringent government regulation as well as high installation cost of pressure pumping systems are the factors may hinder the market growth of the market.
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Global Pressure Pumping Market – Segments
The MRFR analysis is segmented into three key dynamics for the convenience of enhanced understanding;
By Well Type
- Land
- Offshore
By Service
- Cementing
- Hydraulics
- Fracturing among others
By Region
- North America
- Europe
- APAC
- Rest-of-the-World
Global Pressure Pumping Market – Regional Analysis
Globally, the North America Pressure Pumping Market accounts for the leading market. The market is expected to grow at a significant pace during the forecast period. Factors such as the increasing production activities along with the rising offshore and onshore exploration activities to meet the ever-increasing demand for Oil and Gas is fostering the growth in the market.
Also, a number of ongoing drilling activities in the US coupled with the augmented demand for the conventional and non-conventional drilling are supporting the market growth in the region.
Asia Pacific region is one of the lucrative markets for Pressure Pumping globally. The market is driven by the high requirement of oil and gas and the booming manufacturing sector. Some of the APAC countries such as China, India, and Japan backed by the increasing industrialization account for the major contributors to the market growth.
The Europe pressure pumping market is growing rapidly mainly due to the augmenting demand for the energy and recent discoveries of oil reserves in the region.
The Middle East region has also exhibited immense potential mainly due to their efforts for minimizing the dependency on their oil and gas market that offers opportunities to a flourishing O&G market translating into the demand for pressure pumping.
Key Players:
Some of the prominent players at the forefront of competition in the Global Pressure Pumping Market and are profiled in MRFR Analysis.
- China Oilfield Services Ltd.
- Weatherford International
- Halliburton Company
- Schlumberger Limited
- Saipem S.p.A.
- Superior Energy Services
- Baker Hughes
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Industry/ Innovations/ Related News
July, 2018 – U.S. Well Services, LLC. (US) a leading global provider of high-pressure, hydraulic fracturing services in unconventional oil and natural gas basins announced its partnership with Matlin & Partners Acquisition Corporation (US), a special purpose Acquisition Company to increase its fleet size to 17 spreads with 800,000 hydraulic HP approximately.
The business combination brings a next-generation pressure pumping company, with a special Clean Fleet technology, with a customer-centric culture and commitment to drive safety and efficiency. The company looks forward to its expansion while anticipating robust customer demand in the years to come.
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