02 December 2019
The Pressure Pumping Market Report 2020-2030: Forecasts by Service Type (Hydraulic Fracturing, Cementing, and Others), Resource Type (Conventional and Unconventional), Well Type (Horizontal, Vertical, and Directional), and analysis of leading companies operating in this industry.
The global market size of pressure pumping is estimated to exceed USD 125 billion by 2020 and is expected to grow over the forecast period at a CAGR of more than 17.2 percent. The major drivers of the global pressure pumping market's growth include pursuing unconventional oil & gas reserves. Increasing procurement and exploration activities are expected to increase demand for pressure pumping in unconventional oil and gas reserves, particularly in shale basins, as it helps in hydraulic fracturing. The growing application of hydraulic fracturing is expected to be the major driving factor of the global pressure pumping market.
In addition, due to the increasing hydraulic fracturing in the oil & gas industry and increasing energy demand, the global market for pressure pumping is projected to exhibit a high growth rate during the forecast period. Unconventional resource growth is witnessed globally, especially in North America, where the pressure pumping market has expanded dramatically due to the introduction of shale gas and other unconventional resources.
The global pressure pumping market is segmented into traditional and unconventional based on resource type. During the forecast period, the unconventional segment is expected to dominate the market for pressure pumping. Globally, particularly in North America, the use of unconventional resources is being witnessed. For example, shale gas and other unconventional resources are expected to be explored in North America thereby, driving the pressure pumping market during the forecast period.
Due to an abundance of unconventional wells and developments in alternative drilling techniques in North America, North America is expected to hold the largest market share during the forecast period. The US is expected to dominate the pressure pumping market in North America. Additionally, large hydrocarbon reserves are expected to drive the region's pressure pumping industry in the US Shale basins and continuous offshore drilling in the Gulf of Mexico region. In the near future, Asia Pacific is expected to demonstrate strong demand for pressure pumping due to rapid industrialization, resulting in increased demand for oil. However, several governmental efforts undertaken in the region with the objective of reducing dependence on oil imports and improve the production of indigenous oil are expected to bring considerable upthrust to the overall market.
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