Global Pressure Pumping Market – Overview:
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.
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 2027, surpassing its previous growth records in terms of value with a whooping, CAGR during the estimated period (2018 – 2027).
- Weatherford International
- China Oilfield Services Ltd.
- Halliburton Company
- Saipem S.p.A.
- Schlumberger Limited
- Baker Hughes
- Superior Energy Services
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In January 2016, Trican Well Service Ltd announce that it has entered into a definitive agreement with Keane Group, a privately-held, U.S. based well completion services company for the sale of Trican’s United States pressure pumping business. The agreed purchase price for the disposition is USD 200 million, or CDN 285 million.
In March 2017, Trican and Canyon to combine to create premier canadian pressure pumping company
Pressure Pumping Market – Segmentation
Global Pressure Pumping Market is segmented in to three key dynamics for an easy grasp and enhanced understanding.
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.
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Market Research Analysis
Asia Pacific and Europe are the other major market for the Pressure Pumping. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe Pressure Pumping market is expected to be dominated by countries such as U.K, Norway and Russia. New discovery of oil has been found in the Laptev Sea offshore Northern Russia and several drilling projects have been approved in the Russian Arctic sea region closer to the North Pole are the factors driving the market in the region. It is expected to contribute significantly during the forecast period.