Pressure Pumping Market Size, Opportunities, Growth 2031

Report Description

The global pressure pumping market size was around USD 63.59 Billion in 2022 and is expected to surpass USD 99.50 Billion by 2031, expanding at a compound annual growth rate (CAGR) of 5.1% during the forecast period, 2023–2031. The market growth is attributed to the increasing demand for energy and petroleum (oil) around the globe.

Pressure pumping is a method of fracture propagation through multiple rock layers using pressurized fracturing fluid and pumping the cement into the wellbore. This method is primarily used to extract resources from low permeability reservoirs such as unconventional liquids and shale gas which are difficult to recover through regular drilling procedures. Pressure pumping offers several services such cementing, hydraulic fracturing, and others for oil & gas exploration. Using pressure pumping, manufacturers can get conventional and unconventional resources which are very essential.

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COVID-19 Impact on Pressure Pumping Market

The market report finds that the COVID-19 pandemic hindered the global pressure pumping market due to the sudden global shutdown around the globe. The outbreak of COVID-19 affected several industries such as chemicals, energy & power and automotive. Due to the outbreak of COVID-19, major manufacturers had to delay and reschedule their ongoing projects which in result affected the global market. Governments across the globe imposed strict social distancing guideline to prevent the spread of COVID-19, which led to lack of working labors on sites and this factor hinder the major market growth.

Pressure Pumping Market Dynamics

The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The pressure pumping market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2023 to 2031.

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Major Drivers

Increasing use of hydraulic fracturing in the oil & gas industry is likely to boost the global pressure pumping market during the forecast period. Hydraulic fracturing is wildly used in the pressure pumping market. Hydraulic fracturing offers various advantages such as it reduces energy prices, helps to reduce the carbon dioxide emission which is result improve the air quality. These are the major key component for increasing use of hydraulic fracturing in the oil & gas industry which is helps to boost the market growth.

Existing Restraints

The strict government regulation regarding gas & oil exploration can hamper the global pressure pumping market. Manufacturers had to go through long process of documentation and several guidelines for production of gas & petroleum which can take a lot of time and money. Several strict government rules in developing countries can restrict the petroleum & gas exploration which can hinder the global market.

Emerging Opportunities

Rising technological advancements and new developments regarding pressure pumping can produce lucrative opportunities for the global market. New technological advancements in the developing countries owing to the rapid adaptation and growth of pressure pumping techniques can open new opportunities for the global pressure pumping market during the forecast period.

Scope of Pressure Pumping Market Report

The global pressure pumping market research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Pressure Pumping Market Segment Insights

Based on well type, the global pressure pumping market is divided into vertical, horizontal, and directional. The horizontal well segment accounted the major revenue share of the global market in 2021.The horizontal well segment is expected to expand at a significant growth rate during the projected period due to various advantages of horizontal wells over vertical wells.

Horizontal wells help to increase production rate owing to the greater wellbore length exposed by the pay zone. Horizontal wells offer more efficient and larger drainage pattern.  However, the vertical well segment is anticipated to hold a key share of the market in the coming years owing to the cost saving in terms or labor and equipment. Vertical wells help to reduce the time required to extract available resources which in result increase the demand for vertical well during the forecast period.

On the basis of service type, the global market is segregated into cementing, hydraulic fracturing, and others. The hydraulic fracturing segment is projected to register a considerable CAGR during the forecast period owing to the wide use of hydraulic fracturing technique to extract natural gas or petroleum (oil) from deep in the Earth.

The hydraulic fracturing is also known as fracking which is used for extracting oil, natural gas, water, or geothermal energy from deep underground. This process enables the high-pressure injection of fracking fluid into a wellbore to create cracks in the deep-rock formations to extract petroleum and natural gas.

On the other hand, cementing segment is anticipated to account for a major market share in the coming years. The rising demand in drilling activities in North America can drive the segment during the forecast period. Increasing large number wells around the globe can fuel the segment during the anticipated years.

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In terms of resource type, the global market is bifurcated into conventional and unconventional resource. The Unconventional segment is expected to expand at significant rate during the forecast period owing to several benefits of resources. Unconventional resources are the gas shales, tight gas sands, heavy oil sands, shale gas, coalbed methane, oil shales, gas hydrates, and others. The rising demand for unconventional resources is due to renewability and these sources are eco-friendly in nature, which help to boost the segment in the coming years.

Conventional resources segment expected to register a considerable CAGR during the forecast period. Conventional resources are natural gas, coal, oil, and others are finite and non-renewable but still rising demand and extensive use of these conventional resources around the globe can boost the major market growth.

In terms of regions, the global pressure pumping market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market size of North America is expected to dominate the market during the projected period due to the increasing advancements in alternative drilling technologies and abundance of unconventional wells in the region.

Favorable government regulations in the region are likely to boost the market growth in the coming years. However, the market of the Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to the increasing number of wells drilled in the developing countries. The rising technological advancements and new developments regarding the pressure pumping can fuel the global market.

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