Pressure Pumping Market

Global Pressure Pumping Market Size (2024-2029)

The Global Pressure Pumping Market was worth USD 90.65 billion in 2023 and is anticipated to reach a valuation of USD 115.36 billion by 2029 from USD 94.37 billion in 2024. It is predicted to register a CAGR of 4.1% during the forecast period 2024-2029.

Pressure pumps are mainly used to propagate the resources from low permeability resources. These devices are not the same as regular drilling procedures as they can recover the most difficult tasks in extracting resources. The pressure pumping market is expected to grow at a CAGR of 3.6% during the forecast period.

MARKET DRIVERS

Increased activities in the production and exploration of unconventional shale gas will connect further operations like sand control, enhanced oil recovery (EOR) services, cementing, and acidization. The implementation of pressure pumping services in mature reservoirs that face difficulty in oil extraction is propelling the growth of the global pressure pumping market.

The rising demand for energy and the surge in recoverable explorations, resources, and productions are significant factors fueling the growth of the global pressure pumping project. Also, increasing investments made by the major players in oil and gas companies in oil drilling activities are fuelling the market.

MARKET CHALLENGES

However, the initial installation process is expensive, and there are an increasing number of drilled but uncompleted wells in various regions, hindering the growth of the global pressure pumping market.

Factors like strict government regulations, concerns related to water contamination, and earth seismic activity are hampering the pressure pumping business. In addition, the lack of labor who are trained or skilled in managing the applications of pressure pumping technologies is lagging the market's growth.

MARKET OPPORTUNITIES

The increasing shale gas basins & usage of unconventional sources are anticipated to create opportunities for the pressure pumping market during the forecast period.

Also, rising processes like waterless fracturing-foam, an alternative to hydraulic fracturing in which liquefied petroleum gas (LPG) which uses propane liquefied into a gel, are expected to create further opportunities for the market. In the waterless fracturing-foam, propane is inserted into a shale rock formation in the place of water, and this usage of propane does not block all path-ways. Therefore, more natural gas is released in this process. Moreover, this process will not emit poisonous toxins and underground radioactive chemicals to the surface. Even if it does come back to the surface, then it can have another usage or be used again for LPG. Due to the advantage of the usage of the waterless fracture-foam, its adoption is rising globally.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Pressure Pumping Market Analysis By Well Type

• Land
• Onshore

Based on well type, the onshore segment dominates the market with the highest shares. Increasing depletion in onshore for extracting water at deeper levels is fueling the market's growth.

Global Pressure Pumping Market Analysis By Service Type

• Remedial Cementing
• Cementing Services
• Hydraulics & Fracturing

Based on service type, the Remedial cementing type is gaining attention and holding the largest market share. The increasing scale of large industries is outshining the market's growth.  

REGIONAL ANALYSIS

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Regionally, the market is segmented into Asia Pacific, North America, Europe, Middle East and Africa. North America and Europe are playing a vital role in holding the largest shares of the market. Increasing capital income in developed and developing countries is bolstering the demand of the market in these regions.

The Asia Pacific is growing at a higher rate from recent years and is also to continue with the same growth rate in the review period. Acceptance of the latest technologies and launch of various products in favor of the end-user industries is escalating the growth of the market. The Middle East and Africa are anticipated to have inclined growth rate in near future.

KEY MARKET PLAYERS

Companies like China Oilfield Services Ltd., Baker Hughes Incorporated, Weatherford International Limited, Schlumberger Limited, Premier Pressure Pumping, Halliburton Company, Universal and Weatherford International, Frontier Oilfield Services Inc., Superior Energy Services, Trican Well Services Limited, and Calfrac Well Services Ltd. are leading the Global Pressure Pumping market and are profiled in this report.