Global Pressure Pumping Service Market Highlights over 2022 – 2030
The global pressure pumping service market is estimated to grow at a CAGR of ~3% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing investment in offshore production, along with rising demand for oil and gas worldwide. Moreover, the holistic evolution of technology for oil drilling is also estimated to boost the growth of the market.
Pressure pumping can enhance the reservoir drainage capacity, in turn, increasing the supply of oil or gas from the reserve. According to the data by the International Energy Agency (IEA), oil production touched 98.3 million barrel per day (MB/D), while natural gas production reached 3937 billion cubic meters (BCM) globally, in 2018. The growing demand for this technique amongst the producers of oil & gas, is estimated to boost the market growth. Furthermore, rising adoption of hydraulic fracturing for increasing the production of hydrocarbons, is estimated to promote the market growth. The rising gap between demand and supply of oil and gas, is also estimated to boost the market growth. As per a report by the IEA, 4,296 million tons oil and NGL was produced in 2020, while the demand touched 4070 million tons. CLICK TO DOWNLOAD SAMPLE REPORT
The market is segmented by technology into hydraulic fracturing, cementing, and others, out of which, the hydraulic fracturing segment is anticipated to hold the largest share in the global pressure pumping service market over the forecast period on account of advantages of hydraulic fracturing, such as, access to more quantity of gas and oil, lower cost, and reduced water intensity. Hydraulic fracturing is the most commonly applied technology for oil production, which is estimated to boost the market growth.
Major Macro-Economic Indicators Impacting the Market Growth
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
Global Pressure Pumping Service Market Regional Synopsis
On the basis of geographical analysis, the global pressure pumping service market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Middle East and Africa region is estimated to witness noteworthy growth over the forecast period on the back of large oil reserves in the gulf countries, along with advancement in oil drilling technology. According to the Organization for Economic Co-operation and Development (OECD) data, 507,805.25 tons of oil equivalent (toe) was produced in Saudi Arabia in 2017.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing production of oil and gas in the region. According to the statistics by the U.S. Energy Information Administration (EIA), in 2020, U.S. petroleum consumption touched 18.12 million barrels per day.
The global pressure pumping service market is further classified on the basis of region as follows:
Our in-depth analysis of the global pressure pumping service market includes the following segments:
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
The growing demand for oil and gas, along with increasing investment in the sector is estimated to boost the market growth.
The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030.
High investment, and growing adoption of green energy are estimated to hamper the market growth.
The market in the North America region is estimated to provide more growth opportunities over the forecast period, owing to the increasing production of oil and gas in the region.
The major players in the market are Schlumberger Limited, Trican Well Service Ltd., Patterson-UTI Energy Inc., Baker Hughes Company, Halliburton Company, RPC, Inc., FTS International, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, type, application, and by region.
The shale gas segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities owing to the rising demand of shale gas.
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