Pressure Pumping Service Market Segmentation by Types (Hydraulic Fracturing, Cementing, and Others); by Resource (Conventional, and Unconventional); and by Application (Shale Gas, Tight Gas, and Others) – Global Demand Analysis & Opportunity Outlook 2030
Buy Now Report ID: 3609 | Published Date: Feb 07, 2023
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.
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The global pressure pumping service market is further classified on the basis of region as follows:
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.
Our in-depth analysis of the global pressure pumping service market includes the following segments:
By Types
By Resources
By Application
Growth Drivers
Challenges
September 13, 2021: Trican Well Service Ltd. announced the renewal of its low-emission fracturing equipment, upgrading 48,000 hydraulic horsepower in the hydraulic fracturing fleet.
June 08, 2021: NOV Inc. announced its joint venture with Schlumberger to accelerate the adoption of automated drilling solutions in the oil and gas industry.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Payel Roy, Dhruv Bhatia
Ans: The growing demand for oil and gas, along with increasing investment in the sector is estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030.
Ans: High investment, and growing adoption of green energy are estimated to hamper the market growth.
Ans: 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.
Ans: 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.
Ans: 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.
Ans: The market is segmented by technology, type, application, and by region.
Ans: 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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