Pressure Pumping Market Overview
Pressure pumping is the technique of fracture propagation via several layers of rock with the
application of pressurized pumping and fracturing fluid. The method further involves
cementing the well bore to complete it. Cementing is applied for different purposes. As per
reports published by Market Research Future, the global pressure pumping market is expected
to expand at 4.2% CAGR.
For instance, it finds application in sealing and protecting the wellbore. Mostly, cementing is
done to permanently prevent water penetration into the well. Moreover, cementing is done to
block a lost circulation zone which decreases the flow within the well. Besides, the depleting
state of traditional resources has propelled the worldwide oil & gas sector to avail and explore
benefits from the unconventional resources such as tight oil & gas, coalbed methane, and shale
gas.
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Industry Highlights
Further, the movement toward finding unconventional resources is one of the key driving
factors for the pressure pumping market. Surging procurement & exploration in unconventional
oil & gas reserves, specifically in shale basins is estimated to drive the demand for pressure
pumping as it assists in hydraulic fracturing. Procuring the unconventional resources demand
specific skills that facilitates the utilization of hydraulic fracturing. The rising application of
hydraulic fracturing is the primary driver for the expansion of pressure pumping market. The
worldwide pressure pumping market is likely to generate a revenue of USD 72.4 Billion by
2024.
The significant factors encouraging the growth of pressure pumping market include surging
demand for energy coupled with rising hydraulic fracturing in oil & gas sector. The growth of
unconventional resources is being observed throughout the world, specifically in North
America. In North America, the pressure pumping market has witnessed prominent demand
due to the emergence of shale gas and other unconventional resources in the region. Hydraulic
fracturing is considered a complex technology that has developed most of the unconventional
resources. This includes the unconventional extraction of natural gas that is obtained by
traditional procedures. Besides, with the surge in application of unconventional sources, the
expanding shale gas extraction & exploration in Canadian oil sands stimulates the market
growth to a large extent. However, stringent government regulations on concerns related to
seismic activities might limit the growth of the global pressure pumping market.
Market Segmentation
The global pressure pumping market has been segmented based on resource type, service
type, region, and well type.
Based on resource type, the pressure pumping market has been segmented into unconventional
and conventional. The unconventional segment is estimated to lead the pressure pumping
market over the forecast period.
Based on service type, the market has been segmented into cementing, hydraulic fracturing,
and others. Hydraulic fracturing is anticipated to be the swiftest growing segment over the
forecast period.