PUBLISHER: The Business Research Company | PRODUCT CODE: 1409720
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409720
“Pressure Pumping Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on pressure pumping market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for pressure pumping? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The pressure pumping market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Pressure pumping involves the process of creating fractures in multiple rock layers by using pressure-fracturing fluid and pushing cement into a wellbore. A pressure pump is employed to move water from one point to another or in situations requiring a higher flow rate or increased water pressure.
The primary pump types used in pressure pumping are dynamic and positive displacement pumps. Dynamic pumps are designed to transfer fluid by imparting kinetic energy from their rotors (impellers) to the fluid. These pumps operate at various pressures, including low, medium, and high levels, and find applications in diverse industries such as oil and gas, mining, chemicals, municipalities, marine, automotive, food and beverage, construction, agriculture, and others.
The pressure pumping market research report is one of a series of new reports from The Business Research Company that provides pressure pumping market statistics, including pressure pumping industry global market size, regional shares, competitors with a pressure pumping market share, detailed pressure pumping market segments, market trends and opportunities, and any further data you may need to thrive in the pressure pumping industry. This pressure pumping market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The pressure pumping market size has grown strongly in recent years. It will grow from $57.3 billion in 2023 to $60.21 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth observed in the historical period can be attributed to the expansion of hydraulic fracturing, an increase in oil and gas exploration activities, the shale revolution, the surge in global energy demand, market liberalization, adherence to stringent environmental standards, and the emphasis on cost efficiency in oil recovery processes.
The pressure pumping market size is expected to see strong growth in the next few years. It will grow to $73.55 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The anticipated growth in the forecast period can be attributed to the shift towards unconventional resources, the focus on strategic reserves and security, the adoption of sustainable practices, the development of renewable hydrogen production, and the progress in the hydrogen economy. Additionally, factors such as market competitiveness will contribute to this growth. Key trends expected in the forecast period include increased investments in upstream operations, collaborative efforts within the energy industry, the implementation of digitalization in oil and gas, technological innovations, the adoption of horizontal drilling practices, and the integration of remote monitoring and automation.
The anticipated growth in exploration activities within the oil, gas, and mining sectors is poised to propel the expansion of the pressure-pumping market. In the oil and gas industry, the exploration and production (E&P) sector, specifically dealing with the initial phase of energy production, requires specialized systems to lift and pump reservoir oil from producing wells. Pressure pumps play a crucial role in extracting heavy oil and bringing it to the surface. The International Energy Agency reported in 2021 a projected 5 million barrels per day increase in global oil production capacity by 2026. Additionally, the US Energy Information Administration highlighted a 22.23% rise in the deployment of active well service rig counts in the United States from 738 in 2020 to nearly 949 in 2021, driven by escalating oil and gas exploration and drilling operations. Consequently, the pressure-pumping market is being propelled by the escalating exploration endeavors in the oil, gas, and mining industries.
A heightened emphasis on reserve replacement is a driving force behind the pressure-pumping market. Reserve replacement involves replenishing the volume of hydrocarbons extracted by an oil and gas company through exploration and production activities. Pressure pumping technologies play a pivotal role in sustaining, growing, and enhancing hydrocarbon reserves. They find application in unconventional resource development, enhanced oil recovery, and optimizing mature fields. Notably, Shell plc reported a proved oil and gas reserves replacement ratio of 120%, signifying a significant increase from the three-year average of 58%. Similarly, ConocoPhillips achieved a total reserve replacement ratio of 176%, coupled with 6.6 billion barrels of oil equivalent (Gboe) in proved reserves for 2022. This increased focus on reserve replacement is expected to drive the pressure-pumping market forward.
Product innovations have emerged as a prominent trend in the pressure-pumping market. Key market players are actively developing innovative products to fortify their market positions. For example, Waterjet Corporation introduced the E-Drive Pro in 2022, a 100% electric servo intensifier pump boasting high efficiency (90%), the ability to withstand physical stress, and the capacity to deliver pressures of up to 6,500 bars with 90% efficiency.
Major companies in the pressure-pumping market are directing efforts toward developing advanced products, including precision-controlled pumping units, to gain a competitive edge. Precision-controlled pumping units, which enable precise and controlled pumping operations, find applications in various industries, including oil and gas and water management. MEDATECH Engineering Services Ltd. introduced the MEDATech Borterra WaterBox in June 2022, recognized as the world's first precision-controlled pumping unit designed for down-the-hole water hammer drilling.
In August 2021, NexTier Oilfield Solutions Inc. acquired Alamo Pressure Pumping, LLC (Alamo) to strengthen its market leadership position and enhance its low-cost, low-carbon strategy. Alamo Pressure Pumping, LLC is a US-based manufacturer of pressure pumps.
Major companies operating in the pressure pumping market report are Baker Hughes Company, Halliburton Company, Trican Well Service Ltd., NexTier Oilfield Solutions, RPC Inc., FTS International Inc., Schlumberger Limited, National Oilwell Varco Inc., Calfrac Well Services Ltd., Flowserve Corporation, ITT Inc., General Electric Company, Weatherford International Plc., KSB Limited, Maximator GmbH, Danfoss, C&J Energy Services, LEWA GmbH, KAMAT GmbH & Co. KG, SPP PUMPS, Sam Pumps, Sulzer, Saipem SpA, Chevron Corporation, Shell PLC, Liberty Oilfield Services, ProPetro Holding Corp., Keane Group Inc., Sanjel Energy Services, Schlumberger Production Management .
North America was the largest region in the pressure pumping market in 2023. North America is expected to be the fastest-growing region in the pressure pumping market during the forecast period. The regions covered in the pressure pumping market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the pressure pumping market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The pressure pumping market consists of sales of gear pumps, hydraulic pumps, magnetic drive pumps, jet pumps and lobe pumps. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.