Pressure Pumping Market Will Reach $314.1 Billion By 2024, Says Esticast Research & Consulting
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As per the report “Pressure Pumping Market By Service Type, (Hydraulic fracturing, Cementing), By Well Type, (Horizontal, Vertical), By Resource Type, (Conventional, Unconventional), Estimation & forecast, 2016 – 2024.”The global pressure pumping market was valued at $88.5 billion in 2016, and is projected to reach $314.14 billion by 2024, growing at a CAGR of 17.4% from 2017 to 2024.
In 2016, the Hydraulic Fracturing segment generated the highest revenue share in the global pressure pumping market. The highest growth will be experienced by cementing service market, having a CAGR of 18.1% during the forecast period. Among major regions, North American Pressure Pumping market was the highest revenue generating market in 2016.
“A considerable increase in the exploration of unconventional resources and their exploitation is the most important driver for the global market. The pressure pumping technology is a versatile technology which could be used to recover both conventional and unconventional oil and gas resources. The future scope for the industry is high as per the growing energy requirements and depletion rate of conventional oil resources.”
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Hydraulic fracturing, or fracking, is a process in which water, sand and chemicals are pumped underground to break apart the rock and release the gas. In past decades, an extensive use of hydraulic fracturing has been noticed in the North American countries. Fracking is is highly effective, efficient and productive method for reaching deep and difficult to reach zones below the earth’s crust. According to the statistics revealed by U.S. Energy Information Administration (EIA), nearly 50% of the total oil wells in the U.S. are hydraulically fractured.
Unconventional resources will experience the highest exploration, witnessing the fastest growth during the forecast period.
Unconventional resource exploration through pressure pumping is an emerging market trend and is expected to hold highest growth rate of 19.2% throughout the entire forecast period. The market held nearly 40% of the global market share in 2016. Advancements in the exploration methodologies have made unconventional oil sources more accessible for the E & C companies, and have reduced the cost of extraction. As conventional sources of oil are getting exhausted and getting too expensive to use, unconventional sources are expected to make up a larger share of fossil fuel production in the near future. According to a research done by EIA, the world has 7576.6 trillion cubic feet of wet shale gas and 418.9 billion barrels of tight oil which is technically recoverable.
Vertical well pressure pumping service segment governed the overall market holding more than 70% market share.
The vertical wells, also called as conventional wells is the majorly drilled well type by the exploration and production companies in order to exploit conventional oil and gas reservoirs for petroleum, CNG and crude oil. The market is expected to grow with a CAGR of 16% during the forecast period. However, an extensive use of horizontal well drilling procedures for reaching unconventional oil resources such as shale oil, tight oil and others, will lead the very market to grow with the fastest growth, with a CAGR of 18.3% throughout the forecast period.
NORTH AMERICA PRESSURE PUMPING MARKET BY RESOURCE TYPE, 2016-2024
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The global pressure pumping market is driven by rapid depletion of conventional energy reservoirs and shifting trend towards unconventional reservoirs. However, high risks of environmental hazards and high initial cost investment may resist the market growth. Many companies are still using the traditional ways of oil and gas extraction which is also a growth hindering factor. Changing exploration trends and constantly increasing demand of power can act as a future opportunities for the Pressure Pumping Market.
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Pressure Pumping Market Key Insights
• Asia Pacific is expected to have the fastest CAGR of 19.2% over the forecast period.
• Unconventional Resource exploration holds the major segment of the Pressure Pumping Market.
• Horizontal well pressure pumping market is expected to witness the highest CAGR of 19.5% over the forecast period (2017-2024).
• North America holds more than 55 % of the total pressure pumping market.
• The cementing segment is expected to witness the highest growth with the CAGR of 18.1 % over the forecast period.
Baker Hughes, a leading pressure pumping company acquired General Electric, in 2017. The strategy will combine oil & Gas technology with digital technology in order to improvise the quality of services. The major market players of the pressure pumping market are Baker Hughes, Frac tech services international, Schlumberger limited, China oilfield services ltd., Halliburton, Superior energy services, National Oilwell Varco, Saipem S.p.A, Weatherford International and Fluor corporation.