SAN FRANCISCO, June 6, 2018 /PRNewswire/ --
The global pressure pumping market size is expected to reach USD 75.1 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 4.1% during the forecast period. Rising exploration & production (E&P) in unconventional oil & gas reserves including shale basins is estimated to spur the growth of the market.
Increasing prominence of unconventional reserves including coalbed methane (CBM), shale, tight oil, and tight gas is likely to drive the market over the next few years. Advancements in extraction techniques are also helping E&P companies in increasing the yield in scanty profit regions such as the Arctic region and ultra-deep seas.
Governments of countries that support natural gas E&P from conventional (oil, gas, and coal), as well as unconventional sources (shale, CBM, and tight gas) are undertaking several regulatory initiatives to promote hydraulic fracturing. This is leading to upsurge in use of hydraulic fracturing for the development of unconventional sources.
Stable prices in 2017 and an upswing in upstream oil & gas investments are likely to augment the demand for pressure pumping operations over the forecast period. Number of coil tubing rigs in the U.S. registered an increase of nearly 3.3% from 2016 to 2017. Thus, stable oil prices, coupled with increasing number of the coiled tubing units, are expected to stoke the growth of the market over the forecast period
Pressure pumping of oil and gas formations may lead to groundwater contamination, migration of gases and fracking chemicals to surface, and contamination of surrounding air. In addition, oil obtained through pressure pumping includes chemicals used in fracking, which may increase corrosion rate in rail tank cars and pipelines. Thus, environment related concerns with the product are likely to hamper growth prospects.
Moratoriums and bans on hydraulic fracturing from regional agencies in France, Romania, Tunisia, Bulgaria, etc. are also expected to remain a major challenge for the industry. Soaring need for fossil fuels in electricity generation and transportation, however, is expected to propel the market.
Browse full research report with TOC on "Pressure Pumping Market Size, Share & Trends Analysis Report By Type (Hydraulic Fracturing, Cementing), By Well Type (Horizontal, Vertical, Directional), By Region, Vendor Landscape, And Segment Forecasts, 2018 - 2025" at: https://www.grandviewresearch.com/industry-analysis/pressure-pumping-market
Further Key Findings From the Report Suggest:
- In terms of revenue, hydraulic fracturing is anticipated to reach USD 58.3 billion by 2025 at a CAGR of 4.3% from 2017 to 2025. The U.S. shale gas boom is likely to be a key factor behind the growing prominence of hydraulic fracturing
- In terms of revenue, the cementing segment is projected to register a CAGR of 3.9% over the forecast period. Increasing number of drilled but uncompleted wells is anticipated to restrain the growth of the segment over the forecast period
- Horizontal well type dominated the global market with a share of 82.4% in 2016. The distinct benefits of horizontal wells in terms of providing enhanced productivity are likely to influence the growth of the segment positively in the coming years
- The North America pressure pumping market is anticipated to exceed USD 47.8 billion by 2025. Flourishing upstream oil and gas sector in the region is likely to drive the regional market over the forecast period
- Asia Pacific is projected to witness a remarkable CAGR of 5.5% over the forecast period, with China and Australia being the key revenue contributors in the region.
- Some of the key companies in the industry are Baker Hughes; Schlumberger Limited; Halliburton; C&J Energy Services, Inc.; Calfrac Energy Services Ltd.; Trican; and Superior Energy Services, Inc.
Browse related reports by Grand View Research:
- Subsea Pumps Market - Growing energy demand has resulted in high offshore production investment, which is expected to drive global subsea pumps market over the next six years.
- Oilfield Equipment Market - Global oilfield equipment market size was estimated at USD 97.34 billion in 2013.
- Wireline Logging Service Market - Global wireline logging service market exceeded USD 16 billion in 2014.
- Oil & Gas Separation Equipment Market - Global oil & gas separation equipment market size was valued USD 6.38 billion in 2014.
Grand View Research has segmented the global pressure pumping market report on the basis of type, well type, and region:
- Pressure Pumping Type Outlook (Revenue, USD Million, 2014 - 2025)
- Hydraulic Fracturing
- Pressure Pumping Well Type Outlook (Revenue, USD Million, 2014 - 2025)
- Pressure Pumping Regional Outlook (Revenue, USD Million, 2014 - 2025)
- North America
- Asia Pacific
- Latin America
- North America
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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