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 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 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 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.
This product will be delivered within 3-5 business days.
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 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 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 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.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Pressure Pumping Market Characteristics3. Pressure Pumping Market Trends and Strategies31. Global Pressure Pumping Market Competitive Benchmarking32. Global Pressure Pumping Market Competitive Dashboard33. Key Mergers and Acquisitions in the Pressure Pumping Market
4. Pressure Pumping Market - Macro Economic Scenario
5. Global Pressure Pumping Market Size and Growth
6. Pressure Pumping Market Segmentation
7. Pressure Pumping Market Regional and Country Analysis
8. Asia-Pacific Pressure Pumping Market
9. China Pressure Pumping Market
10. India Pressure Pumping Market
11. Japan Pressure Pumping Market
12. Australia Pressure Pumping Market
13. Indonesia Pressure Pumping Market
14. South Korea Pressure Pumping Market
15. Western Europe Pressure Pumping Market
16. UK Pressure Pumping Market
17. Germany Pressure Pumping Market
18. France Pressure Pumping Market
19. Italy Pressure Pumping Market
20. Spain Pressure Pumping Market
21. Eastern Europe Pressure Pumping Market
22. Russia Pressure Pumping Market
23. North America Pressure Pumping Market
24. USA Pressure Pumping Market
25. Canada Pressure Pumping Market
26. South America Pressure Pumping Market
27. Brazil Pressure Pumping Market
28. Middle East Pressure Pumping Market
29. Africa Pressure Pumping Market
30. Pressure Pumping Market Competitive Landscape and Company Profiles
34. Pressure Pumping Market Future Outlook and Potential Analysis
35. Appendix
Executive Summary
Pressure Pumping Global Market Report 2024 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.
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- All data from the report will also be delivered in an excel dashboard format.
Description
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? This pressure pumping market global report answers all of 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.
Scope
Markets Covered:1) By Pump Type: Dynamic; Positive Displacement
2) By Pressure: Low; Medium; High
3) By Application: Oil and Gas; Mining; Chemical; Municipalities; Marine; Automotive; Food and Beverage; Construction; Agriculture; Other Applications
Companies Mentioned: Baker Hughes Company; Halliburton Company; Trican Well Service Ltd.; NexTier Oilfield Solutions; RPC Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
- 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