Global pressure pumping market is expected to witness strong growth over the forecast period owing to increasing energy demand across the world. Owing to the decreasing natural gas prices, exploration and production companies shifted their spending towards oil drilling activities, which is expected to drive the market over the forecast period. Pressure pumping devices are extensively used in maturing oil reservoirs and places where oil extraction is most difficult. Increased drilling activities for extraction of oil and gas led to growing demand of enhanced oil recovery and advanced drilling technologies. This trend has been increasing demand for pressure pumping systems over the past few years and expected to continue over the forecast period. Pressure pumping systems market is expected to witness lucrative growth over the next seven years on account of increasing complexity of drilling oil & gas exploration. Rapid industrialization coupled with growing population in India and China are the key factor to surge the energy demand, which in turn is expected to augment the market growth over the foreseeable period. However, high installation cost of pressure pumping systems is expected to hinder market growth in near future. In addition, adverse effect of stringent government regulation towards the usage of pressure pumping systems is further expected to hamper market growth.
Pressure pumping market can be segmented into hydraulic fracturing, cementing and other services such as sand controlling services, and acidization. Hydraulic fracturing was the major pressure pumping service used over the past few years and has been the leading segment to contribute major market share. However, hydraulic pressure pumping service has been banned across many countries owing to water contamination, water usage and seismic activities which are leading to increased environmental hazards. Stringent government regulations and public opposition towards the pressure pumping hydraulic system are the key factors restraining the market. Cementing services is the second major segment for pressure pumping market and it is expected to witness strong growth over the forecast period.
North America has been the largest regional segment for pressure pumping market owing to large number of oil field service industries concentrated in this region. North America pressure pumping market is reaching its maturity stage, but still witnessing significant growth compared to other regional markets.
Pressure pumping market is highly concentrated with top five players holding the major market share. Existing market players have good penetration in this market and scope of new industries to enter this market is very difficult. Some prominent players in this market include Schlumberger Limited, Baker Hughes, Halliburton Company, Saipem S.p.A., Weatherford International, China Oilfield Services Ltd. and Superior Energy Services.
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