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Market Highlights:-Pressure pumping is an essential part of pumping oil from matured oil fields. Increased drilling activities to pump oil from unconventional onshore fields has propelled the significant increase in the demand in the Pressure Pumping Market. Owing to increasing complexity of pumping oil from shallow oil fields, the pressure pumping market will be experiencing rapid growth in the future. Stable prices and an upswing in upstream oil & gas investments will augment the demand for pressure pumping operations over the forecast period. These factors are definitely propelling the market globally. However, increasing concern about the environmental damage caused by pressure pumping such as seismic activities and water contamination hinder the otherwise surging pressure pumping market. Nonetheless, the Pressure Pumping Market is experiencing continuous growth during the forecast period due to many positive drivers propelling the market growth.
Latest Industry News:-
Schlumberger Limited. (SLB) shares have been by Findlay Park Partners LLP. Findlay Park Partners LLP grew its position in shares of Schlumberger Ltd. by 26.1% during the 1st quarter of 2018.
Baker Hughes and Snam are planning to develop liquefied natural gas (LNG) plants in Italy. The deal took place to push the need to use natural gas as a transport fuel across Europe. Snam plans to build four facilities in Italy to provide LNG for use in heavy-duty vehicles such as trucks.
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Competition Analysis:-
Some of the key players in the pressure pumping market are Halliburton Company, Saipem S.p.A., Weatherford International, China Oilfield Services Ltd., Schlumberger Limited, Baker Hughes and Superior Energy Services and many more.
Market Segmentation:-
The pressure pumping market has been segmented on the basis of well type which are land, and offshore. New reserves are found in deep water where drilling is a major challenge; however many suppliers offer pumps that have been particularly customized to withstand the rigors of offshore operations. This is where off shore pressure pumps come in handy. The market is also segmented on the basis of services, which is segmented into cementing, hydraulics and fracturing.
Regional Analysis:-
Geographically, North America is leading among all the regions primarily due to presence of large number of major contractors and companies in this region. North America is projected to grow at a remarkable pace with the existing competition in the market and heavy investments in R&D for technological development. Also, rising shale gas price and increasing oil and gas exploration has led to the growth of the market in this region. Furthermore, progress in science and technology, availability of funding for oil and gas sector, abundant resources, and proficiency in remote location operation fuel the growth of oil and gas industry which, in turn, fuels the pressure pumping market growth.
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Asia Pacific and Europe are the other major market for the Pressure Pumping. Increasing demand for energy due to urbanization & industrialization from the countries such as India, China, and Indonesia among others driving the demand of the market in Asia Pacific region. The Europe Pressure Pumping market is expected to be dominated by countries such as U.K, Norway and Russia. New discovery of oil has been found in the Laptev Sea offshore Northern Russia and several drilling projects have been approved in the Russian Arctic sea region closer to the North Pole are the factors driving the market in the region. It is expected to contribute significantly during the forecast period.
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