• Stacy Lawlor

Global Pressure Pumping Market Size to grow $98.2 billion in 2028.

The Global Pressure Pumping Market Size was valued at USD 70.7 billion in 2021. The market is projected to grow to USD 98.2 billion in 2028 at a CAGR of 4.80%. The growth in CAGR is due to increased demand and growth, and is forecast to return to the pre-pandemic levels, once the COVID-19 pandemic is over.

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Pressure pumping is utilized for several purposes such as well intervention, well completion, well stimulation, and others. Pressure pumps play a vital role in the oil and gas industry, as these are primary equipment utilized during the lifecycle of a well. Moreover, pressure pumping is crucial for resource extraction from reservoirs such as shale gas, coalbed methane, light oil, and gas, where the traditional drilling methods are difficult to apply.

The pressure pumping process is generally involves the extraction of chemical additives, water, and sand, which totally depends upon the different well formations. Furthermore, the important applications of pressure pumps are well-cementing operations and hydraulic fracturing. With the increase in research and development sectors, the global pressure pumping market is expected to grow rapidly during the forecast period.

The COVID-19 pandemic has increased the gap between the supply chain and manufacturing units, in the pressure pumping market. The reduction in upstream activities has also affected the pressure pumping market. Moreover, the operations of gas and oil exploration companies could only be reduced by a certain extent. The outbreak of COVID-19 has affected a wide range of industries, including automotive, energy and power, and chemicals. Lockdowns across several countries have resulted in a reduction in the demand for transport fuels.

Increased operations in exploration and production of non-conventional shale gas

The pressure pumping market is expected to increase demand in the forecast period, owing to increasing operations in the exploration and production of non-conventional shale gas. These are parallel to other processes like enhanced oil recovery (EOR), sand controlling, acidization, and service cementing. Moreover, a huge rise in exploration, requirement for energy, production, and recoverable resources, are the major factors that are affecting the rising demand of the global pressure pumping market.

The increased exploration and hydraulic fracturing activities for non-conventional shale gas has lead to North America dominating the global market. The US has been dominant market in North American region and globally. The advantage of horizontal wells is the major reason which has seen increased adoption of pressure pumping.

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Europe and the Asia Pacific are major regions that hold represent an opportunity for the global pressure pumping market due to rising energy demand. The Middle East and Africa and Latin American markets have also shifted towards hydraulic fracturing and horizontal wells which will support the growth of the pressure pumping market in these regions.

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