Latest News- Pressure Pumping Market: Hydraulic fracturing is expected to lead the Type segment during 2024-2028

The Pressure Pumping Market is being driven by Rising investments in oil and gas E and P activities

The Pressure Pumping Market is expected to grow at a CAGR of 3.2% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 5220.6 million. In the oil and gas industry, deepwater and ultra-deepwater resources have emerged as significant sources of hydrocarbons, following the successful exploitation of onshore and shallow water reserves for several decades. However, the high exploration and production (E&P) costs associated with these deep-water projects necessitate a higher average crude oil price compared to onshore and shallow water projects for profitability. The challenging environmental conditions and complex drilling techniques required for ultra-deepwater extraction further increase the costs. Consequently, the decline in crude oil prices in 2014 led to a reduction in investments in these projects. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Hydraulic fracturing
  • Cementing
  • Others
• Application
  • Horizontal well
  • Vertical well
• Geography
  • North America
    • Canada
    • US
  • Middle East and Africa
  • Europe
  • APAC
    • China
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising investments in oil and gas E and P activities
• Increasing global rig activity
• Increasing focus on unconventional oil and gas E and P activities

However, the market also witnesses some limitations, which are as follows:

• Growing adoption of renewable sources of energy
• Risks associated with drilling activities
• Volatile price of crude oil

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Market Scope in Pressure Pumping Market Research Report

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Research Analysis Overview

The Pressure Pumping Market encompasses high-pressure hoses, pumping rate optimization, fracture modeling, hydraulic fracture geometry, slickwater frac design, multi-stage fracturing, horizontal well completion, wellhead and surface equipment, downhole sensors, production logging, flowback water treatment, fracturing chemistry, environmental remediation, well stimulation design, fracture complexity, fracture conductivity, reservoir simulation, wellbore stability, pressure decline analysis, production optimization software, data analytics, fracking cost analysis, pumping efficiency, well performance optimization, sustainable fracking, fracking regulation, hydraulic fracture modeling, fracture network design, fracking fluid rheology, proppant placement, and fracking stimulation, all aimed at enhancing well performance and optimizing production in the oil and gas industry.

Market Research Overview

The pressure pumping market is a significant segment of the larger industrial machinery and supplies and components market. This market encompasses companies manufacturing pressure pumping units, essential for hydraulic fracturing processes such as slickwater fracturing. These units employ fracking fluids and ceramic proppants to facilitate well stimulation during horizontal drilling and reservoir stimulation. The industrial machinery and supplies and components market's expansion is driven by the increasing demand for energy, chemicals, and petrochemicals, pulp and paper products, and processed food and beverages in developing economies. This growing industrial output necessitates capacity additions in process and discrete industries, consequently fueling the market's growth.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/