pressure pumping market
Technology

Global Pressure Pumping Market: Rising demand for innovative and cost-effective technologies for extraction of natural resources is expected to boost growth to the global pressure pumping market

Global Pressure Pumping Market: Pressure pumping is a method used for extraction of resources from the low permeability and extreme to break repositories such as tight gas, unconventional liquids, and shale gas. Pressure pumping process involves high pressure injection of fracking fluid (mainly water, containing sand or other prop pants suspended with the help of thickening agents) into wellbore to create cracks in the deep-rock formations through which resources such as petroleum, natural gas, and brine can flow freely.

Growing energy consumption and increasing demand for innovative technologies for extraction of natural resources are key factors driving growth of the global pressure pumping market. In addition, rise in drilling activities for oil extraction is another major factor expected to boost growth to the global pressure pumping market over the forecast period.

However, stringent environmental laws and regulations, and high installation costs are key factors restraining growth of the global pressure pumping market. Additionally, lack of professional workforce and unfavourable weather conditions are major factors expected to hamper growth of the global pressure pumping market over the forecast period.

The global pressure pumping market is segmented on the basis of service type, resource type, well type, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

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North America is a dominant player in the global pressure pumping market and accounts for highest market share in terms of revenue as compared to that of markets in other regions. This can be attributed to presence of major companies and high investments in R&D for technological advancement in the region. The market in Asia Pacific accounts for the second-highest revenue share contribution in the global pressure pumping market over the forecast period followed by the market in Latin America. Increasing number of deep water drilling activities in Mexico is expected to boost growth to the pressure pumping market in the Latin America region.

Prominent players in the global pressure pumping market include Baker Hughes Incorporated, Schlumberger Limited, China Oilfield Services Ltd., Halliburton, Superior Energy Services, Inc., National Oilwell Varco, Weatherford, Frontier Oilfield Services, Inc., and Saipem S.p.A.