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The Pressure Pumping Market Continues to Grow $116.12 Billion By 2018
Recently, there have been quite a lot of developments in terms of offshore and unconventional exploration & production. The increasing world energy demands have pushed the exploration and production companies to move their limits towards unconventional hydrocarbon resources. These E&P activities for unconventional resources require a lot of pressure pumping services in order to produce and make the operations economically viable.
Pressure pumping services have become an integral part of the lifecycle of an oil or gas well, driven by rising unconventional oil and gas productions. The soaring demand of energy and the maturity of existing oil fields have intensified a major portion of the upstream oil and gas capital expenditure towards new fields exploration and production.
The pressure pumping market continues to grow at an increasing pace, as oil and gas operators continue to discover reserves in unconventional resources where pressure pumping is highly required to make the recovery economically viable. As such, the requirement to maintain and boost recovery rates from these unconventional resources has increased and will continue to do so. As a result of the need to maintain and boost production, pressure pumping will play a key role in the future of the unconventional oil and gas market.
North America, Asia-Pacific, and the South & Central American regions are the biggest markets for the pressure pumping industry. The leading players of the pressure pumping industry are Halliburton (U.S.), Schlumberger (U.S.), Baker Hughes (U.S.), and Key Energy Services (U.S.), Trican Well Services (Canada), Weatherford (Switzerland), and Frac Tech Services (U.S.).
Offshore drilling in challenging conditions, shale reserves, and increasing drilling activities in emerging regions such as Africa and the Asia-Pacific regions further boosted by the shale boom has created new revenue pockets for the pressure pumping market. These revenue pockets are further complemented by the emergence of new safer and efficient technological enhancements.
Australia, China, and Poland are expected to lead the pressure pumping market in future. Apart from the countries mentioned above, other areas are not expected to demonstrate a very significant moment in the forecast period of the market which is from 2013 to 2018. Pressure pumping will prove beneficial for developing countries such as India, China, and Brazil. As the energy demand in these countries is increasing, fulfilling this demand will enhance their growth prospects.Related Report:
Pressure Pumping Market by Types (Hydraulic Fracturing, Cementing, Others), North America Resource Type (Conventional, Unconventional), North America Well Type (Horizontal, Vertical) & Geography - Global Trends & Forecasts to 2018
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