Market Leader - North America Pressure Pumping Market
The North American Pressure Pumping market is projected to grow at a CAGR of 2.6% from 2016 to 2021. The U.S. is estimated to be the largest market for pressure pumping in North America. This trend is expected to continue till 2021. The growth of the pressure pumping market in North America is driven by increase in the exploration activity in Canada and ongoing shale plays in the U.S.
The North American pressure pumping market is dominated by a few players. Key players operating in the market include Schlumberger (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), and Weatherford (Switzerland).
Major strategies adopted by players in the North American pressure pumping market include, new product launch and expansion. New product launch was the most commonly adopted strategy from 2013 to 2016. Industry players also adopted expansion, which was the second most widely followed strategy from 2013 to 2016.
Schlumberger Limited is one of the leading providers of products, services, technology, information solutions, and integrated project management solutions for the global oil & gas exploration and production industry. The company offers products and services to the entire gamut of oilfield services, from exploration to production. It carries out its business operations through three segment groups, which are reservoir characterization, drilling, and production. Schlumberger introduced AvantGuard service in November 2016. These services would optimize productivity in conventional and unconventional wells. AvantGuard services comprise of flow back design and proactive fracture protection that complement fracturing operations.
Baker Hughes Incorporated is one of the leading oilfield service providers. The company is a leading supplier of products, technology, and services related to drilling, evaluation, completion, production, and downstream operations for the oil & natural gas industries. It has operations in more than 80 countries across the globe. The company operates its business through three segments, which are completion & production, drilling & evaluation, and industrial services. Pressure pumping is provided under its completion & production segment.
Baker Hughes & GE Oil & Gas (U.K.), entered into an agreement to form a new full stream digital industrial services company. GE would hold 62.5% shares whereas the remaining would belong to Baker Hughes. The new entity once formed would be one of the largest oilfield companies, and will be operational in 120 countries.
Related Reports:
North America Pressure Pumping Market by Type (Hydraulic Fracturing and Cementing), Resource Type (Conventional and Unconventional), Well Type (Horizontal and Vertical), and Country - Global Forecasts to 2021
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