(MENAFN- America News Hour) Research Nester published a report titled
“Pressure Pumping Service Market: Global Demand Analysis & Opportunity Outlook 2030”
which delivers detailed overview of theglobalpressure pumping service market in terms of market segmentation by technology, type, application, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The
global pressure pumping service market
is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of technology, into hydraulic fracturing, cementing, and others, out of which, the hydraulic fracturing segment is anticipated to hold the largest share in the market over the forecast period owing to the increasing acceptance of hydraulic fracturing or fracking, backed by higher access to gas and oil using this technique. Moreover, it is lower in cost, and provides employment to more individual, which is why, this technology is widely practiced across the globe.
The globalpressure pumping service market is foreseen to witness growth on the back of increasing demand for oil, coupled with increasing investment in the sector.
According to the data by the International Energy Agency (IEA), the global demand for oil and natural gas touched 4070 million tons in 2020.
Pressure pumping has various benefits, such as, increased production amount, enhanced drainage capacity, and others. The growing demand for this method for oil drilling amongst the end-users, is estimated to increase the demand for the pressure pumping service. Moreover, emergence of various oil well service companies is estimated to boost the market growth.
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On the basis of geographical analysis, the global pressure pumping service market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share over the forecast period on account of the increasing demand and production of oil and gas in the region.
According to the statistics by the U.S. Energy Information Administration (EIA), consumption of oil and gas reached 18.12 million barrels per day in 2020.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players' competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Increasing Investment in the Oil & Gas Sector to Propel the Market Growth
Owing to the constantly rising demand for energy, there is an increasing pressure on the organizations in the oil and gas industry to increase the production in order to meet the rising demand for energy. The increasing investment in this sector, rising number of oil wells, and innovation in drilling technology are therefore expected to boost the market growth.
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However, growing adoption of green energy is expected to operate as key restraint to the growth of the global pressure pumping service market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global pressure pumping service market which includes company profiling of C&J Energy Services, Calfrac Well Services Ltd., Superior Energy Services, Inc., Schlumberger Limited, Trican Well Service Ltd., Patterson-UTI Energy Inc., Baker Hughes Company, Halliburton Company, RPC, Inc., and FTS International. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global pressure pumping service market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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