North America Pressure Pumping Market Outlook to 2022 - Market Analysis by Geography, Type, Resource Type, Competitive Landscape, Key Company Information - Growth Trends and Forecasts (2017 - 2022)
North America Pressure Pumping Market is expected to reach $126.035 billion by 2022, up from $48.39 billion in 2014 with a CAGR of 17.11 in optimistic scenario and 12.8 in a depressed situation (this because, too much volatility and fluctuation in oil prices). Countries such as United States and China are expected to drive the market demand with decent market opportunities exist in regions where the current exploration activity is at an all-time high such as The U.S. Gulf of Mexico, and in shale and tight formations in North America.
Pressure pumping services enhances the productivity of proven reserves, improves asset value, return on investment, and reservoir integrity. Over the last decade, the pressure pumping market has grown dramatically due to the advent of shale and other unconventional energy resources. Hydraulic fracturing is the crucial technology that has made these unconventional resources economically viable and is the most often used pressure pumping method across the world. Apart from hydraulic fracturing, cementing, acidizing and control services are also part of pressure pumping services.
The requirement of pressure pumps is huge because of the complexity and unfavorable conditions for unconventional exploration and production which often going into deeper waters. Ever-rising energy demand, Increasing Investments in Exploration Activities, and new oil and gas reserve discoveries are driving the market.
Public opposition to pressure pumping owing to Environmental Concerns (contamination of underground resources), Availability of water, Stringent Government Regulations, Eccentric Crude Oil Market, high initial investments, lack of skilled labor, and operational challenges such as harsh weather conditions are restraining the market from growth.
Waterless Fracking using foams provides the alternative to water in pressure pumping procedure. This process potentially eliminates all the infrastructure and complications posed by water.
This report exhaustively analyzes the North America Pressure Pumping Market by segmenting it based on geography, and By service Type (Hydraulic Fracturing, Cementing, and others), by well type (Horizontal and vertical) and resource type (Conventional and Unconventional). Estimates in each segment are provided for the next five years. Key drivers and restraints that are affecting the growth of this market were discussed in detail. The study also elucidates on the competitive landscape and key market players.