Pressure Pumping Market size was over USD 82.95 billion in 2023 and is anticipated to reach USD 195.09 billion by the end of 2036, growing at around 6.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of pressure pumping is assessed at USD 87.46 billion.
The growth of the market can be attributed to the increasing investment in offshore production, along with rising demand for oil and gas worldwide. Moreover, the holistic evolution of technology for oil drilling is also estimated to boost the growth of the market.
Pressure pumping can enhance the reservoir drainage capacity, in turn, increasing the supply of oil or gas from the reserve. According to the data by the International Energy Agency (IEA), oil production touched 98.3 million barrel per day (MB/D), while natural gas production reached 3937 billion cubic meters (BCM) globally, in 2018. The growing demand for this technique amongst the producers of oil & gas, is estimated to boost the market growth. Furthermore, rising adoption of hydraulic fracturing for increasing the production of hydrocarbons, is estimated to promote the market growth. The rising gap between demand and supply of oil and gas, is also estimated to boost the market growth. As per a report by the IEA, 4,296 million tons oil and NGL was produced in 2020, while the demand touched 4070 million tons.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
6.8% |
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Base Year Market Size (2023) |
USD 82.95 billion |
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Forecast Year Market Size (2036) |
USD 195.09 billion |
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Regional Scope |
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The pressure pumping market is segmented by 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 on account of advantages of hydraulic fracturing, such as, access to more quantity of gas and oil, lower cost, and reduced water intensity. Hydraulic fracturing is the most commonly applied technology for oil production, which is estimated to boost the market growth.
Our in-depth analysis of the global market includes the following segments:
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Types |
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Resources |
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Application |
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On the basis of geographical analysis, the pressure pumping market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Middle East and Africa industry is set to hold largest revenue share by 2036, propelled by large oil reserves in the gulf countries, along with advancement in oil drilling technology. According to the Organization for Economic Co-operation and Development (OECD) data, 507,805.25 tons of oil equivalent (toe) was produced in Saudi Arabia in 2017.
The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing production of oil and gas in the region. According to the statistics by the U.S. Energy Information Administration (EIA), in 2020, U.S. petroleum consumption touched 18.12 million barrels per day.
September 13, 2021: Trican Well Service Ltd. announced the renewal of its low-emission fracturing equipment, upgrading 48,000 hydraulic horsepower in the hydraulic fracturing fleet.
June 08, 2021: NOV Inc. announced its joint venture with Schlumberger to accelerate the adoption of automated drilling solutions in the oil and gas industry.
Author Credits: Dhruv Bhatia
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