Pressure Pumping Market Size

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.