The pressure pumping market is likely to grow reasonably in the upcoming years. The long-term drivers of the pressure pumping market are well known. The relentless depletion of onshore and shallow water fields has compelled oil companies to focus on deep water and unconventional onshore areas where various pressure pumping services are required in order to produce hydrocarbons.
The major drivers for the pressure pumping market are increase in the production rate, new additions to recoverable reserves, energy strategy shift towards gas, and energy security by domestic supply. Water availability and public outcry are seen as major restraints to the pressure pumping market.North America holds a major market share in the global pressure pumping market. Research and development initiatives by the American Government and favorable regulatory conditions have helped the American market grow to this level of being the market leader in pressure pumping.
The market has been estimated from the demand point of view. This report breaks the market into smaller service segments. In order to provide a deeper understanding of the competitive landscape, the report profiles 10 companies in the pressure pumping market.
The global pressure pumping market will grow from an estimated $55.0billion in 2013. This value is expected to increase to $116.15 billion by 2018at a CAGR of16.1% during the same period. North America is expected to lead the global pressure pumping market with a share of nearly 80% in terms of hydraulic horse power that will be supplied by 2018.