Market Size of North America Pressure Pumping Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 7.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
North America Pressure Pumping Market Analysis
The North American pressure pumping market is expected to register a CAGR of around 7% during the forecast period, 2022-2027. The COVID-19 pandemic had a severe impact on the pressure pumping market of the region, which was reflected in the delays and halts in the upstream projects due to the lockdowns. This negatively affected the prices of the commodities in the region. As an example, in the United States, the price of WTI (West Texas Intermediate) crude reached the lowest level of USD 14 per barrel from USD 63 at the beginning of the year. Factors such as high active rig count and the highly prevalent practice of hydraulic fracturing in the region are responsible for the growth of the pressure pumping market. However, market growth can be hindered in the coming years due to volatile crude oil prices and the environmental impacts of hydraulic fracturing.
- The hydraulic fracturing segment is expected to dominate the market during the forecast period due to the abundant presence of horizontally drilled wells in the region.
- The newly introduced waterless fracking process, which uses foam-based chemicals or fluids instead of water, creates ample opportunities for the pressure-pumping market. It presents an alternative to water usage in pressure pumping and thus removes the complications associated with the infrastructure required for water supply services.
- The United States is expected to dominate the market during the forecast period due to the high share of unconventional oil and gas resources in the various basins present in the country.
North America Pressure Pumping Industry Segmentation
The North American pressure pumping market report includes:
| Service Type | |
| Hydraulic Fracturing | |
| Cementing | |
| Enhanced Oil Recovery |
| Well Type | |
| Horizontal | |
| Vertical |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle East & Africa |
North America Pressure Pumping Market Size Summary
The North American pressure pumping market is poised for significant growth, driven by the region's robust activity in hydraulic fracturing and the presence of unconventional oil and gas resources. The market's expansion is supported by a high active rig count and the widespread adoption of hydraulic fracturing techniques, which are essential for extracting petroleum from tight rock formations. Despite the challenges posed by the COVID-19 pandemic, which led to project delays and price fluctuations, the market is expected to recover and grow steadily. The introduction of innovative techniques such as waterless fracking presents new opportunities, reducing the reliance on water and simplifying infrastructure requirements. The United States is anticipated to lead the market, benefiting from its vast unconventional resources and significant investments in the petroleum industry.
The pressure pumping market in North America is characterized by its fragmented nature, with key players including Baker Hughes Co., Halliburton Company, Schlumberger NV, Weatherford International PLC, and Superior Energy Services Inc. The market's growth is further bolstered by substantial discoveries and extensions of crude oil and natural gas reserves in states like Texas, New Mexico, and North Dakota. These developments, along with government investments and projects focused on enhanced oil recovery, are expected to drive the market forward. The ongoing exploration and production activities in various shale plays, such as the Permian and Williston basins, underscore the region's strategic importance in the global energy landscape, positioning the pressure pumping market for continued expansion in the coming years.
North America Pressure Pumping Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Service Type
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2.1.1 Hydraulic Fracturing
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2.1.2 Cementing
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2.1.3 Enhanced Oil Recovery
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2.2 Well Type
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2.2.1 Horizontal
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2.2.2 Vertical
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2.3 Geography
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2.3.1 North America
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2.3.2 Europe
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2.3.3 Asia-Pacific
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2.3.4 South America
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2.3.5 Middle East & Africa
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North America Pressure Pumping Market Size FAQs
What is the current North America Pressure Pumping Market size?
The North America Pressure Pumping Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in North America Pressure Pumping Market?
Baker Hughes Co, Halliburton Company, Schlumberger NV, Weatherford International Plc. and Superior Energy Services Inc. are the major companies operating in the North America Pressure Pumping Market.
