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North America Pressure Pumping Market Size, Trends, Growth: By Service Type: Hydraulic Fracturing, Cementing, Enhanced Oil Recovery, Others; By Well Type: Horizontal, Vertical; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators of Demand, Key Indicators of Price; Competitive Landscape 2024-2032
North America Pressure Pumping Market Outlook
The North America pressure pumping market size is projected to grow at a CAGR of 5.50% between 2024 and 2032, to grow significantly by 2032.
Key Takeaways
- Halliburton Co., the American multinational oil service company, announced the net income of USD 716 million for the third quarter of 2023.
- In April 2023, employment in U.S. oilfield services and equipment sector reached the highest number since the pandemic.
- Canada granted over CAD 21.2 billion dollars as fossil fuel subsidies to the oil and gas industry by 2022.
The North America pressure pumping market is influenced by several factors, including the abundance of horizontally dried wells in the region, environmental concerns pushing for sustainable solutions, and increasing demand for natural gas. Rapid industrialisation and urbanisation are increasing the demand for oil and natural gas, driving market growth. With energy demand expected to continue to increase, the need for cost-effective and efficient methods of extraction is leading to development and innovation in the sector.
For instance, the development of waterless fracking, which uses foam-based chemical instead of water in the pumping process, addresses environmental issues like water depletion and pollution, and impacts the market positively. Additionally, the U.S. Department of Energy is investing in research and innovation, developing improved technologies like an all-digital sensor system for distributed downhole pressure monitoring.
Pressure pumping uses methods like hydraulic fracking, cementing, and Enhanced Oil Recovery (EOR) for the production of energy fuels. Hydraulic fracking is more commercially viable and efficient than traditional methods. This has helped increase natural gas production, propelling North America pressure pumping market growth. For instance, in March 2023, the natural gas production in the Haynesville shale play, located in northeastern Texas and northwestern Louisiana, hit a record high, averaging 14.5 billion cubic feet per day.
Enhanced Oil Recovery holds significant market share, as it is used to extract additional oil from an oilfield. EOR can recover the oil left behind by traditional methods, which amounts to 30-60% of the oil in the ground. EOR projects like Mad Dog Phase 2, which involves drilling new wells for water injection, are directly stimulating the pressure-pumping market. This specific project, with its requirement for 14 production wells and 8 water injectors across five drilling centers, exemplifies the significant demand EOR creates for pressure pumping services.
Market Segmentation
North America Pressure Pumping Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments.
| Market Breakup | Categories |
| Service Type | Hydraulic Fracturing, Cementing, Enhanced Oil Recovery, Others |
| Well Type | Horizontal, Vertical |
| Country | United States of America, Canada |
Competitive Landscape
The leading companies in the market are undertaking mergers and collaborations to remain competitive.
- Baker Hughes Company
- Halliburton Energy Services, Inc.
- Schlumberger Limited
- Weatherford International plc
- Calfrac Well Services Ltd
- Clariant International Ltd
- RPC Inc.
- Chevron Corporation
- NexTier Completion Solutions, Inc.
- Trican Well Service Ltd
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Service Type |
|
| Breakup by Well Type |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Pressure Pumping Market Overview
8.1 Key Industry Highlights
8.2 Global Pressure Pumping Historical Market (2018-2023)
8.3 Global Pressure Pumping Market Forecast (2024-2032)
8.4 Global Pressure Pumping Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Pressure Pumping Market Overview
9.1 Key Industry Highlights
9.2 North America Pressure Pumping Historical Market (2018-2023)
9.3 North America Pressure Pumping Market Forecast (2024-2032)
10 North America Pressure Pumping Market by Service Type
10.1 Hydraulic Fracturing
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Cementing
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Enhanced Oil Recovery
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 North America Pressure Pumping Market by Well Type
11.1 Horizontal
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Vertical
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 North America Pressure Pumping Market by Country
12.1 United States of America
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Canada
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators of Demand
13.4 Key Indicators of Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Baker Hughes Company
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Halliburton Energy Services, Inc.
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Schlumberger Limited
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Weatherford International plc
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Calfrac Well Services Ltd.
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Clariant International Ltd
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 RPC, Inc.
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Chevron Corporation
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 NexTier Completion Solutions, Inc.
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Trican Well Service Ltd.
14.2.10.1 Company Overview
14.2.10.2 Product Portfolio
14.2.10.3 Demographic Reach and Achievements
14.2.10.4 Certifications
14.2.11 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Pressure Pumping Market: Key Industry Highlights, 2018 and 2032
2. North America Pressure Pumping Market: Key Industry Highlights, 2018 and 2032
3. North America Pressure Pumping Historical Market: Breakup by Service Type (USD Billion), 2018-2023
4. North America Pressure Pumping Market Forecast: Breakup by Service Type (USD Billion), 2024-2032
5. North America Pressure Pumping Historical Market: Breakup by Well Type (USD Billion), 2018-2023
6. North America Pressure Pumping Market Forecast: Breakup by Well Type (USD Billion), 2024-2032
7. North America Pressure Pumping Historical Market: Breakup by Country (USD Billion), 2018-2023
8. North America Pressure Pumping Market Forecast: Breakup by Country (USD Billion), 2024-2032
9. North America Pressure Pumping Market Structure
Key Questions Answered in the Report
The market is expected to grow at a CAGR of 5.50% between 2024 and 2032.
The major drivers of the market include a surge in oil and gas exploration, rise in energy demand, and technological advancements.
Key trends aiding market expansion include the emergence of waterless fracking, potential increase in recoverable resources and production, and government incentives and initiatives.
Major regions in the market are the United States and Canada.
Pressure pumping is utilised for the extraction of unconventional resources like shale gas.
Key players in the industry are Baker Hughes Company, Halliburton Energy Services, Inc., Schlumberger Limited, Weatherford International plc, Calfrac Well Services Ltd., Clariant International Ltd, RPC, Inc., Chevron Corporation, NexTier Completion Solutions, Inc., Trican Well Service Ltd., among others.
Unconventional oil and gas resources include shale, tight gas, coal bed methane, among others.
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