According to the report titled ‘Global Pressure pumping market Size study with COVID Impact, by Type (Hydraulic Fracturing, Cementing, Others) By Well Type (Horizontal, Vertical, Directional) and Regional Forecasts 2020-2027’, available with Market Study Report, global pressure pumping market was worth USD 118.4 billion in 2019 and is projected to record a CAGR of 15.8% during 2020-2026.
 

Increasing exploration & production activities of non-conventional shale gas, along with rising operations like enhanced oil recovery (EOR), cementing services, acidification, and sand control are the key factors positively influencing the growth of global pressure pumping market.
 

For those uninitiated, pressure pumping technique involves propagation of fractures through rock layers using pressurized fracturing fluid. To complete the procedure, cement is pumped in well bore. It is mainly used to extract resources from the reservoirs with less permeability like unconventional liquids, tight gas, and shale gas, which are difficult to extract using conventional drill procedures.
 

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As per Statista, production of shale gas in the US, since 2000, has increased from 300 billion cubic feet to 16.54 trillion cubic feet in the year 2016, and is likely to reach 33.4 trillion cubic feet by the year 2050. Moreover, renewable electricity is likely to grow from 7 trillion kwh in 2018 to 21.66 trillion kwh by the year 2050. Hence, ever-growing production of electricity from various energy sources will contribute to global pressure pumping market outlook.
 

In addition, growing shale gas basin along with increasing usage of conventional sources and incorporation of processes such as waterless fracturing foam will augment the pressure pumping market share across the globe.
 

From a regional perspective, worldwide pressure pumping industry is segmented into Latin America, North America, Asia-Pacific, Europe, and Rest of the World. The report states that Middle East region is predicted to record a decent market growth over the analysis period on account of numerous oil fields as well as gas serving industries.
 

Meanwhile, North America and Asia Pacific pressure pumping industry is reckoned to expand modestly through 2026, owing to development in oil & gas exploration, rapid industrialization, surging demand for energy along with growing population. While, pressure pumping market in Latin America is anticipated to witness a substantial growth during analysis timeframe, owing to economic development and surging energy demand.
 

Leading organizations in global pressure pumping market are Calfrac Well Services Ltd., Trican Well Services Limited, Superior Energy Services, Frontier Oilfield Services Inc., Universal and Weatherford International, Halliburton Company, and Premier Pressure Pumping LLC among others.