English Extended Distribution PR-Wirein Press Release Reportedtimes Research Newswire

Pressure Pumping Market Size Estimated to Reach US$71.3 billion by 2027

Pressure Pumping Market Overview

Pressure pumping market size is forecast to reach US$71.3 billion by 2027, after growing at a CAGR of 6.4% during 2022-2027. Globally, the increasing need for pumps as an essential component of manufacturing units that enable water supply and all fluid flow operations in the agriculture, mining, oil, and gas industries is driving the market growth. Workover pumping, wireline intervention, acidization, cementing well injection, pressurized fluid pumping, and coiled tubing are all pressure pumping services. It is widely used in the end-use industries. Moreover, the increasing usage of pressure pumps in the automotive industry for water cooling and fuel injection has driven the demand for pressure pumping products. Also, the rising usage of pressure pumping primarily to extract resources from low permeability reservoirs such as shale gas, tight gas, and unconventional liquids that are difficult to recover using conventional drilling methods is driving the industry growth.

COVID 19 Impact:

The COVID-19 pandemic wreaked havoc on supply chains and commodity demand with each passing day. Significant price drops were observed across major commodities, while prices in some cases remained passive. With the increasing COVID-19 cases around the world mining market growth has been slow because mining companies do not have permission to operate their mines at full labor strength. The current market scenario predicts that the mining industry will take 2–3 years to recover. With global mining activity slowing, demand for pressure pumping has also decreased. Furthermore, due to the global shutdown and supply chain disruptions, the spread of COVID-19 harmed the business of companies that manufacture pumps. Order intake for manufacturing firms decreased in 2020 compared to the first and second quarters of 2019. Furthermore, due to the lack of supply, the price of procuring raw materials is expected to rise, resulting in a delay in order closures.

Pressure Pumping Market Segment Analysis – By Pump Type

Dynamic pumps held the largest share in the pressure pumping market and are expected to continue their dominance over the period 2022-2027. Under the dynamic pump group centrifugal pumps due to their simple working principle and low manufacturing costs, are the most widely used pump type in the world. Centrifugal pumps are used to move fluids between and within facilities. Various advancements in the materials used to manufacture these pumps have benefited the market over the years. Additionally, increased investments in the building and construction sector as a result of rising urbanization, as well as high demand for centrifugal pumps in the agriculture sector, are the key factors propelling the pressure pumping market forward.

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Pressure Pumping Market Segment Analysis – By Application

The oil & gas sector dominated the pressure pumping market with 24.3% in 2021 and is projected to grow at a CAGR of 6.9% during 2022-2027. The most prevalent types of pumps used in the oil and gas sector are centrifugal pumps. Centrifugal pumps employ centrifugal force, which is generated by the rotation of the pump impeller, to draw fluid into the pump’s intake and propel it through the discharge section. They’re usually part of a bigger pump network that includes horizontal multistage pump units for crude oil shipment or water injection pumps for secondary oil and gas recovery. In the upcoming years, with the rising growth of new oil and gas projects, the market for pressure pumping is also estimated to rise. For instance, as per ConstructConnect Inc., currently, the Bay Du Nord Oil Facility Development Project in North West River NL is at a pre-design stage and is estimated to be completed by the year 2023.

Pressure Pumping Market Segment Analysis – By Geography

North America region dominated the pressure pumping market with a share of 37% in 2021. The market in the region is witnessing expansions with new construction orders, companies here are offered with lucrative opportunities to increase their production capacity and, in turn, to stimulate market growth. Rising growth of new oil & gas, mining, chemical, automotive, and other industry plants, is inclining the demand for pressure pumps in the region. For instance, Michigan Sugar Company, a sugar processing company, plans to invest US$ 65 million in expanding its processing facility in Monitor Township, Michigan. Construction began in the year 2021 with completion projected to be in the spring of 2023. Similarly, Tyson Foods, which plans to spend $300 million to build a 325,000-square-foot processing facility in Danville, VA. Completion is set for Spring 2023. Thus, the rising investments for the growth of new food and beverage plant is expected to boost the demand for pressure pumping in the region over the forecast period.

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Pressure Pumping Market Drivers

Increasing usage of pressure pumps in waste water treatment plants.

Reusing wastewater is an important part of solving water scarcity and addressing rising water demands. In wastewater treatment plants, presure pumps are commonly employed to process used water. To boost impeller velocity and force fluids through outlet valves, these pressure pump use spinning impellers. As a result, the demand for pressure pumping is predicted to rise as the number of wastewater treatment plants around the world grows. The use of treated wastewater might assist ease pressure on unsustainable water supplies, particularly in Middle Eastern countries where fossil groundwater from non-renewable aquifers accounts for more than 70% of total water withdrawals. Because of the region’s water constraint, there is a rising need to focus on water and wastewater treatment initiatives. Countries such as Saudi Arabia and Iran, according to the Sustainable Water Alliance, are likely to see an increase in the number of new water and wastewater projects until 2026. Thus, with the growth of new water and wastewater plants the market for pressure pumping is estimated to rise.

Rising demand for Pumps from the Agricultural sector

Food security and improved nutrition for the global population is one of the most important targets in the United Nations’ Sustainable Development Goals (SDGs), and sustainable agriculture is one of the best ways to achieve this goal, according to the Food and Agriculture Organization’s The Future of Food and Agriculture Report. Currently, the agricultural sector’s expansion, which includes new farms and cultivation fields, will necessitate a huge supply of pumps of all types, with pump manufacturers benefiting from the increased demand. According to Invest India, despite the impact of Covid-19 the agricultural sector experienced growth at a rate of 3.6% in 2020-21 and is further estimated to experience growth at rate of 3.9% in 2021-22. With the rising growth of the agriculture sector the demand for pressure pumping products is also anticipated to rise over the forecast period.

Pressure Pumping Market Challenges

Drawbacks Associated With Pressure Pumps

Cavitation is the creation of the vapour phase in a liquid when it is exposed to lower pressures while maintaining a constant ambient temperature. Vapor bubbles that form within centrifugal pumps due to a lack of liquid tend to travel toward high-pressure locations within them, where they collapse under sufficient pressure and revert to a liquid condition. The implosion of these bubbles scrapes small pieces of metal off impeller surfaces, causing low-frequency vibration and noise as well as substantial damage to centrifugal pumps. Pump performance suffers as a result, resulting in reduced sales and higher replacement costs. As a result, cavitation and dry-run related issues may stymie the pressure pumping market’s expansion.

Pressure Pumping Industry Outlook

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the pressure pumping market. Global pressure pumping top 10 companies include:

  1. Halliburton
  2. Baker Hughes
  3. Patterson-UTI Energy, Inc.
  4. Trican
  5. Caterpillar Inc.
  6. Superior Energy Services, Inc.
  7. Calfrac Well Services Ltd.
  8. ProPetro Holding Corp.
  9. C&J Energy Services, Inc.
  10. RPC Inc.
  11. NexTier Oilfield Solutions Inc.
  12. FTS International and others.

Recent Developments

  • In August 2021, NexTier Oilfield Solutions Inc. announced the successful completion of its previously announced acquisition of pressure pumping operations of Alamo Pressure Pumping, LLC, bolstering its position as a leading Permian provider of low carbon well completion solutions.
  • In October 2020, Caterpillar Inc. completed its acquisition of the Weir Group PLC’s Oil & Gas Division (“Weir Oil & Gas”), a multinational engineering firm based in Scotland. With the combination of Weir Oil & Gas’ pressure pumping and pressure management portfolio with Cat engines and transmissions the company aims to benefit its customers.
  • In January 2019, ProPetro Holding Corp. announced that it has completed its previously announced acquisition of Pioneer Natural Resources Company’s pressure pumping assets and has joined Pioneer as a strategic long-term service provider, providing pressure pumping and related services for up to ten years.

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Key Takeaways

  • The North American region dominated the pressure pumping market due to the rising growth of the building and construction activities. For instance according to the Office for National Statistics, in Great Britain, there is seen positive growth in the new housing construction orders in both public and private sectors. In the UK, monthly construction production grew by a record 23.5 percent in June 2020 dramatically higher than the previous record monthly growth of 7.6 percent in May 2020.
  • An increase in demand for single-stage centrifugal pumps in the oil & gas industry most commonly to transfer low-viscosity fluids at high flow rates is one of the primary factors driving the growth of the market.
  • Furthermore, drawbacks associated with centrifugal pumps will hinder the growth of the market in the forecast period.

Relevant Reports:

A. High Pressure Pumps Market – Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth And Forecast (2022 – 2027)

https://www.industryarc.com/Research/High-Pressure-Pumps-Market-Research-504723

B. Pumps Market – Forecast(2022 – 2027)

https://www.industryarc.com/Report/18656/pumps-market.html

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Tags:
PR-Wirein, Reportedtimes, Extended Distribution, Research Newswire, English

Contact Information:

Venkat Reddy
Sales Director
Email: venkat@industryarc.com
Website: https://www.industryarc.com
Phone: (+1) 970-236-3677

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