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.
