North America Pressure Pumping Market Report and Forecast 2024-2032

North America Pressure Pumping Market Size

The North America pressure pumping market 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.

North America Pressure Pumping Market Report Snapshots

North America Pressure Pumping Market Size

North America Pressure Pumping Companies