DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "North America Pressure Pumping Market by Type (Hydraulic Fracturing and Cementing), Resource Type (Conventional and Unconventional), Well Type (Horizontal and Vertical), and Country - Global Forecasts to 2021" report to their offering.
The North American pressure pumping market is projected to reach USD 29.94 billion by 2021, growing at a CAGR of 2.6% from 2016 to 2021.
The North American pressure pumping services are widely used in hydraulic fracturing and cementing services in shale plays in the region. Auction of shale gas fields in Mexico in 2017 is further expected to drive the North American pressure pumping services market.
However, unstable and falling oil prices can hinder the growth of the North American pressure pumping services market. Also, growing environmental concerns and public opposition to hydraulic fracturing could affect the pressure pumping services market.
The hydraulic fracturing segment is expected to grow at the highest CAGR from 2016 to 2021
Based on type of service in the North American pressure pumping market, the hydraulic fracturing service segment is estimated to be the fastest growing market from 2016 to 2021. Early backpack period and abundance of shale gas reserves in the U.S., are the factors driving the growth of the hydraulic fracturing services market in North America.
Mexico: The fastest growing market for North America pressure pumping market
The U.S. is currently the largest market for the North American pressure pumping market, followed by Canada and Mexico. Mexico is expected to be the fastest growing market during the forecast period because of the large unexplored technically recoverable reserves of shale in the country. Also, the country is going to auction shale gas reserves in 2017 which is expected to trigger the demand for pressure pumping services in the country.
Market Dynamics
Drivers
- Increased Rate of Hydrocarbon Recovered From Reservoir
- Growth in Exploration in Canadian Oil Sands
- Shale Play in the U.S.
Restraints
- Water Availability and Contamination Concerns for Hydraulic Fracturing
- Public Opposition to Pressure Pumping
- Concerns About Seismic Activities
- Adverse Effects of Strict Government Regulations on the Pressure Pumping Industry
Opportunities
- Waterless' Fracturing-Foams
Challenges
- Depressed Oil Prices
- Fluctuating Prices and Variable Supply of Guar Gum
Companies Mentioned
- Baker Hughes Incorporated
- Calfrac Well Services Ltd.
- Consolidated Oil Well Services, LLC
- Frac Tech Services International
- Halliburton Company
- Key Energy Services
- Liberty Oilfields Services
- Magnum Cementing Services, Ltd.
- Nine Energy Services
- RPC, Inc.
- San Antonio International
- Sanjel Energy Services
- Schlumberger Limited
- Step Energy Services Ltd.
- Trican Well Services Ltd.
- Weatherford International PLC.
For more information about this report visit http://www.researchandmarkets.com/research/8fg2h3/north_america
