Vertical well pressure pumping service segment governed the
overall market holding more than 70% market share
The vertical wells, also called as conventional wells is the majorly
drilled well type by the exploration and production companies in
order to exploit conventional oil and gas reservoirs for petroleum,
CNG and crude oil. The market is expected to grow with a CAGR of
16% during the forecast period. However, an extensive use of
horizontal well drilling procedures for reaching unconventional oil
resources such as shale oil, tight oil and others, will lead the very
market to grow with the fastest growth, with a CAGR of 18.3%
throughout the forecast period. The global pressure pumping
market is driven by rapid depletion of conventional energy
reservoirs and shifting trend towards unconventional reservoirs.
However, high risks of environmental hazards and high initial cost
investment may resist the market growth.
6