MARKET OVERVIEW- EUROPE PRESSURE PUMPING MARKET
Pressure pumps are used to increase the volume and pressure of water flow from various water sources, to a water outlet. They are typically used in situations where the existing pressure is not sufficient for the intended purpose, such as in water supply systems, heating and cooling systems, or industrial processes. It is used in reservoirs with resources like coalbed methane, shale gas, and tight oil and gas, where the conventional drilling procedure is challenging to use, so this type of pumping is crucial in these processes. An increase in demand for resource extraction and the increasing usage of pressure pumps in waste water treatment plants are major factors anticipated to drive the growth of the market during the forecast period. Also, rising investments in the oil and natural gas sectors by several organization are anticipated to provide ample opportunity for the market players during the forecast period.
MARKET DRIVERS
The growth of the market is primarily driven by the rise in demand for resource extraction in the European region. According to the United Nations Environment Program (UNEP), the energy demand is set to increase by 50 percent by the year 2030. By 2035 a total of over $8 trillion in investments in the oil sector is needed The amount of minerals, ores, fossil fuels, and biomass consumed globally per year could triple between today and 2050. Global growth in water demand for all uses is also set to increase by 50 percent over the same period compared with current consumption. Thus, a rise in demand for energy and several resources has stimulated the demand for resource extraction. This is a major factor which is anticipated to drive the growth of the market during the forecast period. Furthermore, an increasing usage of pressure pumps in waste water treatment plants along with the rise in use of modern pumping solutions are anticipated to further drive market growth over the estimated time period.
MARKET OPPORTUNITIES
Efficient wastewater pump systems can bring down the energy cost of wastewater treatment and also reduce maintenance cost significantly. It is a key factor that is anticipated to have a positive impact on the growth of the market. Pumps are an essential component of wastewater treatment plants as they are needed at many application points such as at the pumping station to collect and deliver wastewater to the plant; at the headwork to provide a hydraulic head for the subsequent treatment processes, and within the plant to convey inflows and outflows from various unit processes. It is expected to provide ample of new growth opportunity in the market during the forecast period.
MARKET RESTRAINTS
Environmental hazards caused by hydraulic fracturing is expected to restrain the growth of the market over the forecast period. Water contamination due to surface spills of hydraulic fracturing fluids is also a key concern that may have a negative impact on the growth of the market. Also, stringent government regulations regarding environmental safety in European nations are likely to restrain the growth of the market during the estimated time period.
MARKET GROWTH CHALLENGES
The COVID-19 pandemic has hampered the growth of market to major extent which has created a major challenge for the market’s growth. Also, the high installation costs associated with pressure pumping systems is another factor is expected to be a major challenge for the market growth over the forecast the period.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of Europe Pressure Pumping market including, market size, and compound annual growth rate (CAGR) for the forecast period of 2023-2029, considering 2022 as the base year. An increase in demand for resource extraction in the European region is anticipated to stimulate the demand for pressure pumping systems and due to this factor, the market is expected to witness growth at a specific CAGR from 2023-2029.
EUROPE PRESSURE PUMPING MARKET SEGMENTAL OVERVIEW
The Europe Pressure Pumping market comprises of different market segments like type, well type, applications and country.
EUROPE PRESSURE PUMPING MARKET BY TYPE
By type, the Pressure Pumping market includes key segments like
- Hydraulic Fracturing
- Cementing
- Others
Hydraulic fracturing is anticipated to lead the market during the estimated time period. Hydraulic fracturing has gained a lot of momentum in recent years due to a rapid increase in the use of the technique in combination with horizontal drilling technology to produce oil and gas resources from tight reservoirs. Hydraulic fracturing techniques are used in a variety of other applications that are unrelated to oil and gas production, including tunnel and dam construction, enhanced geothermal energy, carbon sequestration, and others.
The cementing segment is predicted to witness high growth over the forecast period. The rise in demand for concrete pumps due to rapid urbanization and improvement in the lifestyle of consumers particularly in the development nations, is a major factor driving the growth of the segment.
EUROPE PRESSURE PUMPING MARKET BY WELL TYPE
On the basis of type of well, the Pressure Pumping market includes segments such as
- Directional
- Horizontal
- Vertical
The directional segment is projected to dominate the market over the estimated time period. Directional flow control allows for direct pump mounting as well as remote mounting of pressure pumps. It helps to provide flexible solutions to control a hydraulic system.
The vertical segment is projected to witness the fastest growth over the forecast period. It is suitable for transferring liquids of low viscosity, non-inflammable liquids and liquids that does not contain solid parties or fibres. It finds usage in high-rise buildings, filtration and transfer at water works, pressure boosting in main pipes etc.
EUROPE PRESSURE PUMPING MARKET BY APPLICATION
The Pressure Pumping market finds major applications in
- Oil and Gas
- Mining
- Chemical
- Marine
- Automotive
- Food and Beverage
- Construction
- Agriculture
- Others
The oil and gas application segment is estimated to lead the market during the forecast period. Rising investments in oil and gas exploration activities along with the implementation of key strategic initiatives are key factors driving the growth of the segment. For instance, in July 2022, Eesti Gaas AS, an energy company in Estonia, signed an agreement to buy two terawatt-hours (TWh) of liquefied natural gas from Equinor. The deal cost is around USD 315.53 million.
The mining application segment is expected to witness high growth over the forecast period. The European Commission is currently concentrating on gathering data about the deposits that are available in Europe, not just to expand existing mines but also to use them more effectively. It is expected to stimulate the demand for pressure pumping systems.
EUROPE PRESSURE PUMPING MARKET BY COUNTRY
The Europe Pressure Pumping market is studied for the following countries
- Germany
- U.K
- France
- Italy
- Spain
- Rest of Europe
The U.K is projected to lead the market during the forecast period. The rise in the number of current projects planned in oil and natural gas exploration is expected to drive the growth of the market in the region. For instance, in October 2022, Flogas Britain, a UK-based liquefied petroleum gas (LPG) suppliers, was granted planning permission to construct a gas pipeline from Bristol Port into the UK’s largest aboveground LPG storage terminal at Avonmouth. The storage facility, formerly owned by National Grid, was previously only able to store LNG. However, Flogas is converting it into an LPG and green gas storage facility, with the capacity to store 34,564 tonnes.
France is expected to witness high growth over the projected time period. Rising investments in the oil and gas sector, along with the implementation of key strategic initiatives and collaborations are key factors driving the growth of the market in the country. For instance, the French company TotalEnergies had intended to enhance investments and production capacity for liquefied natural gas (LNG). TotalEnergies plans to grow LNG sales by 3% a year through 2027 and boost LNG production by 40% to 2030, starting from 2021.
COVID-19 IMPACT ANALYSIS ON EUROPE PRESSURE PUMPING MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Europe Pressure Pumping market. In addition, a complete analysis of changes in pressure pumping market expenditure, economic and international policies on the supply and demand side is provided in this exclusive report. The report also studies the impact of the pandemic on European economies, international trade, business investments, GDP, and the marketing strategies of key players present in the market.
The COVID-19 pandemic has severely impacted the growth of the market. The pandemic has affected all industries, including the mining, oil and gas industry. The outbreak of COVID-19 compelled several European governments to put several air travel restrictions in place, leading to a decline in fuel consumption. The pandemic also led to a decline in demand for crude oil and natural gas. Also, the delays and halts in the upstream projects due to government-imposed lockdowns have slowed the various exploration activities. This hampered the growth of the market during the pandemic. However, with the lifting of government-imposed lockdowns, the market is expected to witness high demand in the upcoming years.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Pressure Pumping market is primarily focused on expanding the growth of Pressure Pumping industry in the Europe region through new product innovation, business expansion, increasing presence of a range of manufacturers operating in pressure pumping sector has led to growing demand for the market. Besides, the market offers a range of products in different application to fulfil the required demand of consumers, which further contributes to healthy growth in the market.
The key players studied in market are
- Halliburton
- Baker Hughes
- Patterson-UTI Energy, Inc.
- Trican
- Caterpillar Inc.
- Superior Energy Services, Inc.
- Calfrac Well Services Ltd.
- ProPetro Holding Corp.
- C&J Energy Services, Inc.
- RPC Inc.
- NexTier Oilfield Solutions Inc.
- FTS International
RECENT DEVELOPMENT:
January 2023: French start-up Equium had developed a heat pump core that works on acoustic waves and produces hot and cold air. Equium manufactures the core and works with another company that integrates it into heat pump systems. The units are scalable from 1 kW to 3 kW and are designed for residential applications.
April 2022: SKS GERMANY launched SKS floor pumps and through the launch of these pumps, the company is expanding its range with five pressure boosters showcasing the “made in Germany” SKS quality. This pump is produced by the factory that made the RENNKOMPRESSOR pump, the flagship model among the SKS floor pumps.
