Frac Pumps Market
Frac Pumps Market Forecasts to 2030 - Global Analysis By Type (Triplex Frac Pumps, Quintuplex Frac Pumps, Hydraulic Frac Pumps, Electric Frac Pumps, Diesel Frac Pumps and Other Types), Horsepower Rating (Low Horsepower Frac Pumps, Medium Horsepower Frac Pumps and High Horsepower Frac Pumps), Application (Onshore Wells, Offshore Wells and Other Applications), End User and by Geography
According to Stratistics MRC, the Global Frac Pumps Market is accounted for $543.86 million in 2023 and is expected to reach $828.63 million by 2030 growing at a CAGR of 6.2% during the forecast period. Frac pumps, also known as fracturing pumps, are essential to hydraulic fracturing operations in the oil and gas sector. These specialized pumps are made to produce high pressure and pump large amounts of fluid—usually water mixed with chemicals and sand—into subterranean rock formations. Moreover, hydrocarbons like oil and natural gas can be extracted from reservoir rocks thanks to the severe pressure that frac pumps create in the rock.
According to the American Petroleum Institute (API), advancements in drilling technology and the utilization of state-of-the-art frac pumps have been pivotal in enhancing the efficiency and productivity of hydraulic fracturing processes within the oil and gas industry.
Market Dynamics:
Driver:
Rising interest in non-conventional gas and oil resources
A shift towards unconventional oil and gas resources, like shale formations, has resulted from the growing demand for energy on a global scale. Hydrocarbons can be extracted from these unconventional reservoirs using hydraulic fracturing, and hydraulic pumps are essential to this process. Additionally, the need for durable frac pumps that can effectively handle high-pressure fluid injection is growing as exploration and production efforts shift their focus to unconventional sources, propelling the frac pump market's expansion.
Restraint:
Variable costs of gas and oil
One major obstacle facing the frac pump industry is the volatility of global oil and gas prices. Commodity prices have a significant impact on the economic feasibility of hydraulic fracturing projects. There is less of a need for frac pumps when prices are low because operators may scale back on production and exploration. Furthermore, the frac pump market's growth prospects may be impacted by market volatility and economic uncertainties that prevent investments in new drilling projects.
Opportunity:
Technological breakthroughs and sector advancements
Technological innovations that keep coming up create opportunities for the frac pump market. Pump manufacturers can become more competitive by focusing their research and development efforts on improving pump durability, efficiency, and environmental impact. Moreover, pump systems with automation, smart technologies, and advanced materials offer operators ways to stand out from the competition, increasing productivity and sustainability while creating new opportunities for creative frac pump applications.
Threat:
Alternative energy sources competition
The long-term need for conventional oil and gas extraction techniques, like hydraulic fracturing, is threatened by the growing use of alternative energy sources, such as electrification and renewable energy. Frac pumps may become less necessary as the world moves toward greener energy sources and the oil and gas sector experiences a decline in demand. Furthermore, growing competitiveness and ongoing developments in alternative technologies may present difficulties for the established hydrocarbon extraction industry.
Covid-19 Impact:
The global energy dynamics and oil and gas operations have been disrupted by the COVID-19 pandemic, which has had a significant effect on the frac pump market. Reduced demand due to lockdowns and travel restrictions, combined with the abrupt drop in oil prices, caused a contraction in exploration and production activities. The need for frac pumps was directly impacted by the cancellation or postponement of numerous oil and gas projects. Workforce constraints, economic uncertainty, and supply chain disruptions all added to the industry's problems. Additionally, the frac pump market saw a fall in investments, postponed projects, and an overall slowdown in its growth trajectory as the energy sector dealt with the financial fallout from the pandemic.
The Triplex Frac Pumps segment is expected to be the largest during the forecast period
The Triplex has the largest market share as these pumps are so reliable and effective, they are frequently used in hydraulic fracturing operations. With their three reciprocating plungers, these pumps offer a high-pressure fluid injection application that strikes a balance between dependability and power. Moreover, their dominance is explained by their capacity to produce high pressure, which is necessary for effectively fracturing subterranean rock formations. Due to their dependability, simplicity of maintenance and suitability for demanding oil and gas extraction environments, triplex frac pumps are the preferred choice.
The Oilfield Service Companies segment is expected to have the highest CAGR during the forecast period
The segment of the frac pump market with the highest CAGR is oilfield service companies. By offering a variety of services, including hydraulic fracturing operations, where frac pumps are essential components, oilfield service companies play a crucial role in the oil and gas industry. Oilfield service businesses have grown as a result of the rising demand for gas and oil as well as the expansion of unconventional resource exploration. Additionally, the need for sophisticated frac pumps is being driven by these businesses, which provide specific knowledge, tools, and labor for effective hydraulic fracturing.
Region with largest share:
Due to the strength of the oil and gas industry in both the United States and Canada, North America currently holds the largest share of the global market for frac pumps. Large-scale hydraulic fracturing operations have been concentrated in the area, especially in shale basins with high production like the Permian Basin, Bakken Formation, and Eagle Ford Shale. Furthermore, the need for frac pumps has increased due to the rise in unconventional resource production and exploration, as well as technological developments in hydraulic fracturing methods. North America's dominant position in the global frac pump market can be attributed to the notable surge in shale gas and tight oil extraction in the United States in particular.
Region with highest CAGR:
The Middle East and Africa (MEA) has the highest CAGR in the frac pump market. Because of the region's abundant conventional and unconventional hydrocarbon reserves, there has been a noticeable surge in oil and gas exploration and production activities in the MEA. To fully utilize their shale gas resources, nations like Saudi Arabia, the United Arab Emirates, Iraq, and Oman have been making significant investments in hydraulic fracturing technology. As a result, there is an increasing need for frac pumps in the area. Additionally, a number of domestic and foreign oil companies operate in the Middle East, making it a significant hub for the production of gas and oil.
Key players in the market
Some of the key players in Frac Pumps market include Forum Energy Technologies, Stewart & Stevenson, ValTek Industries, Caterpillar, Gardner Denver, Baker Hughes, Yukos Petroleum Equipment, SERVA (EnTrans International), Cornell Pump Company, Halliburton, KERUI Petroleum and ShalePumps.
Key Developments:
In January 2024, Forum Energy Technologies, Inc. announced it has completed the acquisition of Variperm Energy Services, a leading manufacturer of customized downhole technology solutions, providing sand and flow control products for heavy oil applications. Total consideration for the acquisition consisted of $150 million of cash and 2 million shares of FET’s common stock, subject to customary purchase price adjustments.
In January 2024, Caterpillar Inc. has signed an electrification strategic agreement with CRH to advance the deployment of Caterpillar's zero-exhaust emissions solutions for electric off-highway trucks and charging solutions. CRH is the number one Electric Off-Highway Trucksaggregates producer in North America and the first company in that industry to sign such an agreement with Caterpillar.
In December 2023, Baker Hughes has entered into a 20-year framework agreement with Chevron Australia for the supply of subsea production systems. Baker Hughes will offer its Aptara subsea production systems for Chevron Australia’s future offshore developments. According to the company, the Aptara suite is an array of advanced subsea equipment including subsea trees, wellheads, control systems and more, and offers adaptable, lightweight and compact TOTEX-lite subsea systems to meet the industry’s evolving demands.
Types Covered:
• Triplex Frac Pumps
• Quintuplex Frac Pumps
• Hydraulic Frac Pumps
• Electric Frac Pumps
• Diesel Frac Pumps
• Other Types
Horsepower Ratings Covered:
• Low Horsepower Frac Pumps
• Medium Horsepower Frac Pumps
• High Horsepower Frac Pumps
Applications Covered:
• Onshore Wells
• Offshore Wells
• Other Applications
End Users Covered:
• Oil and Gas Exploration Companies
• Oilfield Service Companies
• Rental Companies
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Application Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Frac Pumps Market, By Type
5.1 Introduction
5.2 Triplex Frac Pumps
5.3 Quintuplex Frac Pumps
5.4 Hydraulic Frac Pumps
5.5 Electric Frac Pumps
5.6 Diesel Frac Pumps
5.7 Other Types
6 Global Frac Pumps Market, By Horsepower Rating
6.1 Introduction
6.2 Low Horsepower Frac Pumps
6.3 Medium Horsepower Frac Pumps
6.4 High Horsepower Frac Pumps
7 Global Frac Pumps Market, By Application
7.1 Introduction
7.2 Onshore Wells
7.3 Offshore Wells
7.4 Other Applications
8 Global Frac Pumps Market, By End User
8.1 Introduction
8.2 Oil and Gas Exploration Companies
8.3 Oilfield Service Companies
8.4 Rental Companies
8.5 Other End Users
9 Global Frac Pumps Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Forum Energy Technologies
11.2 ValTek Industries
11.3 Caterpillar
11.4 Gardner Denver
11.5 Baker Hughes
11.6 Yukos Petroleum Equipment
11.7 SERVA (EnTrans International)
11.8 Cornell Pump Company
11.9 Halliburton
11.10 KERUI Petroleum
11.11 ShalePumps
List of Tables
1 Global Frac Pumps Market Outlook, By Region (2021-2030) ($MN)
2 Global Frac Pumps Market Outlook, By Type (2021-2030) ($MN)
3 Global Frac Pumps Market Outlook, By Triplex Frac Pumps (2021-2030) ($MN)
4 Global Frac Pumps Market Outlook, By Quintuplex Frac Pumps (2021-2030) ($MN)
5 Global Frac Pumps Market Outlook, By Hydraulic Frac Pumps (2021-2030) ($MN)
6 Global Frac Pumps Market Outlook, By Electric Frac Pumps (2021-2030) ($MN)
7 Global Frac Pumps Market Outlook, By Diesel Frac Pumps (2021-2030) ($MN)
8 Global Frac Pumps Market Outlook, By Other Types (2021-2030) ($MN)
9 Global Frac Pumps Market Outlook, By Horsepower Rating (2021-2030) ($MN)
10 Global Frac Pumps Market Outlook, By Low Horsepower Frac Pumps (2021-2030) ($MN)
11 Global Frac Pumps Market Outlook, By Medium Horsepower Frac Pumps (2021-2030) ($MN)
12 Global Frac Pumps Market Outlook, By High Horsepower Frac Pumps (2021-2030) ($MN)
13 Global Frac Pumps Market Outlook, By Application (2021-2030) ($MN)
14 Global Frac Pumps Market Outlook, By Onshore Wells (2021-2030) ($MN)
15 Global Frac Pumps Market Outlook, By Offshore Wells (2021-2030) ($MN)
16 Global Frac Pumps Market Outlook, By Other Applications (2021-2030) ($MN)
17 Global Frac Pumps Market Outlook, By End User (2021-2030) ($MN)
18 Global Frac Pumps Market Outlook, By Oil and Gas Exploration Companies (2021-2030) ($MN)
19 Global Frac Pumps Market Outlook, By Oilfield Service Companies (2021-2030) ($MN)
20 Global Frac Pumps Market Outlook, By Rental Companies (2021-2030) ($MN)
21 Global Frac Pumps Market Outlook, By Other End Users (2021-2030) ($MN)
22 North America Frac Pumps Market Outlook, By Country (2021-2030) ($MN)
23 North America Frac Pumps Market Outlook, By Type (2021-2030) ($MN)
24 North America Frac Pumps Market Outlook, By Triplex Frac Pumps (2021-2030) ($MN)
25 North America Frac Pumps Market Outlook, By Quintuplex Frac Pumps (2021-2030) ($MN)
26 North America Frac Pumps Market Outlook, By Hydraulic Frac Pumps (2021-2030) ($MN)
27 North America Frac Pumps Market Outlook, By Electric Frac Pumps (2021-2030) ($MN)
28 North America Frac Pumps Market Outlook, By Diesel Frac Pumps (2021-2030) ($MN)
29 North America Frac Pumps Market Outlook, By Other Types (2021-2030) ($MN)
30 North America Frac Pumps Market Outlook, By Horsepower Rating (2021-2030) ($MN)
31 North America Frac Pumps Market Outlook, By Low Horsepower Frac Pumps (2021-2030) ($MN)
32 North America Frac Pumps Market Outlook, By Medium Horsepower Frac Pumps (2021-2030) ($MN)
33 North America Frac Pumps Market Outlook, By High Horsepower Frac Pumps (2021-2030) ($MN)
34 North America Frac Pumps Market Outlook, By Application (2021-2030) ($MN)
35 North America Frac Pumps Market Outlook, By Onshore Wells (2021-2030) ($MN)
36 North America Frac Pumps Market Outlook, By Offshore Wells (2021-2030) ($MN)
37 North America Frac Pumps Market Outlook, By Other Applications (2021-2030) ($MN)
38 North America Frac Pumps Market Outlook, By End User (2021-2030) ($MN)
39 North America Frac Pumps Market Outlook, By Oil and Gas Exploration Companies (2021-2030) ($MN)
40 North America Frac Pumps Market Outlook, By Oilfield Service Companies (2021-2030) ($MN)
41 North America Frac Pumps Market Outlook, By Rental Companies (2021-2030) ($MN)
42 North America Frac Pumps Market Outlook, By Other End Users (2021-2030) ($MN)
43 Europe Frac Pumps Market Outlook, By Country (2021-2030) ($MN)
44 Europe Frac Pumps Market Outlook, By Type (2021-2030) ($MN)
45 Europe Frac Pumps Market Outlook, By Triplex Frac Pumps (2021-2030) ($MN)
46 Europe Frac Pumps Market Outlook, By Quintuplex Frac Pumps (2021-2030) ($MN)
47 Europe Frac Pumps Market Outlook, By Hydraulic Frac Pumps (2021-2030) ($MN)
48 Europe Frac Pumps Market Outlook, By Electric Frac Pumps (2021-2030) ($MN)
49 Europe Frac Pumps Market Outlook, By Diesel Frac Pumps (2021-2030) ($MN)
50 Europe Frac Pumps Market Outlook, By Other Types (2021-2030) ($MN)
51 Europe Frac Pumps Market Outlook, By Horsepower Rating (2021-2030) ($MN)
52 Europe Frac Pumps Market Outlook, By Low Horsepower Frac Pumps (2021-2030) ($MN)
53 Europe Frac Pumps Market Outlook, By Medium Horsepower Frac Pumps (2021-2030) ($MN)
54 Europe Frac Pumps Market Outlook, By High Horsepower Frac Pumps (2021-2030) ($MN)
55 Europe Frac Pumps Market Outlook, By Application (2021-2030) ($MN)
56 Europe Frac Pumps Market Outlook, By Onshore Wells (2021-2030) ($MN)
57 Europe Frac Pumps Market Outlook, By Offshore Wells (2021-2030) ($MN)
58 Europe Frac Pumps Market Outlook, By Other Applications (2021-2030) ($MN)
59 Europe Frac Pumps Market Outlook, By End User (2021-2030) ($MN)
60 Europe Frac Pumps Market Outlook, By Oil and Gas Exploration Companies (2021-2030) ($MN)
61 Europe Frac Pumps Market Outlook, By Oilfield Service Companies (2021-2030) ($MN)
62 Europe Frac Pumps Market Outlook, By Rental Companies (2021-2030) ($MN)
63 Europe Frac Pumps Market Outlook, By Other End Users (2021-2030) ($MN)
64 Asia Pacific Frac Pumps Market Outlook, By Country (2021-2030) ($MN)
65 Asia Pacific Frac Pumps Market Outlook, By Type (2021-2030) ($MN)
66 Asia Pacific Frac Pumps Market Outlook, By Triplex Frac Pumps (2021-2030) ($MN)
67 Asia Pacific Frac Pumps Market Outlook, By Quintuplex Frac Pumps (2021-2030) ($MN)
68 Asia Pacific Frac Pumps Market Outlook, By Hydraulic Frac Pumps (2021-2030) ($MN)
69 Asia Pacific Frac Pumps Market Outlook, By Electric Frac Pumps (2021-2030) ($MN)
70 Asia Pacific Frac Pumps Market Outlook, By Diesel Frac Pumps (2021-2030) ($MN)
71 Asia Pacific Frac Pumps Market Outlook, By Other Types (2021-2030) ($MN)
72 Asia Pacific Frac Pumps Market Outlook, By Horsepower Rating (2021-2030) ($MN)
73 Asia Pacific Frac Pumps Market Outlook, By Low Horsepower Frac Pumps (2021-2030) ($MN)
74 Asia Pacific Frac Pumps Market Outlook, By Medium Horsepower Frac Pumps (2021-2030) ($MN)
75 Asia Pacific Frac Pumps Market Outlook, By High Horsepower Frac Pumps (2021-2030) ($MN)
76 Asia Pacific Frac Pumps Market Outlook, By Application (2021-2030) ($MN)
77 Asia Pacific Frac Pumps Market Outlook, By Onshore Wells (2021-2030) ($MN)
78 Asia Pacific Frac Pumps Market Outlook, By Offshore Wells (2021-2030) ($MN)
79 Asia Pacific Frac Pumps Market Outlook, By Other Applications (2021-2030) ($MN)
80 Asia Pacific Frac Pumps Market Outlook, By End User (2021-2030) ($MN)
81 Asia Pacific Frac Pumps Market Outlook, By Oil and Gas Exploration Companies (2021-2030) ($MN)
82 Asia Pacific Frac Pumps Market Outlook, By Oilfield Service Companies (2021-2030) ($MN)
83 Asia Pacific Frac Pumps Market Outlook, By Rental Companies (2021-2030) ($MN)
84 Asia Pacific Frac Pumps Market Outlook, By Other End Users (2021-2030) ($MN)
85 South America Frac Pumps Market Outlook, By Country (2021-2030) ($MN)
86 South America Frac Pumps Market Outlook, By Type (2021-2030) ($MN)
87 South America Frac Pumps Market Outlook, By Triplex Frac Pumps (2021-2030) ($MN)
88 South America Frac Pumps Market Outlook, By Quintuplex Frac Pumps (2021-2030) ($MN)
89 South America Frac Pumps Market Outlook, By Hydraulic Frac Pumps (2021-2030) ($MN)
90 South America Frac Pumps Market Outlook, By Electric Frac Pumps (2021-2030) ($MN)
91 South America Frac Pumps Market Outlook, By Diesel Frac Pumps (2021-2030) ($MN)
92 South America Frac Pumps Market Outlook, By Other Types (2021-2030) ($MN)
93 South America Frac Pumps Market Outlook, By Horsepower Rating (2021-2030) ($MN)
94 South America Frac Pumps Market Outlook, By Low Horsepower Frac Pumps (2021-2030) ($MN)
95 South America Frac Pumps Market Outlook, By Medium Horsepower Frac Pumps (2021-2030) ($MN)
96 South America Frac Pumps Market Outlook, By High Horsepower Frac Pumps (2021-2030) ($MN)
97 South America Frac Pumps Market Outlook, By Application (2021-2030) ($MN)
98 South America Frac Pumps Market Outlook, By Onshore Wells (2021-2030) ($MN)
99 South America Frac Pumps Market Outlook, By Offshore Wells (2021-2030) ($MN)
100 South America Frac Pumps Market Outlook, By Other Applications (2021-2030) ($MN)
101 South America Frac Pumps Market Outlook, By End User (2021-2030) ($MN)
102 South America Frac Pumps Market Outlook, By Oil and Gas Exploration Companies (2021-2030) ($MN)
103 South America Frac Pumps Market Outlook, By Oilfield Service Companies (2021-2030) ($MN)
104 South America Frac Pumps Market Outlook, By Rental Companies (2021-2030) ($MN)
105 South America Frac Pumps Market Outlook, By Other End Users (2021-2030) ($MN)
106 Middle East & Africa Frac Pumps Market Outlook, By Country (2021-2030) ($MN)
107 Middle East & Africa Frac Pumps Market Outlook, By Type (2021-2030) ($MN)
108 Middle East & Africa Frac Pumps Market Outlook, By Triplex Frac Pumps (2021-2030) ($MN)
109 Middle East & Africa Frac Pumps Market Outlook, By Quintuplex Frac Pumps (2021-2030) ($MN)
110 Middle East & Africa Frac Pumps Market Outlook, By Hydraulic Frac Pumps (2021-2030) ($MN)
111 Middle East & Africa Frac Pumps Market Outlook, By Electric Frac Pumps (2021-2030) ($MN)
112 Middle East & Africa Frac Pumps Market Outlook, By Diesel Frac Pumps (2021-2030) ($MN)
113 Middle East & Africa Frac Pumps Market Outlook, By Other Types (2021-2030) ($MN)
114 Middle East & Africa Frac Pumps Market Outlook, By Horsepower Rating (2021-2030) ($MN)
115 Middle East & Africa Frac Pumps Market Outlook, By Low Horsepower Frac Pumps (2021-2030) ($MN)
116 Middle East & Africa Frac Pumps Market Outlook, By Medium Horsepower Frac Pumps (2021-2030) ($MN)
117 Middle East & Africa Frac Pumps Market Outlook, By High Horsepower Frac Pumps (2021-2030) ($MN)
118 Middle East & Africa Frac Pumps Market Outlook, By Application (2021-2030) ($MN)
119 Middle East & Africa Frac Pumps Market Outlook, By Onshore Wells (2021-2030) ($MN)
120 Middle East & Africa Frac Pumps Market Outlook, By Offshore Wells (2021-2030) ($MN)
121 Middle East & Africa Frac Pumps Market Outlook, By Other Applications (2021-2030) ($MN)
122 Middle East & Africa Frac Pumps Market Outlook, By End User (2021-2030) ($MN)
123 Middle East & Africa Frac Pumps Market Outlook, By Oil and Gas Exploration Companies (2021-2030) ($MN)
124 Middle East & Africa Frac Pumps Market Outlook, By Oilfield Service Companies (2021-2030) ($MN)
125 Middle East & Africa Frac Pumps Market Outlook, By Rental Companies (2021-2030) ($MN)
126 Middle East & Africa Frac Pumps Market Outlook, By Other End Users (2021-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
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