The global hydraulic fracturing market is
anticipated to garner a CAGR of 14% during the forecast period (2018-2023),
Market Research Future (MRFR) unveils in a detailed report. Hydraulic
fracturing is a technique extensively used to extract natural gas and crude
oil. In this process, injection of water, chemical additives, and propping
agents are allowed at high temperature and pressure, which boost the
permeability of the rock.
Market Potential and Pitfalls
The global hydraulic fracturing market has witnessed
a tectonic surge over the past few years. The energy sector has witnessed a
transition from natural gas and conventional crude oil to gas hydrates and
shale oil & gas. The surging demand for fuel from developing countries has
resulted in the large-scale production of shale oil. As most shale rocks are
semi-permeable, the oil produced is called tight oil. Thus, conventional
drilling techniques to extract oil from these rocks are inefficient. Hydraulic
fracturing technology thus gains from the rising production of shale and
surging demand for energy fuels.
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The revolution of shale oil & gas, increased
demand for oil & gas, and growing concern for the depletion of natural
resources are some of the major factors triggering the demand from the
hydraulic fracturing market across the globe. The US, Canada, China, and
Argentina were the four countries to produce shale oil & gas commercially
back in 2015. The increased shale revolution has led other nations like Russia,
Algeria, Australia, Mexico, and Colombia to participate in the production of
shale. This has positively impacted the growth of the hydraulic fracturing
market.
On the contrary, environmental concerns, high use of
water, and concerns related to seismic activities are likely to slow down the
growth of the market.
Global Hydraulic Fracturing Market:
Segmental Analysis
The hydraulic fracturing market is segmented on the
basis of technology, well type, and application.
By technology, the hydraulic fracturing market is
segmented into sliding sleeve, plug-and-perforation, and others. Among these,
the plug-and-perf segment is likely to dominate the market owing to the
benefits of having a huge number of individually fractured stages in the
wellbore.
By well type, the hydraulic fracturing market is
segmented into horizontal and vertical. Among these, the horizontal hydraulic
fracture is predicted to gain prominence owing to its benefit of fracturing multiple
oil wells from the same spot.
By application, the market is segmented into shale
gas, crude oil, tight oil, and others. Among these, the tight oil segment is
expected to dominate the market due to the surging demand for oil from
non-conventional sources.
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Regional Frontiers
Geographically, the hydraulic fracturing market
spans across Asia Pacific, North America, Europe, and the Middle East &
Africa.
Considering the global scenario, North America is
predicted to dominate the global market in terms of share. As the production of
shale oil and gas is constantly on the rise every year in Canada and the US,
the demand for hydraulic fracturing is increasing. As per the US EIA, the
overall tight oil produced in the US in 2017 was 4.67 million barrels per day.
The Asia Pacific region will emerge as a significant
region due to the heavy investment by developing countries like China,
Australia, and Indonesia through FDI channels. The existence of a large number
of CMB reserves, along with recoverable shale in China is likely to open up new
growth channels for the regional market. Moreover, the potential to explore the
untapped market in unconventional hydrocarbon reserves is considered to augment
the market growth in the coming years. Government and technology support for
the rising E&P activities and the high availability of skilled manpower
also support the growth of the regional market.
Competitive Dashboard
The top players dominating the global hydraulic
fracturing market include Schlumberger (U.S.), Baker Hughes GE (U.S.),
Patterson-UTI Energy (U.S.), National Oilwell Varco, Inc. (U.S.), TechnipFMC
(UK), FracChem LLC. (U.S.), Halliburton (U.S.), U.S. Silica Holdings (U.S.),
FTS International (U.S.), Nuverra (U.S.), Franklin Well Service LLC (U.S.), US
Well Services (U.S.), and EOG Resources (U.S.).
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