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. A detailed analysis report of COVID-19 impact on Hydraulic Fracturing Market Analysis is provided with the
report.
The hydraulic fracturing market is growing due to
the abundance of unconventional reserves such as tight oil, shale gas, coal bed
methane and others. The rising concern regarding the depletion of conventional
oil and gas blocks along with the shift in focus towards development of the
unconventional resource is expected to drive the demand of hydraulic fracturing
market share.
Besides the introduction of various government
initiatives and the introduction of tax incentives, FDI provision and financial
aids in the hydrocarbon sector are further expected to drive the demand of the
market. However, the huge cost involved in the process of hydraulic fracturing
is expected to hamper the growth of the 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.
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.).
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.
North America region is utilizing hydraulic
fracturing on a very large scale due to presence of natural resources in huge
quantities. A large number of wells in the region are stimulated by the use of
hydraulic fracturing. Shale gas reserves in North America are attracting many
huge companies as the gas is clean and green fuel compared to oil and coal. The
successful evolution of shale gas reserves, has reduced the dependency of the
region on foreign crude oil and natural gas, thereby leading to the growth of
the market.
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.
Access Full
Research Report at: https://www.marketresearchfuture.com/reports/hydraulic-fracturing-market-2532
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