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 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.
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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.
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.
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.).
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.
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