(MENAFN- GetNews) According to Market Research Future analysis, the global hydraulic fracturing market is anticipated to mark 14% CAGR across the forecast period 2018 to 2023. With the rising demand for pressure pumping, the hydraulic fracturing market is expected to witness a boom in the years to come. Hydraulic Fracturing Market Report Segmented by Well Type (Horizontal and Vertical), by Technology (Plug-And-Perforation, Sliding Sleeve), by Application (Crude Oil, Shale Gas, Tight Oil), and Region.
Global Hydraulic Fracturing Market - Overview
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.
The market is expected to witness advancements in the forthcoming years. It is anticipated to open new growth avenues for the market participants over the assessment period. However, the strict regulations imposed by the governments for the protection of the environments are poised to check the expansion of the hydraulic fracturing market over the next couple of years.
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Key Players:
- 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.),
- FTS International (U.S.),
- Nuverra (U.S.),
- Franklin Well Service LLC (U.S.),
- US Well Services (U.S.), and
- EOG Resources (U.S.).
Hydraulic Fracturing Market Segmentation:
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.
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.
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.
Regional Analysis:
The geographical assessment of the hydraulic fracturing market spans across four regions that are further analyzed on a country-level basis. The key regions identified in this study are North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
North America is expected to dictate the proliferation of the global market over the next couple of years. The availability of vast reserves of shale gas in the region is expected to drive the expansion of the market in the region in the upcoming years. In addition, investments in the exploration of shale gas are also expected to increase. This, in turn, is prognosticated to influence the expansion of the hydraulic fracturing market significantly in the years to come. The U.S. is assessed to lead the regional market over the next few years.
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List of Tables
Table 1 Global Hydraulic Fracturing Market: By Region, 2018-2023
Table 2 North America Hydraulic Fracturing Market: By Country, 2018-2023
Table 3 Europe Hydraulic Fracturing Market: By Country, 2018-2023
Table 4 Asia Pacific Hydraulic Fracturing Market: By Country, 2018-2023
Table 5 RoW Hydraulic Fracturing Market: By Country, 2018-2023
Table 6 Global Hydraulic Fracturing Market by Technology Market: By Regions, 2018-2023
Continued….
List of Figures
Figure 1 Research Process Of MRFR
Figure 2 Top Down & Bottom Up Approach
Figure 3 Market Dynamics
Figure 4 Impact Analysis: Market Drivers
Figure 5 Impact Analysis: Market Restraints
Figure 6 Porter's Five Forces Analysis
Figure 7 Value Chain Analysis
Figure 8 Global Hydraulic Fracturing Market Share, By End-Use, 2016 (%)
Continued….
Also Read: https://www.marketwatch.com/press-release/hydraulic-fracturing-market-outlook-2019-by-upcoming-advancement-future-demand-growth-business-development-current-industry-size-and-share-up-to-2023-2019-02-01
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