Hydraulic Fracturing Market Size to Worth Around US$ 27.99 B...| MENAFN.COM

Monday, 08 August 2022 07:12 GMT

Hydraulic Fracturing Market Size to Worth Around US$ 27.99 Bn by 2030


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Tokyo, April 04, 2022 (GLOBE NEWSWIRE) -- The global hydraulic fracturing market size was valued at US$ 12.37 billion in 2021. Hydraulic fracturing method is utilized to create cracks deep under the earth surface and are spread and widened using chemicals, water and sand at high pressure. More often, the resources extracted while utilizing this method are called, tight gas or tight oil as these fossil fuels forms are stuck tightly inside the hard shale rock formation.

The technologies used to extract tight gas or tight oil is quickly gaining traction in various parts of the world. Furthermore, a significant growth in the number of production and exploration activities in the gas and petroleum sector is expected to drive the market during the forecast period.

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In addition, a rise in the demand for primary energy sources for various operations like transportation, power generation, and household activities has led to an increased level of consumption of gas & oil in several industries. The demand for this type of extraction system is anticipated to be driven by the rising concern of declining product situations of petroleum endured by some of the major players in the market owing to the depleting levels of conventional reserves.

The decline in the product levels is anticipated to widen the supply-demand gap in the sector which is anticipated to further increase the hydrocarbon extraction from unconventional reserves which is done using a combination of hydraulic fracturing technique with vertical drilling.

Report Scope Details
Market Size in 2021 USD 12.37 Billion
CAGR 9.5% from 2022 to 2030
Asia Pacific Market Share in 2020 60%
By Type
  • Independent
  • Commissary/Shared Kitchen
  • Kitchen Pods
By Nature
  • Standalone
  • Franchised
By Region
  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • Middle East & Africa (MEA)

Report Highlights

  • Based on the application, segment named shale gas is likely to grow at the fastest CAGR during the forthcoming time period. In addition, there are a myriad number of shale reserves around the world.
  • Based on the type, the horizontal well segment is likely to dominate the global market of hydraulic fracturing due to the growing production of shale, which further requires hydraulic fracturing which are the key drivers for hydraulic fracturing market growth.

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Regional Snapshot

Presently, the North America region's market reckoned for dominant market share of the global market of hydraulic fracturing. This dominance is due to growing demand for innovative technologies in oil& gas market, and rising shale gas production in the regional countries. The market in Asia Pacific is likely to foresee fastest growth over the cast period, owing to growing energy demand and adding number of discoveries of unconventional hydrocarbon reserves emerging economies in the region.

Market Dynamics

Driver: Increasing shale exploration and production activities globally

Reservoirs of shale are highly reinforce, which turns the extraction process tough. Shale reservoirs bear high intervention processes to optimize oil product. Therefore, vertical drilling and hydraulic fracturing conditioning are further performed in order to extract shale oil& gas. The bulk of shale reserves are grounded in North America, with the US dominating the regional market, and in some parts of Europe and Asia. According to the US EIA, the oil production in US from 7 major shale conformations have foreseen a rise of about 29,000 barrels per day in January 2020, which is 9.1 million barrels each day of shale oil production. The rising shale oil and gas production from the North Dakota receptacle, Montana's Bakken Formation, and Permian basin, and the growing shale developments are further responsible for the shale smash in the US, making it the largest oil- producing country in the world, ahead of Saudi Arabia and Russia.

Restraints: High water usage and environmental concerns associated with hydraulic fracturing

The fracturing fluid comprises 99.5% water, which is used from near lakes & rivers or wastewater treatment shops. The water availability plays a vital part in the fracturing operations performance. However, the water used in the operations of fracturing gets mixed with numerous chemicals of fracturing although in less volume, which can beget water pollution. Water impurity is another issue which has to be answered at every stage of fracturing. In addition, every stage of the water cycle of hydraulic fracturing, companies have to insure that well integrity is maintained and there are no leaks of fluid.

Opportunities: Capability of foams of providing waterless fracking

With their excellent properties, similar as low liquid content and high density, foams find application in numerous processes of the petroleum market. They use lower water in it as compared to the traditional fracturing and further help the companies in addressing public enterprises on the fracturing's environmental effects. In process, fracturing comprise of a large share of the total water needed by well drilling roughly 80%. This provides a great occasion for players to include barren fracking in their product portfolio to capture maximum request share.

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Challenges: Health and environmental impacts of fracking chemicals

The hydraulic fracturing technology advancements have boosted the domestic energy sources. Still, the substances used in the fracking process benzene, formaldehyde, toluene, ethylbenzene, and xylene are poisonous in nature. There are considerable pitfalls associated with the release of these substances over the environment. Likewise, blow-outs have passed during fracking operations, and fracking fluids tumbles and other chemicals have caused pollution in rivers and lakes. Therefore, fracking is a cause of groundwater impurity in near areas of wells. The pollution can lead to conditions, deaths, and inheritable blights. Contamination from fracking has been found at stages that pose a trouble to human health.

Key Players :

  • Kitchen United
  • Rebel Foods
  • DoorDash Kitchen
  • Zuul Kitchen
  • Keatz
  • Kitopi
  • Ghost Kitchen Orlando
  • Dahmakan
  • Starbucks (Star Kitchen)
  • Cloud Kitchen

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