Global
Hydraulic Fracturing Market is anticipated to reach USD 81.10 billion by 2024.
Hydraulic fracturing is a technique widely used for the extraction of natural
gas and crude oil. The method of hydraulic fracturing primarily involves
injection of water along with the chemical additives and propping agents at a
very high temperature and pressure to create a network of fractures to improve
the rock permeability.
The
factors that propel the growth of the hydraulic fracturing market include
increase in the rate of production, the surge in demand for energy, and the
increase in inclination toward production and rising demand for oil & gas,
increased shale oil & gas revolution, the increased government spending,
and favorable government rules and regulations.
On
the other hand, there are factors that may hamper the growth of the market
including high operational expenses. Hydraulic fracturing industry is
anticipated to grow at a significant CAGR in the upcoming period as the scope,
product types, and its applications are increasing across the globe.
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Hydraulic
fracturing industry may be explored by technology, material type, well type,
application, and geography. The market may be explored by technology as the
sliding sleeve and plug & Perf. The “Plug-And-Perf” segment led the market
of hydraulic fracturing in 2015 and is anticipated to maintain its dominance by
2024. The key factor that may be attributed to the growth of the market
includes ease of accessibility.
Based
on material type, the hydraulic fracturing market could span Proppant (Sand,
Resin Coated Sand, Ceramic) and Others. The “Proppants” segment led the
hydraulic fracturing industry in 2015 and is anticipated to maintain its
dominance by 2024. The key factors that may be attributed to the growth of
market includes low cost and easy availability.
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Based
on well type, hydraulic fracturing market could span into vertical and
horizontal. The “Horizontal Hydraulic” segment led the industry of hydraulic
fracturing in 2015 and is anticipated to maintain its dominance by 2024. The
key factors that may be attributed to the growth of market includes the
advantage of fracturing in multiple oil well.
The
key applications that could be explored in the hydraulic fracturing industry
include Shale Gas, Tight Gas, CBM, Tight Oil, and Others. The “Tight Oil”
segment led the market of hydraulic fracturing in 2015 and is anticipated to
maintain its dominance by 2024. The key factors that may be attributed to the
growth of market include low permeability and increasing demand for oil from
non-conventional sources.
North
America accounted for the major market share of the hydraulic fracturing in
2017 and will continue to lead in the forecast period. The factors that could
be attributed to the growth include high production of unconventional resources
such as shale gas and tight oil, coupled with available resources such as
skilled manpower and advanced technology and growing exploration.
Some
of the key players that fuel the market growth of the hydraulic fracturing
comprise National Oilwell Varco, Inc., Baker Hughes GE, FracChem LLC.,
Patterson-UTI Energy, U.S. Silica Holdings, TechnipFMC, Nuverra, Schlumberger,
Halliburton, US Well Services, and FTS International. The leading companies are
taking up partnerships, mergers and acquisitions, and joint ventures in order
to boost the inorganic growth of the industry.
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