Hydraulic Fracturing Market
Posted by Mayuri Kathade. on September 10th, 2019
Hydraulic Fracturing Market is estimated to reach US$ 82,629.9 Mn by 2026 in terms of revenue at CAGR of 11.8% in the forecasting Period.
Hydraulic Fracturing Market
Hydraulic Fracturing Market is majorly segmented by well, technology, application, and region wise. Based on technology segment plug and perforation hydraulic fracturing is expected to dominate the Hydraulic Fracturing Market in 2017. These technologies are widely used for cased hole wells. Its ease of accessibility for fracking in horizontal wells makes it favorable technology than other alternatives.
Rapid urbanization and industrialization are some of the factors responsible for the stimulation of crude demand boosting the hydraulic fracturing. Global crude oil demand reached from 95.58 MB/d in 2015 to 96.95 MB/d in 2016 itself. Abundant availability of unconventional reserves including tight oil, shale gas, and coal bed methane will stimulate the Hydraulic Fracturing Market size. In 2015, over 7,500 tcf of ‘unproved technically recoverable’ shale gas reserves were present globally out of which China accounted for over 1,100 tcf of reserves.
Under good segment, horizontal Hydraulic Fracturing Market share in 2017 owing to its wide applications in the extraction of O&G from unconventional reserves. In 2015, approximately 77% of U.S. most productive oil wells were horizontally drilled. These wells are more productive as compared to vertical drilling well as it has the potential to access natural gas surrounding the entire portion of the horizontal drilled section. Vertical Hydraulic Fracturing Market share is predicted to witness moderate growth subjected to its potential to access the natural gas that immediately surrounds the well along with being less expensive.
North America held the highest market share in 2017 and is expected to have a higher growth rate in the current forecast period with the U.S. being a major country contributing to the overall growth.
Increasing exploration and production of unconventional resources such as shale gas, tight oil coupled with the availability of resources such as skilled manpower and advanced technology will also favor the growth of Hydraulic Fracturing Market.
Key player across the hydraulic fracturing industry are Weatherford International, Haliburton, Calfrac Well Services, and Tacrom Services. Major industry participants are focusing on merger and acquisitions. In December 2016, the Patterson UTI entered a merger agreement with Oklahoma's SeventySeven Energy with 201 high specific rigs which will help to expand fracturing business growth.
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Scope of Global Hydraulic Fracturing Market:
Global Hydraulic Fracturing Market By Well:
• Horizontal
• Vertical
• By Technology
• Plug-And-Perforation
• Sliding Sleeve
Global Hydraulic Fracturing Market By Application:
• Crude Oil
• Shale Gas
• Tight Gas
• Tight Oil
Global Hydraulic Fracturing Market By Geography:
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Key Players operating in the market:
• Baker Hughes Incorporated
• FTS International
• Schlumberger Limited.
• Weatherford International
• Haliburton
• Calfrac Well Services
• Tacrom Services
• Superior Energy Services
• Trican Well Services
• ConocoPhillips
• Franklin
• Patterson UTI
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