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.