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Hydraulic Fracturing Market size is proceeding with high CAGR of 8.21% through 2020 till 2026

Hydraulic Fracturing Market size is proceeding with high CAGR of 8.21% through 2020 till 2026

The U.S $ 55,643.0 million Hydraulic Fracturing Market is an emergent market with strong influences drawn from growing shale oil and gas sector along with large-scale participation of international and regional vendors, and increasing investment in E&P technology to reduce risks and costs associated with the extraction of shale oil and gas.

The hydraulic fracturing technique is used in the recovery of both oil and natural gas which is predominantly used in the recovery of unconventional resources. Plug & Perf remains the most dominant segment in the hydraulic fracturing technology worldwide with 84.28% market share in 2018.

In 2018, Halliburton released Illusion Spire, the first fluid, efficient dissolvable frac plug with a larger internal diameter and less mass for greater efficiency. The reduced plug size pumps faster, resulting in reduced completion time and more consistent dissolution time.

The strong adoption of horizontal drilling along with hydraulic fracturing for the recovery of unconventional oil and gas reserves such as shale gas with advantages of large coverage area and increase in production of gas drives the market growth. Further, companies are adopting this technology due to lower environment pollution and lower water requirement.

GasFrac's fracking system, which uses gelled fluid containing propylene, is being used to reduce high water usage. Companies are also focusing on using recycled water from pumped from underground. Recovering oil prices are further augmenting the growing investments in advanced technology.

Growing energy demand worldwide and depleting conventional energy sources have forced governments in developing countries to shift focus from conventional to unconventional resources. Therefore, with the increased adoption of the hydraulic fracturing technique for the recovery of unconventional resources such is witnessing market growth during the forecast period.

However, the proper management and discharge of fracturing chemicals and fluids has been a major challenge for the Hydraulic Fracturing market. Followed by concerns over water usage for the hydraulic fracturing process also remains a market challenge.

Increased focus on offshore hydraulic fracturing and development of fracturing fluids impacts positive market growth.

The oil and gas industry is focusing on developing new and advanced fracturing fluid components by reducing the environmental impact and water usage.

Offshore hydraulic fracturing with the combination of advanced oil and gas technologies, including hydraulic fracturing and gravel pack completions along with advantages of reliability, efficiency, and an increase in the ages of wells prominently drives the market growth.

Companies are focusing on developing cost effective and efficient, and environmentally sustainable fracturing chemicals and liquids. With growing demand for the production of unconventional resources, companies are developing more efficient chemicals that are financially and environmentally more sustainable.

Regional market share of hydraulic fracturing market proceeds across Americas and China

The hydraulic fracturing market size across the United States is attaining valuation as a consequence of ever-growing U.S. shale gas production sector, with an estimation of around 11 trillion cubic feet of shale gas production in 2020.

The shale gas sector is seeking growth over socio-economic factors including long-gestating infrastructure developments, a convergence of technological advances, government-sponsored R&D, and tax regulatory relief.

In addition, the increased demand from rapidly developing economies such as China ensures that the market in the APAC region will grow at a faster rate during the forecast period. There is a huge opportunity for hydraulic fracturing in China due to the presence of large recoverable shale gas reserves and that are estimated to be 1.115 trillion cubic feet.

Further, The Chinese government is encouraging the oil and natural gas exploration and production activities with several multinational companies such as Schlumberger, Baker Hughes, and others are investing in the country.

Competitive Landscape across the hydraulic fracturing market players

Archer Well Company Inc., Baker Hughes a GE Co.,Basic Energy Services, C&J Energy ServicesInc., Calfrac Well Services Ltd, FTS International Services, Halliburton Company, Patterson (Seventy Seven), RPC Inc. (Cudd Pumping), Schlumberger Limited, Liberty Oilfield Services are among the strong players projecting market growth.

Key players are enhancing product portfolio with latest technology and software and marking strong presence across the market. For instance, in 2019,       Chemstream Oilfield Services launched their hydraulic fracturing friction reducer technology, StimSTREAM FR 9800. Furthermore, the MFrac™ Suite hydraulic fracturing software of Baker Hughes increases recovery and targets the most productive plays.

Whereas, other key players are adopting automation approaches to expand hydraulic fracturing services. For example, in 2018, Halliburton Company launched unveiled ProdigiTM AB Service, an offering that introduces automation to hydraulic fracturing.

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