Hydraulic Fracturing Market Size, Share and Product Segment, Top Key Players and Global Industry Demand Analysis by 2023

global hydraulic fracturing market is expected to expand at 14% CAGR during the forecast period.

Pune, India - February 6, 2019 /MarketersMedia/ —

Market Synopsis

Market Research Future (MRFR) analysts, after careful analysis, state that the Global Hydraulic Fracturing Market is projected to expand at a CAGR of 14% during the forecast period (2018-2023). Hydraulic fracturing can be described as a modern technology wherein fluids are pumped at an injection rate into the oil wells which are so high leading to the formation of the oil reservoir breaking down. The fluids that are injected in the reservoirs traditionally are inclusive of water sand and chemicals. Owing to continuous advancements in technology in recent times, the drilling companies have implemented hydraulic fracturing coupled with horizontal drilling to enable drilling of various wells from the same spot. At present, with ongoing oil and gas production, the hydraulic fracturing process is used for the optimization of the production of oil & gas from the reservoirs on a global level.

In addition, increasing number of oil & gas reserves in the shale basins will be responsible for the growth of the hydraulic fracturing market. Moreover, oil & gas are consumed for basic energy in power generation, transportation as well as household activities across the globe, which will positively enhance the market growth.
Also, prominent manufacturers of oil & gas are noting a decline in the petroleum production levels resulting from the depletion of conventional reserves; widening the demand-supply gap. Hence, the petroleum extirpation has increased from unconventional reserves with the use of horizontal drilling along with hydraulic fracturing techniques. Other drivers include changing preferences of the manufacturers towards unconventional reserves such as coal bed methane, shale, tight gas, and tight oil.

Key Vendors

Patterson-UTI Energy (U.S.), U.S. Silica Holdings (U.S.), US Well Services (U.S.), National Oilwell Varco, Inc. (U.S.), Schlumberger (U.S.), FracChem LLC. (U.S.), TechnipFMC (UK), Halliburton (U.S.), Baker Hughes GE (U.S.), FTS International (U.S.), Nuverra (U.S.), Franklin Well Service LLC (U.S.), and EOG Resources (U.S.) are few prominent companies making a mark in the global hydraulic fracturing market.

Industry News

NSI Technologies is set to present its new cloud-based version of the leading three-dimensional hydraulic fracturing design software known as StimPlan at the SPE Hydraulic Fracturing Technology Conference and Exhibition in Texas in February 2019. StimPlan is an integrated software solution used for the design of hydraulic fracture, and also for its analysis and optimization.

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Global hydraulic fracturing market is anticipated to expand at a phenomenal rate during the forecast period due to increased shale oil & gas revolution, rising demand for oil, and rising concern for the depletion of natural resources. North America is expected to dominatein terms of market share of the hydraulic fracturing market as a reason that shale oil & gas production is increasing every year from U.S. and Canada. According to U.S. EIA, in 2017, the total tight oil produced in the U.S. was about 4.67 million barrels per day, accounting up to 50 % of total crude oil production from the country.

Market Segmentation

The market for hydraulic fracturing is segmented on the basis of well type, technology, and application.

Based on the Type of Technology : plug-and-perforation, sliding sleeve, and others.

By Well Type : horizontal and vertical.

Application-dependent : crude oil, shale gas, tight oil, and others.

Regional Outlook

Region-wise, the global market for hydraulic fracturing is segmented into Europe, North America, Asia Pacific and Middle East and Africa.

North America has established itself as the dominating region in terms of market share of the hydraulic fracturing market, due to the fact that the shale oil & gas production is increasing every year in the United States (U.S) and Canada. As per U.S. EIA, in the year 2017, the overall tight oil that was produced in the U.S. was almost 4.67 million barrels per day, which accounts to up to 50 % of total crude oil production from the country.

In Asia Pacific, massive investments are made by developing nations such as Australia, China, and Indonesia via FDI channels. also, with the presence of a huge number of CMB reserves along with recoverable shale in China, new growth avenue will open up in the market. In addition, the potential to explore the untapped market in the unconventional hydrocarbon reserves is propelling the growth of the market in the region.

Europe market for hydraulic fracturing will gain significant traction in the coming years, the reason being the high availability of skilled manpower, in addition to advancement in technology and government support for increasing E&P activities in unconventional reserves. Countries like Algeria, Russia, and Poland are experiencing substantial growth combined with ongoing developments for the improvement of the hydrocarbon reserves that are unconventional.

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