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Hydraulic Fracturing Market Growth Analysis 2024 By Top Players FTS International, Weatherford International, Calfrac Well Services, Superior Energy Services, Baker Hughes, Schlumberger, Haliburton, Tacrom Services, Trican Well Service Ltd.
Hydraulic Fracturing Market
Potential application outlook of natural gas across various industries and power plants will enhance the demand. Natural gas consumption was 3,410.2 bcm in 2014 which increased to 3,468.6 bcm in 2015. Increasing exploration and production of shale coupled with technological advancement and availability of resources will increase the hydraulic fracturing market share.
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The U.S. hydraulic fracturing market will grow over 8.5% by 2024. Favorable government regulations, improved drilling, skilled manpower and abundance availability of shale gas, tight gas, shale oil and tight oil will fuel the product demand. The Marcellus shale play accounts for 1,500 tcf of shale gas which is half of the shale gas present in the country.
Horizontal hydraulic fracturing market share accounted for above 65% in 2015 owing to its wide application in extraction of unconventional reserves in U.S. In 2015, over 70% of the producing wells in the country were horizontally drilled as they provide a greater access to natural gas surrounding the entire portion of well.
Hydraulic fracturing market from plug and perforation technology was valued above USD 16.5 billion in 2015. Wide application in cased hole wells, easy accessibility for fracking in horizontal wells and favorable technology will drive the product demand. Lower cost and less time consuming are the factors that will propel the demand of side sleeves by 2024. This technology is widely used to shut off the flow from one or more reservoirs.
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Shale gas segment is set to witness growth rate exceeding 14% by 2024. Better fuel efficiency and rise in natural gas demand coupled with stringent government regulations to reduce carbon emissions will drive the demand of shale gas. Tight gas accounted for over 15% of global hydraulic fracturing market share in 2015. Aging brown fields and rise in maturing projects will propel the demand of crude oil from unconventional resources.
Russia accounted for over 40% of the Europe hydraulic fracturing market owing to the development of potential hydrocarbon reserves. In 2015, Russia held more than 665 tcf of unconventional reserves which includes tight gas, shale gas, CBM and hydrates.
Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
• FTS
• Weatherford International
• Calfrac Well Services
• Superior Energy Services
• Baker Hughes
• Schlumberger
• Haliburton
• Tacrom Services
• Trican Well Services
Browse Complete Report Summary @ https://www.gminsights.com/industry-analysis/hydraulic-fracturing-market
Argentina hydraulic fracturing market will grow over 15% from 2015 to 2024. Abundant availability of unconventional resources coupled with favorable government initiatives will drive the demand of product. Iran will also witness a significant growth due to presence of shale in abundance amount. In 2016, the Center for Exploration & Production announced 158 billion barrels of oil reserves in Iran.
Saudi Arabia accounted for over 10% market share of the global hydraulic fracturing market. Rising investments in o & g projects will stimulate the product penetration in the market. Saudi Aramco is investing over USD 300 billion in infrastructure development and in E&P phase of unconventional reserves.
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