Hydraulic Fracturing Market has been Segmented On The Basis Of Well Type, Technology, Application, And Region – Global Analysis and Forecast to 2023
Hydraulic fracturing is a technique extensively used to extract natural gas and crude oil. In this process, injection of water, chemical additives, and propping agents are allowed at high temperature and pressure, which boost the permeability of the rock.
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Market Potential and Pitfalls
The global hydraulic fracturing market has witnessed a tectonic surge over the past few years. The energy sector has witnessed a transition from natural gas and conventional crude oil to gas hydrates and shale oil & gas. The surging demand for fuel from developing countries has resulted in the large-scale production of shale oil. As most shale rocks are semi-permeable, the oil produced is called tight oil. Thus, conventional drilling techniques to extract oil from these rocks are inefficient. Hydraulic fracturing technology thus gains from the rising production of shale and surging demand for energy fuels.
The revolution of shale oil & gas, increased demand for oil & gas, and growing concern for the depletion of natural resources are some of the major factors triggering the demand from the hydraulic fracturing market across the globe. The US, Canada, China, and Argentina were the four countries to produce shale oil & gas commercially back in 2015. The increased shale revolution has led other nations like Russia, Algeria, Australia, Mexico, and Colombia to participate in the production of shale. This has positively impacted the growth of the hydraulic fracturing market.
On the contrary, environmental concerns, high use of water, and concerns related to seismic activities are likely to slow down the growth of the market.
Baker Hughes GE (U.S.), Schlumberger (U.S.), National Oilwell Varco, Inc. (U.S.), Patterson-UTI Energy (U.S.), FracChem LLC. (U.S.), TechnipFMC (UK), U.S. Silica Holdings (U.S.), Halliburton (U.S.), Nuverra (U.S.), FTS International (U.S.), US Well Services (U.S.), Franklin Well Service LLC (U.S.), and EOG Resources (U.S.).
Global Hydraulic Fracturing Market Segmental Analysis
The hydraulic fracturing market is segmented on the basis of technology, well type, and application.
By technology, the hydraulic fracturing market is segmented into sliding sleeve, plug-and-perforation, and others.
By well type, the hydraulic fracturing market is segmented into horizontal and vertical.
By application, the market is segmented into shale gas, crude oil, tight oil, and others.
Geographically, the hydraulic fracturing market spans across Asia Pacific, North America, Europe, and the Middle East & Africa.
Considering the global scenario, North America is predicted to dominate the global market in terms of share. As the production of shale oil and gas is constantly on the rise every year in Canada and the US, the demand for hydraulic fracturing is increasing. As per the US EIA, the overall tight oil produced in the US in 2017 was 4.67 million barrels per day.
The Asia Pacific region will emerge as a significant region due to the heavy investment by developing countries like China, Australia, and Indonesia through FDI channels. The existence of a large number of CMB reserves, along with recoverable shale in China is likely to open up new growth channels for the regional market. Moreover, the potential to explore the untapped market in unconventional hydrocarbon reserves is considered to augment the market growth in the coming years. Government and technology support for the rising E&P activities and the high availability of skilled manpower also support the growth of the regional market.
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