Hydraulic Fracturing Market 2019 Global Industry Trends, Share, Demand, Growth Opportunities, Industry Revenue 2024
Global Hydraulic fracturing Market is set to witness growth of over 12% and exceed USD 65 billion by 2024. Increasing petroleum consumption and rapid infrastructure development will drive the hydraulic fracturing market. As per BP statistical review, global crude oil consumption was 93 million barrels per day which increased to 95 million barrels per day. Growing investments in development of unconventional resources owing to continuous decline in conventional reserves will drive the product penetration.
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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.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.
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.
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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.
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.
Partial Table of Contents (ToC) of the report:
Chapter 4 Hydraulic Fracturing Technology Insights
4.1 Hydraulic fracturing market share by technology, 2015 & 2024
4.2 Plug and Perforation
4.2.1 Global hydraulic fracturing market estimates and forecast from plug and perforation, 2013 - 2024
4.2.2 Global hydraulic fracturing market revenue from plug and perforation, by region, 2013 – 2024
4.3 Sliding Sleeves
4.3.1 Global hydraulic fracturing market estimates and forecast from sliding sleeves, 2013 - 2024
4.3.2 Global hydraulic fracturing market revenue from sliding sleeves, by region, 2013 – 2024
Chapter 5 Hydraulic Fracturing Market Insights, By Well
5.1 Hydraulic fracturing market share by well, 2015 & 2024
5.2.1 Global hydraulic fracturing market estimates and forecast from horizontal, 2013 - 2024
5.2.2 Global hydraulic fracturing market revenue from horizontal, by region, 2013 – 2024
5.3.1 Global hydraulic fracturing market estimates and forecast from vertical, 2013 - 2024
5.3.2 Global hydraulic fracturing market revenue from vertical, by region, 2013 – 2024
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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.
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
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