San Francisco, 03 Dec 2018 - According to a report published by Grand View Research, Inc.; the hydraulic fracturing market is expected to reach a valuation of around USD 81.10 billion by 2024.
Increasing concerns of energy and production companies towards decreasing production rates in conventional hydrocarbon reserves and increasing focus on developing unconventional oil and gas blocks across the world can propel the market during the forecast period (2014 to 2024).
The consumption of oil and gas across the world has increased for transportation, power generation, and household activities. Reducing conventional reserves has led to decline in the production levels. The falling rate of petroleum production level is likely to increase demand-supply gap. Thus, increasing emphasize on developing unconventional reserves such as shale, coal bed methane (CBM), tight oil, and tight gas is likely to drive the market in the coming years. Additionally, advancements in advanced extraction techniques has also helped E&P companies to enhance the yield in low profitable sites such as deep and ultra-deep seas, and the cold region.
However, strict regulatory framework and safety directives by several governments and regulatory bodies such as REACH and EPA due to possible environmental risk is likely to hinder the market.
Worldwide hydraulic fracturing market can be segmented on the basis of technology, material, application, and region. Based on technology, the market can be classified into sliding sleeve, and plug and perf. In 2015, the plug and perf captured over 80% of the overall revenue and anticipated to show moderate growth over the forecast period. The method is used for hydrofracturing cased holes.
As per material, the market can be bifurcated into proppant and others. The proppants segment is appeared as major segment and its net revenue is anticipated to exceed USD 14.0 billion by 2024. The segment can be further classified into ceramic, sand, and resin coated sand. The ceramic proppant segment is expected to expand at an estimated CAGR of 7.6% during 2016 to 2024.
As per application, the market can be split into shale gas, tight oil, tight gas, CBM, and others.
In 2015, the shale gas segment was the leading segment and estimated for 30.2% of the total revenue. The segment is expected to grow at a CAGR of 9.8% during 2016 to 2024. Thriving shale industry, I the U.S. and rise in acreage of shale basins worldwide, especially in Canada and China is likely to boost the segment growth.
Geographically, the market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Central and South America.
In 2015, North America conquered the market and estimated for over 85% of overall revenue. The U.S. and Canada jointly captured largest share in this region. Availability of skilled manpower and technology, and presence of supportive government regulation and rise in E&P activities in unconventional reserves can drive the market in these countries.
Asia Pacific is likely to grow with rapid pace due to ample availability of technically recoverable unconventional oil and gas reserves. Additionally, rise in FDI flow in the hydrocarbon sector in Australia, Indonesia, and China. In 2015, in terms of revenue, the region reported for 6.6% of the total revenue and likely to expand at a CAGR of 12.1% by 2024.
The market is likely to exhibit considerable growth in countries including Argentina, Russia, Algeria, and Poland during the forecast period due to rise in efforts for developing the large available unconventional hydrocarbon reserves.
Key players operating in the market include Baker Hughes Inc.; Superior Well Services Inc.; Weatherford International Inc.; Trican Well Service Ltd.; and C&J Energy Services Inc.
The market comprises a large number of multinational companies including E&P companies, oilfield service firms and individual proppants, equipment, and microseismic companies. High acquisition of water source for fracturing and its disposable concerns poses a threat for participants.
Acquisition of continuous source of water for fracturing along with its waste disposal concerns also poses a threat for industry participants. Major participants are concentrating on the development of innovative technologies which requires less or no water.
Browse More Reports Of The Same Category: www.grandviewresearch.com/industry/conventional-energy
Grand View Research has segmented the hydraulic fracturing market on the basis of technology, material, application and region:
Global Hydraulic Fracturing Technology Outlook (Revenue, USD Million, 2014 - 2024)
- Plug & Perf
- Sliding Sleeve
Global Hydraulic Fracturing Material Outlook (Revenue, USD Million, 2014 - 2024)
- Proppant
- Sand
- Ceramic
- Resin Coated Sand
- Others
Global Hydraulic Fracturing Application Outlook (Revenue, USD Million, 2014 - 2024)
- Shale Gas
- Tight Gas
- Tight Oil
- CBM
- Others
Global Hydraulic Fracturing Regional Outlook (Revenue, USD Million, 2014 - 2024)
- North America
- US.
- Canada
- Mexico
- Europe
- UK
- Russia
- Poland
- Asia Pacific
- China
- Australia
- Middle East & Africa
- UAE
- Algeria
- South Africa
- Central & South America
- Brazil
- Argentina
- Venezuela
Browse Press Release of this Report: www.grandviewresearch.com/press-release/global-hydraulic-fracturing-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
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