SELBYVILLE, Del., Aug. 12, 2019 /PRNewswire/ — Hydraulic fracturing market is slated to gain considerable impetus in the ensuing years, primarily driven by surging investment for production and exploration of renewable resources due to the rapid depletion of natural deposits across the globe. An upswing in industrialization and commercialization coupled with growing infrastructure development will further advance the revenue potential of hydraulic fracturing industry. In addition, burgeoning petroleum demand, high energy requirements, and surging utilization of power intensive electronic/electrical gadgets will drive vertical growth.
As stated by the International Energy Agency, the demand for oil is increasing globally, with India and China being the leading consumers for oil. China had record oil & gas imports in 2018, and has become the world’s biggest importer of crude oil in the world after overtaking the US in the year 2017. China was the fifth biggest oil producer in the world in the year 2018.
A hydraulic fracturing market report by Global Market Insights, Inc. shows industry revenue is set to rise from USD 24 billion in 2015 to around USD 65 billion by 2024.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/1122
China, which is now focusing on green energy and decreasing reliance on coal for energy production, is also the world’s second biggest importer of natural gas, following Japan, as per IEA. Hence, an upward trend in oil & gas production and exploration activities worldwide to suffice humongous requirements of nations like China is anticipated to benefit global hydraulic fracturing market share in the coming years.
Hydraulic fracturing devices are in high demand across an array of end-use industries owing to their ability to simplify and ease resource exploration and excavation activities. Hydraulic fracturing technique is used to make fractures in the rock formations to enable the flow of hydrocarbons to the surface.
Large amount of liquids are pumped at high pressure to create or expand fractures inside rock formations. The potential hazards and risks of using hydraulic fracturing devices include air and noise pollution, water contamination and overuse, and earthquake.
The competitive spectrum of hydraulic fracturing market includes renowned players like Schlumberger Limited, Baker Hughes Incorporated, Halliburton, Calfrac Well Services, Trican Well Services, Tacrom Services, Superior Energy Services, Weatherford International, and FTS International.
In a recent turn of events, Calfrac Well Services has declared that it is joining Canadian operators in the U.S. oil and gas sector for redeploying equipment. Calfrac has already deployed incremental hydraulic fracturing fleet in Deep basin of Canada and is in the process of moving 30000 horsepower of currently idle hydraulic fracturing devices into the United States.
In terms of technology, plug and perforation segment of hydraulic fracturing market is projected to amass lucrative gains in the forthcoming years. The factor driving the demand for plug and perforation technology includes ease of accessibility for fracking in horizontal wells.
Browse key hydraulic fracturing industry insights from the latest report spread across 145 pages offering 182 market data tables as well as 11 figures & charts along with the table of contents:
In 2015, hydraulic fracturing market size from plug and perforation technology was valued at over US $15 billion.
However, major restrictions across various countries due to adverse impact on the environment including noise pollution, visual impact, land surface traction, seismic disturbance, etc. will impede business growth.
The high initial investment in setting up a shale gas project is yet another major restraint. According to the American Chemistry Council, the United States chemicals & plastics industry investment pertaining to affordable and plentiful domestic supplies of liquefied natural gas and natural gas from shale formations has exceeded $200 billion as of 2018. Not all nations can sustain such hefty investments, thus deterring the expansion of the market share.
Natural gas is projected to observe substantial growth on account of numerous applications across power plants and industries. The environment friendly characteristics of natural gas make it preferable over other forms of resources.
Tight gas accrued more than 15 percent of global hydraulic fracturing market share in 2015.
Tight gas is the natural gas generated from basin rocks with extremely low permeability wherein considerable hydraulic fracturing is needed to develop the well at economic rates. Natural gas liquids are the primary feedstock for producing generic petrochemicals and plastics in the United States, which means the demand for hydraulic fracturing devices, will remain high in the region.
Latin America hydraulic fracturing market size is projected to observe substantial growth in the future. Copious presence of unconventional resources would trigger the demand for hydraulic fracturing services in the region. Introduction of various robust initiatives and measures by the government to uplift market dynamics and ease competition, facilitating new entrants to foray into the market will further enhance hydraulic fracturing industry size in Latin America.
Speaking of Latin America in terms of technically recoverable shale gas reserves, the U.S. Energy Information Administration ranks Argentina second, Mexico sixth, and Brazil tenth in the world based on its study of 42 nations. In the year 2015, Argentina used the fracking technology to drill over 1000 shale gas reserves in the country. Argentina is the biggest market for fracking in Latin American because of its plentiful wells in the Neuquén Basin. The basin reportedly has over 801.5 trillion cubic ft. of wet shale gas, more than any other country across the globe aside from China.
However, a key concern which could suppress growth of Latin America hydraulic fracturing industry is the availability of clean water. Especially in Argentina, the civil society is worried about the risks associated with drilling the rock formations in the Guaraní Aquifer, which can potentially damage and contaminate it. The Guaraní Aquifer supplies water to Uruguay, Argentina, and Brazil as it is reported to be the largest groundwater reserve in the world, containing over 45,000 km3 of water.
What are the key takeaways of hydraulic fracturing market report?
The report bifurcates hydraulic fracturing market on the basis of a number of key parameters including application spectrum, technology landscape, well type, and regional terrain. A deep dive analysis of the market with respect to industry size and growth forecast, segmentation, ecosystem analysis, innovation trends, and regulatory landscape has also been elaborated in the study.
Hydraulic Fracturing Market Statistics, By Well
Global market estimates and forecast from horizontal
Global market revenue from horizontal, by region
Global market estimates and forecast from vertical
Global market revenue from vertical, by region
The research document for hydraulic fracturing industry provides a 360-degree synopsis of the business sphere over the forecast period, taking into account the current business environment, well trends, application trends, technology trends, and regional trends.
Ecosystem analysis mentioned in the hydraulic fracturing market report provides an insightful delineation of industry’s vendor matrix. The study defines various industry impact forces such as growth drivers, pitfalls, and challenges in complete detail.
A concise outline of the vertical has been sketched with application potential benchmarking, PESTEL analysis, Porter’s analysis, together with an intellectual valuation of the competitive landscape of 2015.
Depending on the technology used, hydraulic fracturing market has been categorized into Plug and Perforation, and Sliding Sleeves. The market share amassed by each technology segment, technology wise market estimates and forecast, and regional market revenue captured by each technology is enlisted in the study.
Horizontal and vertical are the two major bifurcations of the well types discussed in the study. Moreover, information about hydraulic fracturing market share by well, segmental market revenue by region, along with segmental predictions & market estimates is contained in the research document.
The application ambit of the market has been fragmented into shale gas, tight oil, crude oil, tight gas, and others. The report encompasses statistics about segmental revenue by region, segmental market forecasts, and overall market share by application.
The geographical spectrum of the market, as per the report, has five main regions including Latin America, the Middle East and Africa, Asia Pacific, North America, and Europe. The report offers insights about market value of the region as per technology, well, application, and region over 2013-2024.
The company profiles of leading market contenders are elaborated in the report alongside their strategic outlook, financial information, business overview, and technology terrain.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/1122
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
Corporate Sales, USA
Global Market Insights, Inc.
Toll Free: 1-888-689-0688
Connect with us: Facebook | LinkedIn | Twitter
Hydraulic Fracturing Market Forecasts to 2024
World Hydraulic Fracturing Market is expected to achieve 12% CAGR up to 2024, on account of increasing demand for primary energy along with growing development of unconventional fields.
SOURCE Global Market Insights, Inc.
- Pandemic thriller Utopia on Amazon might be the perfect viewing
- 2021 Jaguar F-Pace refreshed with new styling, luxury and tech
- 2020 Halloween full moon: This year’s spooky spectacle brings a rare twist
- The best minimalist wallet for 2020
- NASA chief calls for prioritizing Venus after surprise find hints at alien life
- YouTube is adding a new Shorts feature to rival TikTok and Instagram Reels
- Paul Rudd, world’s youngest 51-year-old, tells fellow kids to mask up
- Jonathan Majors to join MCU as villain Kang the Conquerer, report says
- TikTok ban won’t prevent employees from being paid, US says in filing