Global Hydraulic Fracturing Market is expected to foresee significant growth. North America to lead the growth
- Himanshu Patni
- September 30, 2021
- ENERGY & POWER, NEWS
- Hydraulic Fracturing Market, Hydraulic Fracturing Market growth, Hydraulic Fracturing Market share, Hydraulic Fracturing Market size
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Global Hydraulic Fracturing Market is expected to reach the market valuation of US$ XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. Ever growing industrial sector paired with rising urban population would increase the overall demand for oil and gas. This would increase the demand for hydraulic fracturing for producing low permeable wells.
Stringent government regulations are predicted to hamper the growth of the hydraulic fracturing market during the forecast period. In addition, majority of population is shifting towards alternate sources of energy that may further hamper the overall demand for oil and gas. This would further hamper the growth of the market.
For a detailed analysis of the market drivers browse through – https://univdatos.com/report/hydraulic-fracturing-market/
During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for oil and gas. According to U.S. Energy Information Administration, globally a decline of almost 9% in the overall demand of oil and gas was witnessed in 2020 for the first time since the global recession of 2009. Majority of decline was witnessed in the industrial sector, where countries had imposed shut down of manufacturing facilities to reduce the spread of Covid-19. However, demand for oil and gas is expected to come to normal post 2020.
For a detailed analysis of the Covid-19 Impact on the industry browse through – https://univdatos.com/report/hydraulic-fracturing-market/
- Based on well type, the global hydraulic fracturing market is bifurcated into vertical and horizontal wells. Horizontal well being the mainstream for shale production since by developing a single horizontal well entire field can be produced thereby reducing the total number of wells required to develop an entire oilfield which is economical for upstream companies whereas while drilling a vertical well oil can be produced from a very small area hence increasing the cost and time to develop and produce oil from the entire oilfield by drilling multiple vertical wells. Owing to this, companies prefer to drill horizontal wells which as a result propelling the share of horizontal wells in hydraulic fracturing market. This shows that, with increasing shale production hydraulic fracturing market is projected to grow.
- Based on technology, plug-and-perf completions and open-hole sliding sleeve systems are the two hydraulic fracturing well technology solutions that allowed the oil and gas industry to economically access major unconventional reservoirs. Between the two technologies, xx technology may dominate the market and is expected to showcase significant growth during the forecast period. However, xx technology is likely to showcase considerable growth during the forecast period.
- Globally hydraulic fracturing market based on application is divided into shale gas, tight gas, tight oil. Among these shale gas has the extensive market share which is increasing at an influential growth rate which is mainly due to large number of exploration and production in US.
- Based on location, the market is segmented into Onshore wells and Offshore wells. For instance, a total of nearly 55,000 wells were drilled in 2020, out of which approximately only 2,250 wells were offshore wells and rest were onshore wells. Owing to exploration, development, and production of onshore well is relatively easy for offshore operations as well as it is less costly owing to which companies are also focusing on onshore fields mainly there are large number of onshore wells as compared to offshore wells.
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For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Russia, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), MEA (Iran, Iraq, Saudi Arabia, UAE, Kuwait, Rest of MEA) and Rest of the World. Over the years, with advancements in technologies to extract shale oil and gas, exploration and production activities of unconventional reserves specifically in North America have increased significantly. For instance, in 2020 North America’s proven natural gas reserves amounted to 536.8 TCF. In addition, due to research and development which is being carried out since long time has led to advancement in technology for hydraulic fracturing in North America thereby capturing major market share globally. Moreover, presence of major oil & gas service providers like Halliburton Co. and Schlumberger Ltd. are operating in the region, thereby helping the operator companies like British Petroleum Ltd and Royal Dutch Shell by using advance techniques to produce oil and gas in huge amounts.
Global Hydraulic Fracturing Market Segmentation
Market Insight, by Well Type
- Horizontal Wells
- Vertical Wells
Market Insight, by Technology
- Plug and Perf
- Sliding Sleeve
Market Insight, by Application
- Shale Gas
- Tight Gas
- Tight Oil
Market Insight, by Location
- Onshore Wells
- Offshore Wells
Market Insight, by Region
- North America Hydraulic Fracturing Market
- United States
- Rest of North America
- Europe Hydraulic Fracturing Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Hydraulic Fracturing Market
- Rest of Asia-Pacific
- MEA Hydraulic Fracturing Market
- Saudi Arabia
- Rest of MEA
- Rest of the World
Top Company Profiles
- Halliburton Co.
- Schlumberger Ltd.
- Baker Hughes Co.
- Nine Energy Services Ltd
- Liberty Oilfield Services
- NexTier Oilfield Solutions Inc.
- Calfrac Well Services Ltd.
- Trican Well Services Ltd.
- Petro Welt Technologies AG
- U.S. Well Services Inc.