Hydraulic Fracturing Market to witness massive growth with rising shale gas demand, U.S. to be the major revenue contributor
Hydraulic Fracturing Market has progressively evolved in the recent years as the production rate of conventional hydrocarbon is on a decline. Increasing reliance on crude oil, natural gas and other renewable energy sources, to meet up the growing energy demand is spurring the industry growth. A noticeable surge in world crude oil demand from 95.58 mb/d to 96.95 mb/d within a year span is expected to positively influence the overall market. As per a report by Global Market Insights Inc., “Hydraulic Fracturing Market is poised to record a revenue of USD 68 billion by 2024 at a CAGR of 12% over the period of 2016-2024.” With the increasing demand for hydrocarbons, hydraulic fracturing will continue to be an essential process to feed the energy requirements.
Russia Hydraulic Fracturing Market Size, by application 2013-2024 (USD Billion)
Favorable government initiatives taken by China and U.S., such as tax incentives, easy FDI provision in hydrocarbon sector as well as financial backing is catalyzing the market growth in these regions. However, hydraulic fracturing industry is not observing a global approval as environmental threat associated with it has made many countries ban this super fracking process. Governments worldwide are working together to asses and manage these environmental issues, which will prove to be beneficial for the overall market.
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Below is the in-depth analysis of the hydraulic fracturing market based on well design, technology, application, and region over the period 2016-2024:
- Horizontal hydraulic fracturing process which is quite popular in extracting oil and gas from nonrenewable energy reserves is expected to show an upward curve owing to its better productivity than vertical drilled. Horizontal hydraulic fracturing market is projected to grow at a CAGR of 13% over the forecast time frame.
- Technically, Plug and perforation based hydraulic fracturing industry dominated the global industry in 2015 with a volume coverage of 70% of the total market and will generate considerable revenue in times ahead. The lucrative growth prospect of this technology can be credited to its wide spread application in drilling horizontal wells. Sliding sleeves which is another promising technology affluent in the market, will also record moderate growth path. The cost effectivity and time efficiency are the two major factors driving the sliding sleeves based hydraulic fracturing market.
- Hydraulic fracturing techniques are mainly associated with variety of applications related to oil extraction from non-renewable energy sources such as shale gas, tight oil, tight gas, and crude oil. Global hydraulic fracturing industry from shale gas application is expected to hit a revenue of more than USD 15 billion by 2024. U.S adequacy of unconventional resources especially shale basins is expected to spur the overall industry over the coming seven years. For instance, U.S. shale oil extraction in 2015, almost exceeded half of the total crude oil production of the region. Strict government regulation to curb carbon emission will fuel the U.S hydraulic fracturing industry from natural gas applications.
- Both North and South America hydraulic fracturing market is expected to witness a tremendous growth prospect in future based on these two countries past years’ revenue contribution. South America driven by Argentina industry held a record of USD 2 billion in 2015 and is anticipated to witness a profitable market in future. Canada will be the main revenue contributor for North America’s industry share. Another prominent region partaking actively in the global market is Asia Pacific. China hydraulic fracturing industry alone accounted for more than 45% of the regional revenue in 2015, and is projected to prominently drive the regional market in future even. The growth projection can be credited to China’s unconventional energy resource abundance. A recent estimation shows that China consumes almost 1,115 trillion cubic feet of natural gas, which is around twice of U.S. Indonesia and Iran hydraulic fracturing market will also grow substantially over the coming seven years. Indonesia industry will generate a revenue of more than USD 300 million by 2024.
Key players in the industry include FTS, Calfrac Well Services, Weatherford International, and Superior Energy Services. Rigorous research to exploit more of untapped potential especially tight gas and shale will push the overall hydraulic fracturing market.
Author Name :Satarupa De