TransparencyMarket Research (TMR) has published a new market study based on the global hydraulicfracturing market. With an increase in the number of successfuldiscoveries of shale gas and tight gas reserves, hydraulic fracturing(fracking) techniques are adopted extensively to extract large quantities ofhydrocarbons. The global hydraulic fracturing market valued at US$38.32 bn in2014 and is expected to reach US$66.06 bn by 2022, expanding at a CAGR of 6.12%in the period from 2014 to 2022. The report is titled “HydraulicFracturing Market, - Global Industry Analysis, Size, Share, Growth Trends,and Forecast 2014 - 2022.”
The reportstates that the hydraulic fracturing market which stood at 21.34 MHHP in 2013,is expected to expand at a CAGR of 5.30% from 2014 to 2022, to reach 33.97 MHHPby 2022 in terms of volume. The report contains an executive summary comprisinga snapshot of the hydraulic fracturing market, containing detailed informationon the various segments, as well as the market dynamics such as growth driversand restraining factors. It also analyzes the impact of these dynamics on themarket during the forecast period 2014 to 2022.
Hydraulicfracturing techniques are primarily implemented on unconventional reservoirssuch as tight oil, tight gas, shale gas, shale oil, and coal bed methane. Overtime, hydraulic fracturing has begun to gain preference in conventional gas andoil fields on abandoned wells which were deemed uneconomical in the past. Withthe implementation of the hydraulic fracturing technique, the production ofnatural gas and crude oil has become possible from matured fields. Currently,70% of the overall production of hydrocarbons is from matured fields.
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Theapplication of hydraulic fracturing techniques results in significant cost andtime savings, which is one of the reasons for an increase in the adoption ofthis technique. The adoption of hydraulic fracturing by several countries suchas Saudi Arabia, Oman, and the U.S. for both conventional and unconventionalgas and oil fields has propelled the global hydraulic fracturing market.Moreover, according to the U.S. Energy Information Administration (EIA), largequantities of shale gas and shale oil reserves are available for extraction inNorth America, which will further drive the hydraulic fracturing market. Thesediscoveries in North America have helped the region to transform from an energyimporting nation to an energy exporting nation. It has also helped the regionto create huge employment opportunities and increase energy security. Accordingto the report, North America would be the largest exporter of natural gas andcrude oil in the future, indicating many emergent opportunities in the frackingmarket in North America.
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The globalhydraulic fracturing market is segmented on the basis of technology,application, and region. Major regions studied are Europe, North America, AsiaPacific, and RoW. Out of these, North America dominates the market, owing tolarge shale reserves present in the region. On the basis of application, themarket is segmented into conventional, shale gas, and others.
Key playersin the hydraulic fracturing market include: Calfrac Well Services Ltd., BakerHughes Inc., FTS International, Inc., Nabors Industries Ltd., RPC, Inc.,Halliburton Company, Schlumberger Limited, Trican Well Services Limited,Weatherford International Ltd, and United Oilfield Services, Inc.
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