DUBLIN--(BUSINESS WIRE)--The "Hydraulic Fracturing Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The global hydraulic fracturing market is evaluated at US$48.339 billion for the year 2020 growing at a CAGR of 2.41% reaching the market size of US$55.764 billion by the year 2026.
Hydraulic fracturing is also known as fracking and is a drilling process which is used to extract oil and gas from deep under the surface of the earth. The method is used to create cracks deep under the surface and are widened and spread using water, chemicals and sand at high pressure. More often, the resources extracted using this method are called, 'tight oil' or 'tight gas' as these forms of fossil fuels are tightly trapped inside the hard shale rock formation. The technologies used to extract 'tight oil' or 'tight gas' are rapidly gaining traction in several parts of the world. Furthermore, a significant rise in the number of exploration and production activities in the petroleum and gas sector is expected to drive the market during the forecast period.
Additionally, an increase in the demand for primary energy sources for various applications like, power generation, transportation, and household activities has led to an increased level of consumption of oil & gas in several industries. The demand for this type of extraction method is expected to be driven by the rising concern of declining production levels of petroleum experienced by some of the major players in the market owing to the depleting levels of conventional reserves. The decline in the production levels is expected to widen the demand-supply gap in the sector which is expected to further increase the hydrocarbon extraction from unconventional reserves which is done using a combination of hydraulic fracturing technique with horizontal drilling.
The increasing popularity of the technique is due to its ability to create the required permeability which makes it easier to extract oil & gas which is more complex and difficult to do through natural production methods. Hydraulic fracturing originally emerged during the United States shale gas revolution which has been an important part in the exploration and production activities of untapped energy from potential resources. Furthermore, considering the type of wells hydraulic fracturing is majorly used on, they are, horizontal and vertical well. Out of these two, horizontal wells has witnessed a significant rise in their numbers over the years. For instance, there are more than 2.000 horizontal wells present in the Permian Basin. According to a report, the total number of drilled wells in the Permian basin reached 555 in the month of April,2019. The market has for hydraulic fracturing has witnessed a significant shift from vertical to horizontal wells over the last 10 years.
A key factor expected to drive the market of hydraulic fracturing during the forecast period is the increasing number of government relaxations across several countries. For instance, the governments of United States and China have announced various initiatives like financial aids, FDI provision and tax incentives in the hydrocarbon segment. This has led to an increase in the number of exploration activities globally. The advent of COVID-19 had an adverse impact on the global Hydraulic fracturing market since the pandemic brought the activities in refinery industry to a standstill globally which restricted the project construction, exploration and production activities. After the initial lockdown period, some of the activities were allowed but with restrictions and certain protocols that were required to be followed like the refinery will be operated with lesser capacity which will require less labour to come in contact and social distancing was required to be maintained in the premises as well.
Companies Mentioned
- Archer Well Company Inc.
- Baker Hughes a GE Co.,
- Basic Energy Services
- Calfrac Well Services Ltd
- FTS International Services
- Halliburton Company
- NexTier Oilfield Solutions Inc.
- Patterson (Seventy Seven)
- RPC Inc.
- Schlumberger Limited
- Liberty Oilfield Services
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.4. Industry Value Chain Analysis
5. Hydraulic fracturing market Analysis, by Technology
5.1. Introduction
5.2. Plug & Perf
5.3. Sliding Sleeve
6. Hydraulic fracturing market Analysis, by Fluid type
6.1. Introduction
6.2. Slick Water-based Fluid
6.3. Foam-based Fluid
6.4. Gelled Oil-based Fluid
6.5. Other Base Fluids
7. Hydraulic Fracturing Market Analysis, by Application
7.1. Introduction
7.2. Shale Gas
7.3. Tight Gas
7.4. Tight Oil
7.5. Coal Bed Methane (CBM)
8. Hydraulic Fracturing Market Analysis, by Geography
8.1. Introduction
8.2. North America
8.3. South America
8.4. Europe
8.5. Middle East and Africa
8.6. Asia Pacific
9. Competitive Environment and Analysis
9.1. Major Players and Strategy Analysis
9.2. Emerging Players and Market Lucrativeness
9.3. Mergers, Acquisitions, Agreements, and Collaborations
9.4. Vendor Competitiveness Matrix
10. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/if6ef6
