LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global Hydraulic Fracturing Market - Procurement Intelligence Report.
The global concern over the environmental footprints of hazardous wastes generated after the hydraulic fracturing process is compelling governments across regions to ban this procedure. Some of the major environmental hazards are chemicals spillage on the surface, depletion and degradation of groundwater, among others. Consequently, this will put the prospects of spend growth in the hydraulic fracturing market at stake.
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However, such concerns are motivating hydraulic fracturing suppliers to innovate and utilize alternate fracking techniques such as water-free fracking, the use of recycled water and brine for fracking, and the utilization of natural gas-powered equipment for the fracking process. These techniques have been proven to reduce the environmental footprint of this process to a significant extent. This will renew and sustain the spend growth of the hydraulic fracturing market that is expected to touch a value of over USD 30 billion accelerating at a CAGR of over 7%.
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What are the hydraulic fracturing price trends that are driving the overall price structure in the global hydraulic fracturing market?
- Buyers will expect a substantial hike in their procurement spend. This hike will be attributed to the gradual recovery of the oil and gas prices which will motivate hydraulic fracturing suppliers to increase their service charges to compensate for their lower profit margins that they were operating on due to the previous setback in oil and gas prices.
- The consolidated nature of the hydraulic fracturing market is reducing competition which is providing hydraulic fracturing suppliers the liberty to increase their service charges. This will continue adding to the buyer’s procurement expenditure in this market.
What are the scopes of optimizing procurement spend with these upward rising hydraulic fracturing price trends?
Strategic supplier selection is the key to optimizing procurement spend in the hydraulic fracturing market. In view of this, this report has enlisted the key hydraulic fracturing suppliers selection criteria, the leading supplier names, the SLA terms, among others that will aid buyers to make the most of their partnership and achieve cost-savings during the contract tenure.
Engage with suppliers utilizing hydraulic fracturing simulation software
Hydraulic fracturing simulation software improves the predictability of the fracking process and reduces the need for field trails that is usually necessary to achieve an optimal oil or gas well design. In the hydraulic fracturing market, this will help to reduce the time-to-market of buyers' oil and gas projects and to increase project profitability.
Assess the water management capabilities of suppliers
Hydraulic fracturing is a highly water-intensive process, with an average water requirement of over five gallons per well. Subject to the strict scrutiny of environmental conservationists, buyers in the hydraulic fracturing market must ensure that suppliers can implement effective water management strategies to reduce the water consumption of the fracking process. Buyers can evaluate factors such as the capability of service providers to recycle used water for evaluating the latter's water management capabilities.
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Some of the key topics covered in this report are:
- Hydraulic fracturing market spend segmentation by region
- Total cost of ownership analysis in the hydraulic fracturing market
- Regional spend opportunity for hydraulic fracturing suppliers
- Hydraulic fracturing suppliers cost structure
- Hydraulic fracturing suppliers selection criteria
- Hydraulic fracturing suppliers under coverage
- Procurement best practices
- Category management objectives
- Cost saving opportunities in the hydraulic fracturing market
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