19-Oct-2020 | Zion Market Research
As per the researchers at Zion Market Research, the global hydraulic fracturing market is projected to grow at a CAGR of around 8.54% during the forecast period from 2020to 2026. The major players active vigorously in the global hydraulic fracturing market consist of Schlumberger Limited, Baker Hughes Incorporated, Weatherford International, Haliburton, FTS International, Calfrac Well Services, Tacrom Services, Trican Well Services, and Superior Energy Services.
Rising Exploration & Production (E&P) Within Unconventional Oil & Gas Reserves To Drive Market Growth
The key factors driving the growth of the global hydraulic fracturing market is the rising E&P (exploration & production) in unconventional oil & gas reserves, particularly in the shale basins. Further, the rising stipulation for primary energy in transportation, household activities, and power generation has resulted in elevated use of oil & gas in key nations around the world. Also, the global oil & gas producers have been witnessing a drop in production levels as a result of exhausting conventional reserves. Further, the demand–supply gap is anticipated to increase owing to dilapidated petroleum production. Also, there is a significant rise in the extraction of hydrocarbon from the unconventional reserves utilizing horizontal drilling along with hydraulic fracturing methods. The government of China and the U.S. has declared numerous initiatives comprising FDI provision, tax incentives, and financial aids in the hydrocarbon segment that is anticipated to aid the market expansion in the coming period. Nevertheless, the considerable capital expenditures together with unfavorable environmental effects are factors expected to obstruct the growth of the global hydraulic fracturing market.
Horizontal Hydraulic Fracturing Segment To Witness Considerable Growth In Near Future
Based on well, the horizontal segment of the global hydraulic fracturing market is anticipated to witness considerable growth owing to its wide application in the mining of unconventional hydrocarbon sources together with a rising count of shale development projects throughout the United States. High productivity, in comparison to vertically drilled wells, and capability to access nearby natural gas is expected to drive the market growth. Likewise, the vertical segment of the market is projected to observe a modest expansion in the years to come. Primarily, the fracturing is utilized for simulation purposes, to improve the efficiency and output of the wells. Furthermore, the need for low pressure and volume in comparison with horizontal fracturing is expected to increase product adoption.
North America Expected To Govern The Global Market During The Forecast Period
Worldwide, North America is among the key producers of natural gas and crude oil. The hydraulic fracturing market is anticipated to be fueled considerably by new well drilling along with the growing producing well base. This region, particularly, the US market is projected to expand owing to the swift shale development and continuing finding of new oil & gas fields. Also, wide-ranging technical abilities and vigorous investments in R&D by prominent firms comprising Halliburton, Schlumberger, and others are expected to fuel the market growth during the forecast period.
Browse the full “Global Hydraulic Fracturing Market -By Technology (Sliding Sleeve And Plug-And-Perforation), By Well (Vertical And Horizontal), By Application (Shale Gas, Crude Oil, Tight Oil, And Tight Gas), And By Region- Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 – 2026.” Report at https://www.zionmarketresearch.com/report/hydraulic-fracturing-market
The global hydraulic fracturing market is segmented as follows:
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