Electric Fracking Market: Introduction
- Electric fracking is the process of using gas turbine to generate electricity to power the hydraulic fracking process. The conventional hydraulic fracking process employs diesel-fueled engines to power the pumps.
- Hydraulic fracking is process, wherein a rock is fractured with the help of pressurized liquid to stimulate the well. The technique consists of injection of high pressure fracking fluid into the bore well to fracture the deep-rock formations. This creates gaps through which natural gas, petroleum, and brine flow more freely.
- Diesel powered engines are used to power the pumps in conventional hydraulic fracking. This would result in high carbon emission and uneconomical process. However, gas turbines are used to generate electricity in case of electric fracking. Pumps are operated on these turbines.
- Electric fracking units are compact, and have high efficiency and low maintenance. The overall logistics cost also reduces, as just a single truck can carry all the required auxiliaries for fracking.
Key Drivers of Global Electric Fracking Market
- Electric fracking has many benefits vis-à-vis hydraulic fracking. The overall installation process is easy in electric fracking, as no crane is required and all auxiliaries are carried on a single truck. Electric fracking increases the pressure pumping reliability and minimizes the fleet size by 35% to 40%.
- High maintenance and diesel fuel costs are eliminated in electric fracking. Operations are safer and can be remotely monitored or diagnosed. These factors are anticipated to drive the electric fracking market in the near future.
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- Baker Hughes, a GE Company LLC, introduced gas turbines for electric fracking. The company’s mobile and modular turbines allow its clients to switch from diesel-fueled engines to gas turbines that produce electricity to power pressure pumps for hydraulic fracking operations. The new electric fracking solutions help save on fuel costs and fulfill commitments to reduce carbon emissions.
North America Expected to Hold Major Share of Global Electric Fracking Market
- Based on region, the global electric fracking market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- North America is anticipated to dominate the global electric fracking market in 2018. The trend is projected to continue during the forecast period owing to presence of ample unconventional reservoirs in the region. Large numbers of crude oil and natural gas oil reserves are also present in the region.
- North America comprises shale gas reserves, which are attracting upstream companies from various regions, as shale gas is a green and clean fuel compared to coal and oil
- Middle East & Africa is anticipated to account for major share of the global electric fracking market during the forecast period. Countries in the region such as Egypt, Jordon, Saudi Arabian, Algeria, and Tunisia are planning to commence shale gas extraction. Some companies have already started shale gas extraction.
- The electric fracking market in Europe is estimated to expand at a healthy pace owing to the ban on conventional hydraulic fracking in Germany, France, the Netherlands, Scotland, and Bulgaria due to the pollution norms
- The electric fracking market in Asia Pacific is estimated to expand at a moderate pace during the forecast period. Demand for fracking is rising in China in order to reduce the dependence on foreign energy sources. The market in Latin America is likely to be expand at slow pace during the forecast period.
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Key Players Operating in the Electric Fracking Market
Leading companies operating in the global electric fracking market include:
- Baker Hughes, a GE Company LLC
Global Electric Fracking Market: Research Scope
Global Electric Fracking Market, by Application
Global Electric Fracking Market, by Water Depth
Global Electric Fracking Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa
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