Transparency Market Research has released a new market report titled Hydraulic Fracturing Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2014 - 2022. According to this report, the global hydraulic fracturing market stood at 21.34 MHHP in 2013 and is expected to reach 33.97 MHHP by 2022 at a CAGR of 5.30% from 2014 to 2022. In terms of revenue, the global hydraulic fracturing market was valued at USD 38,320.00 Million and it is estimated to reach USD 66,059.42 Million at a CAGR of 6.12% from 2014 to 2022.
Browse the full Hydraulic Fracturing Market, by Technology (Plug and Perf and Sliding Sleeves) and by Application (Conventional, Shale Gas, and Others) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2014 - 2022 report at https://www.transparencymarketresearch.com/hydraulic-fracturing-market.html
Hydraulic fracturing is widely used across the globe to extract large quantities of crude oil and natural gas. It is majorly used on unconventional reservoirs of shale gas, shale oil, tight gas, tight oil, and coal bed methane. Additionally, it is also used on wells that were once abandoned due to low production and high treatment costs. These wells are now considered to be economic and have started crude oil/natural gas production through the application of hydraulic fracturing technique. Various countries such as the U.S., Saudi Arabia, and Oman have started implementing hydraulic fracturing technique on their conventional oil and gas wells. Application of hydraulic fracturing technique on conventional oil and gas fields’ results in significant savings in time and costs as horizontal drilling is carried out to extract crude oil and natural gas. According to the U.S. Energy Information Administration (EIA), large quantities of recoverable shale oil and shale gas reserves presently exist in the U.S.
Hydraulic fracturing is employed on a large scale in North America owing to the vast shale reserves. Discovery of shale gas reserves in the U.S. is expected to transform the energy dynamics of the oil and gas sector of the country. In the future, it is anticipated that the U.S. would be a net exporter of crude oil and natural gas. Shale reserves have proved to be a game changer for North America. Barnett, Fayetteville, Utica, and Marcellus are the major shale gas basins in the region. The Black Warrior Basin and Raton Basin are the major coal bed methane reserves. As per the U.S. Department of Energy (DoE) forecast, over two million crude oil and natural gas wells in the U.S have been stimulated through hydraulic fracturing technology. In 2013, the Geological Survey of Canada projected that Canada holds over 4,500 trillion cubic feet (Tcf) of shale gas reserves, majority of which are located in the Western Canadian Sedimentary Basin. A large number of shale gas reserves in Canada are found in Alberta, British Columbia, Ontario, Quebec, and Yukon.
Countries in Europe such as Poland and the U.K. have a significant number of shale gas reserves. Poland and Ukraine have the largest and third-largest shale gas deposits in Europe. Poland has over 5.0 trillion cubic meters of shale gas reserves. In October 2012, the Ministry of Environment granted over hundred concessions for shale gas exploration in the country. Strong support of the Government of Poland and active participation from major oil companies such as Marathon Oil Corporation, Chevron Corporation, Exxon Mobil Corporation, ENI S.p.A., and ConocoPhillips Co. for the exploration of shale gas reserves would reduce the country’s dependence on foreign oil and gas imports in the future. Hydraulic fracturing has also been utilized in the U.K. since the past few decades, with the first fracturing job undertaken in the 1970s. Shale gas production started in the Blackpool aquifer in Lancashire and shale gas reserves have been explored in the Mendips.
Countries in Asia Pacific, especially China and Australia, have abundant unconventional resources with large shale reserves. Many countries in Asia Pacific are emerging economies and as compared to developed countries, demand for energy is high in these countries. China has the second-largest reserves after North America and can become the largest producer of natural gas across the globe if all the reserves in the country are explored for commercial production. The hydraulic horsepower pumping capacities of oilfield service companies in China are continuously increasing. The market in China is still under the strict regulatory framework and fracturing is not allowed without government permission and contracts.
The global hydraulic fracturing market has been segmented as follows:
Hydraulic Fracturing Market: Technology Analysis
- Plug and Perf
- Sliding Sleeves
Hydraulic Fracturing Market: Application Analysis
- Shale gas
Hydraulic Fracturing Market: Regional Analysis
- Rest of Europe
- Rest of Asia Pacific
- Rest of the World (RoW)
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