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 technique has emerged as a boon for the global oil and gas sector. With the successful evolution of unconventional reserves across the globe, demand for hydraulic fracturing is expected to rise at a significant rate in the future. Vast unconventional reserves which include shale gas, shale oil, tight gas, tight oil, and coal bed methane boost the demand for hydraulic fracturing technique. High applications of hydraulic fracturing are also found in conventional reserves. A large number of oilfields are depleting and rise in the number of mature hydrocarbon fields propel the demand for hydraulic fracturing technique. Presently, mature field’s accounts for over 70% of the global crude oil production. Thus, through the application of hydraulic fracturing technique, large quantities of crude oil and natural gas can be easily extracted from the earth’s crust.
Currently, North America dominates the hydraulic fracturing market as large reserves of shale are present in the region. With the discovery of shale gas, North America has been transformed from an energy importing nation to an energy exporting nation. It has been observed that sufficient quantities of natural gas are available in North America to maintain energy security in the region. The hydraulic fracturing technique leads to economic growth, ensures energy security, and creates large employment opportunities in North America. In the future, it is estimated that North America would be the largest exporter of crude oil and natural gas. A decade ago, natural gas production from shale gas accounted for only 2% of the total output in the U.S. According to 2014 estimates, natural gas production from shale has crossed the 40% mark. By 2035, it is estimated that the shale gas would account for 75% of the overall natural gas production. Unlocking shale gas reserves would guarantee more than a 100 year supply of clean natural gas to the U.S.
According to the U.S. Energy Information Agency (EIA), over 24 billion barrels of recoverable shale oil and 700 trillion cubic feet of recoverable shale gas reserves presently exist in the U.S. Shale plays that are considered important include the Barnett, Marcellus, Fayetteville Eagle Ford, Haynesville, and Bakken. Other major plays include Niobrara, Antrim, New Albany, Woodford, and Utica. In the U.S., hydraulic fracturing technique has been responsible for the production of over 600 trillion cubic feet of natural gas and over seven billion barrels of crude oil. Also, the development of shale gas reserves has enabled North America to become less dependent on the Middle East for crude oil and natural gas imports. North America’s shale rock is considered as a game-changing resource, which has the potential to transform the global oil and gas sector.
In 2013, as per the U.S. Department of Energy (DoE), two million crude oil and natural gas wells in the U.S have been stimulated by hydraulic fracturing technology. The hydraulically fractured wells account for around 40%-45% of the crude oil production and 65%-70% of natural gas production in the U.S. Apart from North America, vast shale gas reserves are found in Argentina, Brazil, Poland, Ukraine, the U.K., Australia, China, Saudi Arabia, and Oman. According to an estimate, China’s shale gas reserves account for more than the combined reserves of the U.S. and Canada.
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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