Pune, Jan. 24, 2020 (GLOBE NEWSWIRE) -- The global Hydraulic Fracturing Market size is projected to reach USD 71.72 billion by 2026, thereby exhibiting a CAGR of 8.69% during the forecast period. However, it stood at USD 37.23 billion in 2018. Fortune Business Insights™ published this information in a recent report, titled, “Hydraulic Fracturing Market Size, Share & Industry Analysis, By Well Type (Horizontal, and Vertical), By Technology (Plug & Perf, and Sliding Sleeve), and By Application (Onshore, and Offshore), Regional Forecast, 2019-2026.” The report further states that this technology has been aiding in reducing material and energy costs, as well in as stimulating the economic activities for a wide range of businesses, namely, supply and service companies.
What Does This Report Contain?
- In-depth information about the Hydraulic Fracturing Market trends, opportunities, challenges, growth drivers, and hindrances.
- Elaborate analysis of the competitive landscape and market dynamics.
- Crucial regions present in the market.
- Profiles of the major companies and their business strategies.
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Rising Exploration of Unconventional Gas Worldwide to Drive Growth
The countries across the world are gradually transforming conventional exploration by assessing quintessential unconventional gases, namely, coal bed methane gas, tight gas, and shale gas. In North America, the pre-existing players in the U.S. are investing extensively in the exploration activities of these gases by adopting hydraulic fracturing.
Moreover, the unconventional gas offers large amount of energy reserves to fulfill the massive unmet demand for energy owing to the increasing potential of production and exploration of tight and shale gas. Natural gas is also being produced through fracking and it has exhibited a positive outcome. All these factors are set to boost the Hydraulic Fracturing Market growth during the forecast period.
Asia Pacific to Exhibit Astonishing Growth Owing to China’s Development of New Technology
Geographically, the market is divided into Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific. Out of these, in North America, the number of exploration activities is increasing. In the U.S., a blend of federal regulation, effective state, best practices, and industry standards is preventing the environment and the communities from hazards. Additionally, it would help the country in boosting its natural gas production. Hence, the ongoing investments by key players in the exploration of unconventional gas, as well as technological developments are set to increase the Hydraulic Fracturing Market revenue in this region.
In Asia Pacific, China has managed to cut off the cost of drilling exploration wells by around 40% by developing homegrown drilling technology. The country is making an impressive progress in extracting natural gas from shale rock formations. It would soon replicate the shale gas revolution that had taken place in the U.S. Other countries around the world, such as Australia, Russia, Argentina, and Canada have started utilizing hydraulic fracturing to gain the maximum number of energy reserves.
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Key Players Focus on Launching Unique Products to Expand Product Portfolio
Prominent enterprises operating in the market are engaging in launching new products equipped with state-of-the-art technology. They are doing so to acquire the maximum Hydraulic Fracturing Market share in the near future. Below are a couple of the key industry developments:
- March 2019: Halliburton Company, an oil field service companies based in Houston, launched its new monobore sleeve solution named Elect frac sleeve. The sleeve is best suited for multistage fracturing operations as it enables unlimited stage count. As per the company, it is one of the biggest steps in completion sleeves and supports greater flexibility. Also, it uses the power of electronics to assist efficiencies in hydraulic fracturing.
- April 2019: Baker Hughes Company, an international industrial service company headquartered in Texas, unveiled its latest electric frack turbines to keep up with its pledge to have net-zero carbon emissions by 2050. The turbines would help in making electricity for oilfield equipment by using natural gas. The company is set to debut them in the Permian Basin.
Fortune Business Insights™ profiles a few of the most renowned companies present in the Hydraulic Fracturing Market. They are as follows:
- Calfrac Well Services
- Halliburton
- Basic Energy Services
- Baker Hughes, a GE Company
- Superior Energy Services
- Schlumberger
- US Well Services
- Weatherford
- RockPile Energy Services
- ProPetro Holding Corp.
- FTS International
- Trican Well Services Ltd.
- BJ Services
- Liberty Oilfield Services
- Cudd Energy Services
- Other key market players
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Regulatory Landscape
- Industry SWOT Analysis
- Porters Five Forces Analysis
- Value Chain Analysis
- Global Hydraulic Fracturing Market Analysis (USD Billion), Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Well Type
- Horizontal
- Vertical
- Market Analysis, Insights and Forecast – By Technology
- Plug & Perf
- Sliding Sleeve
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Argentina
- Russia
- China
- Australia
- Rest of the World
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