Pune, Sept. 08, 2020 (GLOBE NEWSWIRE) -- The global hydraulic fracturing market size is projected to reach USD 37.51 billion by 2027, exhibiting a CAGR of 8.8% during the forecast period. Increasing energy demand worldwide will be the prime factor driving the growth of this market, states Fortune Business Insights™ in its report, titled “Hydraulic Fracturing Market Size, Share & COVID-19 Impact Analysis, By Well Type (Horizontal and Vertical), By Technology (Plug & Perf and Sliding Sleeve), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027”.
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According to the International Energy Agency (IEA), global energy demand is set to rise by 1% annually up to 2040, and 35% of this increase will be met by natural gas. The US Energy Information Administration (EIA) predicts that world energy consumption is set to increase by approximately 50% between 2018 and 2050. Meeting this surging demand for energy will be a massive challenge in the coming years, necessitating the deployment of innovative and efficient exploration technologies such as hydraulic fracturing. This is a well stimulation technique that is aimed at creating new fractures by injecting water, sand, and other chemicals under high pressure into a bedrock as well as expanding the size and extent of the existing well. Thus, rising demand for oil & gas worldwide is likely to stoke the adoption of this technology and boost the market.
As per the report, the value of the market stood at USD 28.13 billion in 2019. The report also features the following highlights:
- Comprehensive study of all possible market drivers and restraints;
- Precise projections of the upcoming investment pockets;
- Careful segmentation of the market; and
- Tangible analysis of the regional dynamics and competitive landscape of the market.
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Regional Insights
Heavy Investments in Oil & Gas Exploration Operations to Fuel the US Market
The US, with a market size of USD 21.86 billion in 2019, is expected to lead the hydraulic fracturing market share during the forecast period on account of massive investments made by the government and private companies in the hydrocarbon industry. Additionally, supportive government policies promoting shale gas extraction operations will further strengthen the country’s position in the global market.
In China, the market will be primarily driven by the discovery of unconventional gas reserves, which will stoke the adoption of this fracturing technology. Russia is also a major player in the energy industry, having rich hydrocarbon reserves within its territorial boundaries, which places it in a unique position to cater to the energy demands of not just Europe, but also of Central and South Asian countries.
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Competitive Landscape
Key Players to Develop and Launch Optimized Fracking Solutions
The hydraulic fracturing market growth is anticipated to gain considerable momentum with key players constantly designing, developing, and launching well-optimized fracking solutions. These innovations are engineered to meet the rising demand for efficient drilling and extraction equipment from the oil & gas industry and various other sectors dependent on hydrocarbons for their functioning.
Industry Developments:
- April 2019: Halliburton launched the ‘Electric frac sleeve’, its monobore sleeve solution designed to facilitate multistage fracturing operations. The sleeve allows greater flexibility as well as a highly optimized access to reservoirs and precise well stimulation properties.
- April 2019: Baker Hughes announced the deployment of its new turbine range in the Permian Basin in West Texas. The turbines will utilize the excess natural gas from a drilling site to power its hydraulic fracturing machinery, thus lowering carbon emissions and reducing flaring.
List of Key Companies Covered in the Hydraulic Fracturing Market Report:
- US Well Services (Texas, US)
- Superior Energy Services (Texas, US)
- Trican Well Services Ltd. (Calgary, Canada)
- Calfrac Well Services (Calgary, Canada)
- Cudd Energy Services (Texas, US)
- FTS International (Texas, US)
- Weatherford (Texas, US)
- Schlumberger (Texas, US)
- RockPile Energy Services (Colorado, United States)
- Basic Energy Services (Texas, US)
- Liberty Oilfield Services (Colorado, United States)
- ProPetro Holding Corp. (Texas, US)
- Halliburton (Texas, US)
- Baker Hughes (Texas, US)
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Detailed 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
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Hydraulic Fracturing Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Hydraulic Fracturing Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Well Type
- Horizontal
- Vertical
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Technology
- Plug & Perf
- Sliding Sleeve
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Argentina
- Russia
- China
- Australia
- Rest of the World
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Drilling Tools Market Size, Share and Global Trend By Type (Drill Bits, Drill Collars, Drill Jars, Drilling Tubulars, Drilling Motors, Drill Swivels, Drill Reamers & Stabilizers, Mechanical Thrusters), By Application (Onshore, Offshore) and Geography Forecast till 2026
Managed Pressure Drilling Market Size, Share and Industry Analysis, By Technology (Constant Bottom Hole Pressure, Pressurized Mud Cap Drilling, and Dual Gradient), By Application (Onshore and Offshore), and Regional Forecast, 2019-2026
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