Hydraulic Fracturing Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020 - 2030
Global Hydraulic Fracturing Market: Snapshot
The global hydraulic fracturing market was initially evaluated at US$ 34.8 Bn in the base year of the study i.e. 2021. The research report predicts that the global hydraulic fracturing market will record an outstanding growth rate of 7.6 % during the forecast period of 2021 to 2026.
Furthermore, it also projects that the global hydraulic fracturing market will expand to hit the final evaluation of US$ 50.2 Bn by the end of the forecast period in 2026. The growth in the global hydraulic fracturing market is anticipated to be driven by the rising amount of efforts put forth by the leading upstream enterprises in order to enhance the manufacture and production from various non-traditional resources.
Furthermore, the increase in the exploration activities from shale gas, as well as tight gas, and the rising demand from North America region is also anticipated to favor the development of the global hydraulic fracturing market over the forecast period. However, concerns pertaining to environmental impact of the hydraulic fracturing processes may restrain the development of the global hydraulic fracturing market in the near future. Moreover, the increasing concerns pertaining to high water requirements for undertaking these operations may also slow down the growth of the global hydraulic fracturing market in the coming years.
Global Hydraulic Fracturing Market: Overview
Noteworthy growth in shale production and exploration activities is projected to create lucrative avenues in the global hydraulic fracturing market during the forecast period of 2020 to 2030. Sliding sleeve and plug & perf are key technologies utilized in the hydraulic fracturing processes.
Hydraulic fracturing refers to a drilling technique utilized for the extraction of natural gas or petroleum (oil) from deep in the Earth. In this procedure, cracks are made below and in the Earth's surface. Then to open and widen these cracks, different chemicals, sand, and water are injected in them at high pressure.
TMR Research’s upcoming report gives panoramic view of the global hydraulic fracturing market. Thus, this research document offers exhaustive analysis of drivers, growth avenues, investment opportunities, and R & D activities in the market for hydraulic fracturing.
The segmentation of the global hydraulic fracturing market is performed based on many important facets such as well type, technology, application, and region. In terms of well type, the market for hydraulic fracturing is classified into horizontal well and vertical well.
Global Hydraulic Fracturing Market: Growth Dynamics
The global hydraulic fracturing market is estimated to gain lucrative avenues during forecast period 2020–2030. This growth can be attributed to increased demand for energy sources such as oil and gas and growth in tight oil, tight gas, and shale gas activities across major parts of the globe.
In recent years, several upstream enterprises are growing efforts to improve overall production from unconventional resources. This is one of the key factors driving sales opportunities for players operating in the global hydraulic fracturing market.
Companies operating in the global hydraulic fracturing market are experiencing high demand for the plug & perf technology. This growth can be attributed to many factors including competitive cost and ease of operation of this technology. Moreover, the ability of this technology to offer superior performance in production and help in achieving lowered production cost are some of the key factors boosting the popularity of plug & perf technology. Thus, growing adoption of this technology is estimated to create prominent expansion avenues for the global hydraulic fracturing market in the forthcoming years.
Global Hydraulic Fracturing Market: Notable Development and Competitive Analysis
The global hydraulic fracturing market seems to be extremely fragmented in nature. Presence of many players signifies that the competitive landscape of the market for hydraulic fracturing is highly intense. To deal with this high level of competition, companies in the hydraulic fracturing market are executing various strategies such as mergers, acquisitions, joint ventures, and partnerships.
Major enterprises working in the global hydraulic fracturing market are growing investments in R & D activities. The prime motive of this strategy is overall quality improvement. This aside, several enterprises are growing interest in their regional expansion. All these activities suggest that the global hydraulic fracturing market is anticipated to expand at prominent pace during the forecast period of 2020 to 2030.
Some of the important players in the global hydraulic fracturing market are:
Global Hydraulic Fracturing Market: Regional Assessment
The global hydraulic fracturing market shows presence across many geographical regions such as Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. Of them, North America seems to be one of the prominent regions in the market for hydraulic fracturing owing to increase in unconventional resources in Canada and the U.S.
Frequently Asked Questions:
What are the diverse growth parameters influencing the Hydraulic Fracturing Market?
The rising demand for energy on a global level, as well as the rising demand for hydraulic fracturing technologies are expected to drive the growth in the global hydraulic fracturing market.
Which regions will contribute largely to the growth of the Hydraulic Fracturing Market?
North America and Asia Pacific regions are anticipated to contribute substantially for the growth within the global hydraulic fracturing market.
What are the recent innovations and technological advancements in the Hydraulic Fracturing Market?
The advent of foams that facilitate waterless fracking may offer innovative new solutions in the global hydraulic fracturing market in the near future.
What are the emerging trends across the Hydraulic Fracturing Market?
The increasing shale gas, and tight gas exploration activities are expected to fuel the growth in the global hydraulic fracturing market.
How has COVID-19 affected the Hydraulic Fracturing Market?
The COVID-19 pandemic affected the oil and gas industry negatively, which hampered the growth of the global hydraulic fracturing market in recent past.
What will be the post-pandemic scenario of the Hydraulic Fracturing Market?
The stabilization of the volatility in oil and gas prices is anticipated to favor the expansion of the global hydraulic fracturing market in post pandemic era.
What are the major threats that will dent the growth prospects of the Hydraulic Fracturing Market?
Adverse environmental as well as public health impacts brought on by chemicals used for fracking may hamper the growth in the global hydraulic fracturing market.
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