The global hydraulic fracturing market size is projected to expand at a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the adoption of novel methodologies, which has resulted in technological advancements.
Hydraulic fracturing is a fracture propagation technique used in low-permeability reservoirs such as shale to boost production by increasing the flow of oil & gas from the deposit. Fluids, and proppant are injected at high pressure into a reservoir to induce fractures perpendicular to sustain these openings during production, based on the inherent stresses of the formation. This technology is used to increase permeability in the reservoir so that oil and gas can be extracted that can otherwise be difficult to recover through natural production. Additionally, in hydraulic fracturing, fracturing fluids are used to maintain viscous to develop a suitable fracture wide. Water-based fracturing fluids with proppant and thickeners are pushed into the shale above the fracture pressure in a controlled and monitored setting. However, the COVID-19 pandemic has had a major impact on the shale oil & gas industry. Many of the investments were delayed or abandoned due to reduced oil and gas consumption, which is projected to recover to original level by end of 2021.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing recoverable resources and their production is driving market growth.
- Rising oil and gas operations is expected to propel the market growth.
- High capital costs can hamper the market expansion.
- Rising advancement in hydraulic fracturing techniques and the rising availability of vertical integration are estimated to offer lucrative opportunities for the global hydraulic fracturing market.
Scope of the Report
The report on the global hydraulic fracturing market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Hydraulic Fracturing Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Well Types (Horizontal and Vertical) and Fluid Types (Slick Water-based Fluid, Foam-based Fluid, Gelled Oil-based Fluid, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Calfrac Well Services Ltd; Baker Hughes Co.; NexTier Oilfield Solutions Inc.; Schlumberger Limited; and Basic Energy Services
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Hydraulic Fracturing Market Segment Insights
Vertical segment is projected to expand at a considerable CAGR
On the basis of well types, the market is segregated into horizontal and vertical. The vertical segment is projected to expand at a considerable CAGR during the forecast period due to changing trends toward unconventional reserve development. However, the horizontal segment is anticipated to hold a key share of the market in the coming years due to growing horizontal drilling and hydraulic fracturing activities.
Foam-based fluid segment is anticipated to account for a significant market share.
Based on fluid types, the market is divided into slick water-based fluid, foam-based fluid, gelled oil-based fluid, and others. The foam-based fluid segment is anticipated to account for a significant market share during the forecast period owing to increasing demand for foam-based fluids. Moreover, high-quality foams are most commonly used in water-sensitive gas-bearing formations, such as an under-saturated gas reservoir, where water obstruction is a major problem.
North America is anticipated to constitute a key market share
In terms of regions, the global hydraulic fracturing market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period due to increased drilling activities and new offshore projects. Moreover, North America is a major producer of crude oil and natural gas around the world. Increasing well drilling activities and expanded producing well base are projected to propel the hydraulic fracturing market during forecast period. However, the market in Europe is anticipated to expand at a rapid pace during the forecast period due to redevelopment of matured fields. On the other hand, the market in Asia Pacific is expected to grow at a rapid pace during the forecast period owing to availability of large technically recoverable CMB and shale reserve in China.
Segments
Segments Covered in the Report
The global hydraulic fracturing market has been segmented on the basis of
Well Types
Fluid Types
- Slick Water-based Fluid
- Foam-based Fluid
- Gelled Oil-based Fluid
- Other
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Calfrac Well Services Ltd
- Baker Hughes Co.
- NexTier Oilfield Solutions Inc.
- Schlumberger Limited
- Basic Energy Services
Competitive Landscape
The global hydraulic fracturing market is moderately fragmented. Key players competing in the market are Calfrac Well Services Ltd; Baker Hughes Co.; NexTier Oilfield Solutions Inc.; Schlumberger Limited; and Basic Energy Services.
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