Market Synopsis:
Hydraulic fracturing is used for extraction of unconventional resources. With the rising demand for pressure pumping, the hydraulic fracturing market is expected to witness a boom in the years to come. According to Market Research Future (MRFR)’s analysis, the global hydraulic fracturing market is anticipated to mark 14% CAGR across the forecast period 2018 to 2023. The market is expected to witness advancements in the forthcoming years. It is anticipated to open new growth avenues for the market participants over the assessment period. However, the strict regulations imposed by the governments for the protection of the environments are poised to check the expansion of the Hydraulic Fracturing Services Market over the next couple of years.
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Market Segmentation:
The segments of the global hydraulic fracturing market, on the basis of technology, are sliding sleeve, plug-and-perforation, and others. Among these, the plug-and-perforation segment is expected to lead the growth of the market over the next couple of years.
The hydraulic fracturing market has been divided on the basis of well type into horizontal and vertical. The horizontal segment is anticipated to hold a prominent market share during the forecast period owing to its efficiency in cracking multiple oil wells from the same point.
The segmental assessment of the global hydraulic fracturing market, on the basis of application, covers crude oil, tight oil, shale gas, and others. Among these, the tight oil segment is anticipated to lead the expansion of the market owing to rising demand for unconventional resources. The shale gas segment is also anticipated to hold a substantial share of the market in the years to come.
Regional Analysis:
The geographical assessment of the hydraulic fracturing market spans across four regions that are further analyzed on a country-level basis. The key regions identified in this study are North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North America is expected to dictate the proliferation of the global market over the next couple of years. The availability of vast reserves of shale gas in the region is expected to drive the expansion of the market in the region in the upcoming years. In addition, investments in the exploration of shale gas are also expected to increase. This, in turn, is prognosticated to influence the expansion of the hydraulic fracturing market significantly in the years to come. The U.S. is assessed to lead the regional market over the next few years.
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Competitive Dashboard:
Baker Hughes GE (U.S.), National Oilwell Varco, Inc. (U.S.), Schlumberger (U.S.), Patterson-UTI Energy (U.S.), TechnipFMC (UK), FracChem LLC. (U.S.), U.S. Silica Holdings (U.S.), Nuverra (U.S.), Halliburton (U.S.), FTS International (U.S.), Franklin Well Service LLC (U.S.), US Well Services (U.S.), and EOG Resources (U.S.) are few of the major players operating in the global hydraulic fracturing market.
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