The global hydraulic fracturing Market size is forecast to cross US$68 billion by 2024, according to a new research report by Global Market Insights, Inc.
Increasing investment towards exploration and production of unconventional resources due to rising concern towards rapid depletion of conventional resources will drive the hydraulic fracturing market size during the forecast period. Growing petroleum demand, rapid infrastructure development and demographics will drive industry growth. Global hydrocarbon based liquid fuel demand for 2015 was more than 92 million bpd.
Natural gas is expected to witness the considerable growth owing to wide applications across industries and power plants. Its environment friendly nature makes it preferable over other alternatives. Tight gas accounted for over 15% of global hydraulic fracturing market share in 2015. Horizontal fracturing demand is expected to witness substantial growth, owing to its ability to access natural gas surrounding the entire portion of horizontal drilled section.
Plug and perforation hydraulic fracturing market size was valued at over US$15 billion in 2015 and is expected to witness handsome growth in future. Ease of accessibility for fracking in horizontal wells will boost technology demand. Several restrictions in some countries owing to its adverse environmental impact including noise and visuals impact, seismic events, land surface disturbance etc. may hamper the business. High operational expenditures involved in development of shale gas is also among the major restraints.
Positive outlook toward automobile and manufacturing sector may favour the crude oil demand in coming years. Canada hydraulic fracturing market size accounted for over 10% of regional revenue share in 2015. Increasing exploration and production of unconventional resources including shale gas coupled with availability of resources and advanced technology may favour growth.
Argentina hydraulic fracturing market size was valued at over US$2 billion in 2015 and is expected to witness a handsome growth in future. Abundant availability of unconventional resources will propel the regional growth. Government has also introduced various initiatives or measures to encourage market dynamics and competition, facilitating entry of new players which will drive demand.
Hydraulic fracturing market share is consolidated in nature as large number of players are catering to industry. Some of the key players in the industry are FTS, Weatherford International, Calfrac Well Services, Superior Energy Services, Baker Hughes, Schlumberger, Haliburton, Tacrom Services and Trican Well Services.
For more information, you can access the full report here: https://www.gminsights.com/industry-analysis/hydraulic-fracturing-market
Read the article online at: https://www.oilfieldtechnology.com/special-reports/14022019/hydraulic-fracturing-market-worth-over-us68-billion-by-2024/