San Francisco, 7 December 2018: According to a report
published by Grand View Research, Inc.; the hydraulic fracturing market is expected to reach a valuation of around USD
81.10 billion by 2024.
Increasing concerns of energy
and production companies towards decreasing production rates in conventional
hydrocarbon reserves and increasing focus on developing unconventional oil and
gas blocks across the world can propel the market during the forecast period
(2014 to 2024).
The consumption of oil and gas
across the world has increased for transportation, power generation, and
household activities. Reducing conventional reserves has led to decline in the
production levels. The falling rate of petroleum production level is likely to
increase demand-supply gap. Thus, increasing emphasize on developing
unconventional reserves such as shale, coal bed methane (CBM), tight oil, and
tight gas is likely to drive the market in the coming years. Additionally,
advancements in advanced extraction techniques has also helped E&P
companies to enhance the yield in low profitable sites such as deep and
ultra-deep seas, and the cold region.
However, strict regulatory
framework and safety directives by several governments and regulatory bodies
such as REACH and EPA due to possible environmental risk is likely to hinder
the market.
Worldwide hydraulic fracturing
market can be segmented on the basis of technology, material, application, and
region. Based on technology, the market can be classified into sliding sleeve,
and plug and perf. In 2015, the plug and perf captured over 80% of the overall
revenue and anticipated to show moderate growth over the forecast period. The
method is used for hydrofracturing cased holes.
Access
Research Report of Hydraulic
Fracturing Market@ www.grandviewresearch.com/industry-analysis/hydraulic-fracturing-market
As per material, the market
can be bifurcated into proppant and others. The proppants segment is appeared
as major segment and its net revenue is anticipated to exceed USD 14.0 billion
by 2024. The segment can be further classified into ceramic, sand, and resin coated
sand. The ceramic proppant segment is expected to expand at an estimated CAGR
of 7.6% during 2016 to 2024.
As per application, the market
can be split into shale gas, tight oil, tight gas, CBM, and others.
In 2015, the shale gas segment
was the leading segment and estimated for 30.2% of the total revenue. The
segment is expected to grow at a CAGR of 9.8% during 2016 to 2024. Thriving
shale industry, I the U.S. and rise in acreage of shale basins worldwide,
especially in Canada and China is likely to boost the segment growth.
Geographically, the market can
be divided into North America, Europe, Asia Pacific, Middle East & Africa,
and Central and South America.
Browse more reports of this category by
Grand View Research at: www.grandviewresearch.com/industry/conventional-energy
In 2015, North America
conquered the market and estimated for over 85% of overall revenue. The U.S.
and Canada jointly captured largest share in this region. Availability of
skilled manpower and technology, and presence of supportive government
regulation and rise in E&P activities in unconventional reserves can drive
the market in these countries.
Asia Pacific is likely to grow
with rapid pace due to ample availability of technically recoverable
unconventional oil and gas reserves. Additionally, rise in FDI flow in the
hydrocarbon sector in Australia, Indonesia, and China. In 2015, in terms of
revenue, the region reported for 6.6% of the total revenue and likely to expand
at a CAGR of 12.1% by 2024.
The market is likely to
exhibit considerable growth in countries including Argentina, Russia, Algeria,
and Poland during the forecast period due to rise in efforts for developing the
large available unconventional hydrocarbon reserves.
Key players operating in the
market include Baker Hughes Inc.; Superior Well Services Inc.; Weatherford
International Inc.; Trican Well Service Ltd.; and C&J Energy Services Inc.
The market comprises a large
number of multinational companies including E&P companies, oilfield service
firms and individual proppants, equipment, and microseismic companies. High
acquisition of water source for fracturing and its disposable concerns poses a
threat for participants.
Acquisition of continuous
source of water for fracturing along with its waste disposal concerns also
poses a threat for industry participants. Major participants are concentrating
on the development of innovative technologies which requires less or no water.
Access
Press Release of Hydraulic Fracturing Market@ www.grandviewresearch.com/press-release/global-hydraulic-fracturing-market
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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