The global hydraulic fracturing market is expected to reach USD 90.55 billion by 2020. Regulatory support in the form of tax benefits and financial incentives, particularly in North America and Asia Pacific is expected to drive the — global hydraulic fracturing market over the next six years. Depleting conventional oil & gas reserves has prompted the industry to shift its focus towards developing unconventional resources of energy which is also expected to have positive impact on market growth. Environment issues on account of ground water contamination have led regulatory bodies across various European countries to ban the use hydraulic fracturing and this is expected to remain a key challenge for market participants.
Plug & perf emerged as the leading technology used for hydraulic fracturing and accounted for 85.6% of total market revenue in 2013. Plug & perf is also expected to be the fastest growing technology at an estimated CAGR of 12.1% from 2014 to 2020. Use of plug & perf technique enables multistage fracturing for cased holes. Owing to its ease in accessibility for fracturing horizontal wells, this technology is preferred over sliding sleeve technique in the global hydraulic fracturing market.
Related Category Market Report @
Global Marine Power System Consumption Industry - http://hexareports.com/report/global-marine-power-system-consumption-industry-2016
Further key findings from the study suggest:
Global hydraulic fracturing market was valued at USD 41.62 billion in 2013 and is expected to reach USD 90.55 billion by 2020, growing at a CAGR of 11.8% from 2014 to 2020.
Proppants are one of the most important materials used for carrying out hydraulic fracturing and accounted for 28.5% of total hydraulic fracturing market revenue in 2013. Sand proppants emerged as the leading proppant product segment and accounted for 45.6% of total market revenue in 2013. Ceramic is expected to be the fastest growing proppant product segment at an estimated CAGR of 10.6% from 2014 to 2020.
Shale gas emerged as the leading application segment and accounted for 28.3% of total market revenue in 2013. Shale gas is also expected to be the fastest growing application segment at an estimated CAGR of 13.7% from 2014 to 2020. Shale gas boom in the U.S. and rapidly developing shale gas reserves in China is expected to drive the demand for hydraulic fracturing in this segment.
North America continued its dominance in the global hydraulic fracturing market and accounted for 88.8% of total market revenue in 2013. Increasing acreages in shale basins in U.S. and Canada coupled with government support for hydraulic fracturing has contributed to the growth of hydraulic fracturing in the region. Asia Pacific is expected to be a high-growth regional market, at an estimated CAGR of 19.1% from 2014 to 2020. Increasing E&P activities in unconventional oil & gas reserves, especially in China is expected to drive the regional hydraulic fracturing market.
The global hydraulic fracturing market is moderately fragmented with the top four companies including Schlumberger, Halliburton, Baker Hughes and FTS International accounted for just over 55% of the global market in 2013. Other significant companies operating in the market include Weatherford International, Calfrac Well Services, Cudd Energy, Superior Well Services, Talcrom Services, Trican Well Services and United Oilfield Services.
Browse Our Latest Market Research Report @
Clean Technology in Defense Industry- http://www.hexareports.com/report/clean-technology-in-defense-industry-emerging-trends-and-outlook
Hexa Reports is a market research and consulting organization, offering industry reports, custom research and consulting services to a host of key industries across the globe. We offer comprehensive business intelligence in the form of industry reports which help our clients obtain clarity about their business environment and enable them to undertake strategic growth initiatives.
Name: Ryan Shaw
Email: Send Email
Organization: Hexa Reports
Address: Felton Office Plaza, 6265 Highway 9, Felton, California, 95018, United States
Release ID: 129097