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Hydraulic Fracturing Market to Hit $37.51 Billion by 2027; Increasing Demand for Exploration of Multiple Wells in Single Operation to Boost Market Growth: Fortune Business Insights™

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Pune, Sept. 08, 2020 (GLOBE NEWSWIRE) — The global hydraulic fracturing market size is projected to reach USD 37.51 billion by 2027, exhibiting a CAGR of 8.8% during the forecast period. Increasing energy demand worldwide will be the prime factor driving the growth of this market, states Fortune Business Insights™ in its report, titled “Hydraulic Fracturing Market Size, Share & COVID-19 Impact Analysis, By Well Type (Horizontal and Vertical), By Technology (Plug & Perf and Sliding Sleeve), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027”.Click here to get the short-term and long-term impact of COVID-19 on this market.
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According to the International Energy Agency (IEA), global energy demand is set to rise by 1% annually up to 2040, and 35% of this increase will be met by natural gas. The US Energy Information Administration (EIA) predicts that world energy consumption is set to increase by approximately 50% between 2018 and 2050. Meeting this surging demand for energy will be a massive challenge in the coming years, necessitating the deployment of innovative and efficient exploration technologies such as hydraulic fracturing. This is a well stimulation technique that is aimed at creating new fractures by injecting water, sand, and other chemicals under high pressure into a bedrock as well as expanding the size and extent of the existing well. Thus, rising demand for oil & gas worldwide is likely to stoke the adoption of this technology and boost the market.As per the report, the value of the market stood at USD 28.13 billion in 2019. The report also features the following highlights:Comprehensive study of all possible market drivers and restraints;Precise projections of the upcoming investment pockets;Careful segmentation of the market; andTangible analysis of the regional dynamics and competitive landscape of the market.
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Regional InsightsHeavy Investments in Oil & Gas Exploration Operations to Fuel the US MarketThe US, with a market size of USD 21.86 billion in 2019, is expected to lead the hydraulic fracturing market share during the forecast period on account of massive investments made by the government and private companies in the hydrocarbon industry. Additionally, supportive government policies promoting shale gas extraction operations will further strengthen the country’s position in the global market.In China, the market will be primarily driven by the discovery of unconventional gas reserves, which will stoke the adoption of this fracturing technology. Russia is also a major player in the energy industry, having rich hydrocarbon reserves within its territorial boundaries, which places it in a unique position to cater to the energy demands of not just Europe, but also of Central and South Asian countries.
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Competitive LandscapeKey Players to Develop and Launch Optimized Fracking SolutionsThe hydraulic fracturing market growth is anticipated to gain considerable momentum with key players constantly designing, developing, and launching well-optimized fracking solutions. These innovations are engineered to meet the rising demand for efficient drilling and extraction equipment from the oil & gas industry and various other sectors dependent on hydrocarbons for their functioning.Industry Developments:April 2019: Halliburton launched the ‘Electric frac sleeve’, its monobore sleeve solution designed to facilitate multistage fracturing operations. The sleeve allows greater flexibility as well as a highly optimized access to reservoirs and precise well stimulation properties.April 2019: Baker Hughes announced the deployment of its new turbine range in the Permian Basin in West Texas. The turbines will utilize the excess natural gas from a drilling site to power its hydraulic fracturing machinery, thus lowering carbon emissions and reducing flaring.List of Key Companies Covered in the Hydraulic Fracturing Market Report:US Well Services (Texas, US)Superior Energy Services (Texas, US)Trican Well Services Ltd. (Calgary, Canada)Calfrac Well Services (Calgary, Canada)Cudd Energy Services (Texas, US)FTS International (Texas, US)Weatherford (Texas, US)Schlumberger (Texas, US)RockPile Energy Services (Colorado, United States)Basic Energy Services (Texas, US)Liberty Oilfield Services (Colorado, United States)ProPetro Holding Corp. (Texas, US)Halliburton (Texas, US)Baker Hughes (Texas, US)
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Detailed Table of ContentIntroductionResearch ScopeMarket SegmentationResearch MethodologyDefinitions and AssumptionsExecutive SummaryMarket DynamicsMarket DriversMarket RestraintsMarket OpportunitiesKey InsightsKey Emerging Trends – For Major CountriesLatest Technological AdvancementRegulatory LandscapeIndustry SWOT AnalysisPorters Five Forces AnalysisQualitative Analysis – Impact of COVID-19Impact of COVID-19 on the Hydraulic Fracturing MarketSteps Taken by the Government to Overcome the ImpactKey Developments by Industry Players in Response to COVID-19Potential Opportunities and Challenges due to COVID-19 OutbreakGlobal Hydraulic Fracturing Market Analysis (USD Billion), Insights and Forecast, 2016-2027Key Findings / SummaryMarket Analysis, Insights and Forecast – By Well TypeHorizontalVerticalMarket Analysis, Insights and Forecast – By ApplicationOnshoreOffshoreMarket Analysis, Insights and Forecast – By TechnologyPlug & PerfSliding SleeveMarket Analysis, Insights and Forecast – By CountryU.S.CanadaArgentinaRussiaChinaAustraliaRest of the World
TOC Continued..
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