Burgeoning Need for Oil and Gas to Boost Hydraulic Fracturing Industry Growth
New York, US, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Hydraulic Fracturing Market Analysis by Well Type, By Technology, by Application, and by Region - Forecast till 2030” valuation is poised to reach USD 34800 million by 2030, registering an 14.2% CAGR throughout the forecast period (2022–2030).
Hydraulic Fracturing Market Overview
The growing awareness about the effectiveness and potential of untapped reserves like tight & shale gas will offer lucrative opportunities for this market during the assessment period.
Hydraulic Fracturing Market Report Scope:
Market Size by 2030
USD 34,800 Million
CAGR from 2022 to 2030
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Burgeoning Need for Oil and Gas to Boost Market Growth
The burgeoning need for oil, gas & other forms of petroleum products coupled with growing need for advanced hydraulic equipment especially for exploration will boost market growth over the forecast period.
High Water Usage to act as Market Restraint
The high water usage & environmental concerns about hydraulic fracturing may act as market restraints over the forecast period.
Health Impacts of Fracking Chemicals to act as Market Challenge
The health impacts of fracking chemicals and stringent rules via the national government with regards to the usage of hydraulic fracturing may act as market challenges over the forecast period.
Hydraulic Fracturing Market Segments
The global hydraulic fracturing market is bifurcated based on application, technology, and well type.
By well type, horizontal will lead the market over the forecast period.
By technology, plug and perforation will dominate the market over the forecast period.
By application, tight oil will spearhead the market over the forecast period.
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Hydraulic Fracturing Market Regional Analysis
North America to Spearhead Hydraulic Fracturing Market
The market for hydraulic fracturing in the North American region was estimated to account for the largest market share worldwide. This dominance is a result of expanding shale gas production within the regional nations as well as rising demand for cutting-edge technologies in the oil and gas business. Due to rising energy demand and an increase in the amount of the unconventional hydrocarbon reserves discovered in the region's emerging economies, the Asia Pacific market is expected to experience the quickest growth over the forecast period. One of the world's top producers of natural gas and crude oil is North America. The market for hydraulic fracturing is anticipated to grow as a result of new well drilling & an expanded base of producing wells.
The redevelopment of old fields and new offshore projects, along with increased drilling activity, are the main factors driving the market in the United States. Most of the increase in gas output is anticipated to come from new oil wells and Marcellus/Utica shale development. In the upcoming years, Alberta, Canada's primary source of gas and crude oil, is anticipated to experience the most growth in activity. Thus, it is likely that the market in Canada would expand gradually. Due to additional wells being drilled all throughout the country, the production of shale oil could rise much more. As a result of its massive shale production and rising investment in the industry, North America is predicted to dominate the market. Together, the United States and Canada made up the majority of the world's hydraulic fracturing market. High market penetration in these areas may be ascribed to the availability of essential resources including technology, trained labour, and government assistance together with rising E&P activities in the unconventional reservoirs.
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APAC to Have Favorable Growth in Hydraulic Fracturing Market
Over the coming several years, Asia Pacific has enormous growth potential for the sector. Large technically recoverable shale and CMB reserves are present in China, Indonesia, and Australia, and significant FDI investments in the hydrocarbon industry in these countries are anticipated to open up lucrative opportunities for industry participants to investigate the untapped potential of the unconventional hydrocarbon reserves within these regional markets. Over the course of the assessment period, the Asia-Pacific market revenue is anticipated to grow at a strong CAGR, which can be attributed to rising hydraulic fracturing activities, a growing emphasis on the shale gas exploration, & rising investments by important companies to speed up technological advancements and oil and gas exploration in the area.
A growing focus on exploiting shale gas for various applications, like as electricity generation, is driving up need for the hydraulic fracture services & equipment in the Asia-Pacific area, which includes nations like China and Australia. Other elements that are anticipated to support the expansion of the Asia-Pacific market's revenue include supportive governmental policies, rising investments to take advantage of the potential of the shale gas development within China and Australia, & the substantial presence of major corporations in the region.
The global adoption of the COVID-19 has delayed the expansion of many sectors. The COVID-19 pandemic's impacts, along with government and corporate efforts to stop the virus's transmission, have caused the need for oil & gas to drop significantly and quickly. By May 28, 2020, the virus had affected 212 nations, & the governments of those nations had imposed nationwide lockdowns. As a result, transportation and allied industries saw a significant reduction, which had an effect on the need for oil & gas. The IEA research claims that the geopolitical developments increased the supply of cheap oil to the market while at the same time the demand decreased as a result of the pandemic's onset, causing an oil price crash in March 2020. Together, these occurrences had a negative impact on the market for oil & natural gas as well as services and products related to hydraulic fracturing. They also significantly increased oil price volatility.
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Hydraulic Fracturing Market Competitive Analysis
Dominant Key Players on Hydraulic Fracturing Market Covered are:
National Oilwell Varco Inc. (U.S.)
Patterson-UTI Energy (U.S.)
FracChem LLC. (U.S.)
U.S. Silica Holdings (U.S.)
FTS International (U.S.)
US Well Services (U.S.)
Franklin Well Service LLC (U.S.)
EOG Resources (U.S.)
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