SAN FRANCISCO, February 18, 2016 /PRNewswire/ --
The global hydraulic fracturing market is expected to reach USD 90.55 billion by 2020, according to a new report by Grand View Research, Inc. Hydraulic fracturing enables easier crude oil and natural gas extraction from unconventional reserves such as coal bed methane, shale formations, and tight sand.
Browse full research report with TOC on "Hydraulic Fracturing Market Analysis by Product (Systems, Tags), and Segment Forecasts To 2022" at: http://www.grandviewresearch.com/industry-analysis/hydraulic-fracturing-market
Government support in the form of financial incentives and tax benefits particularly in Asia and North America is anticipated to drive the market over the forecast period. Shifting focus towards developing unconventional hydrocarbon resources owing to depleting production rates in conventional oil & gas reserves is expected to positively impact industry growth. Growing concern for ground water contamination has led regulatory bodies to ban hydraulic fracturing particularly in European countries including France and Tunisia. This is anticipated to remain a key challenge for industry participants over next six years.
Plug & perf was the leading technology segment and accounted for over 80% of total revenue in 2013. This technique is widely used in shale oil and shale gas completions and assists multistage fracturing for cased holes.
Further key findings from the report 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 were the major fracking materials and accounted for over 25% of total revenue in 2013. Frac sand were the leading proppant type and generated revenue worth of USD 3.89 billion in 2013.
- Shale gas was the leading application segment and accounted for over 20% of total industry in 2013. Rising shale plays particularly in the U.S., Canada and China is anticipated to drive the market growth over the next six years.
- North America accounted for over 80% of total revenue in 2013. Initial development of the unconventional hydrocarbon resources coupled with favorable legislations by the Federal Government has contributed significantly for industry penetration in the region.
- Asia Pacific hydraulic fracturing market is anticipated to witness fastest growth over the forecast period on account of rising E&P in unconventional oil & gas reserves, particularly in China, Indonesia and Australia. The regional industry is estimated to grow at a CAGR of 19.1% from 2014 to 2020.
- Major players operating in the global hydraulic fracturing industry include Halliburton, Schlumberger, FTS International and Baker Hughes. Other players operating in the industry include Calfrac Well Services, Weatherford International, Cudd Energy, Talcrom Services, Superior Well Services, Trican Well Services and United Oilfield Services.
Grand View Research has segmented the hydraulic fracturing market on the basis of technology, material, application and region:
- Global Hydraulic Fracturing Technology Outlook (Revenue, USD Million, 2012 - 2020)
- Plug & Perf
- Sliding Sleeve
- Global Hydraulic Fracturing Material Outlook (Revenue, USD Million, 2012 - 2020)
- Resin Coated Sand
- Global Hydraulic Fracturing Application Outlook (Revenue, USD Million, 2012 - 2020)
- Shale Gas
- Tight Gas
- Tight Oil
- Global Hydraulic Fracturing Regional Outlook (Revenue, USD Million, 2012 - 2020)
- North America
- Asia Pacific
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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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