The Global Hydraulic Fracturing Market to Grow Amid COVID-19 Pandemic
According to Market Research Future (MRFR), the global hydraulic fracturing market is estimated to expand at a 14% CAGR from 2018 to 2023 (forecast period).
The study addresses and examines the effect of the outbreak of COVID-19 on the global hydraulic fracturing market, including potential opportunities and challenges, drivers, and risks.
The energy sector has seen the transition from conventional crude oil and natural gas to shale oil gas and gas hydrates. With the rising demand for fuel from growing nations, large-scale production of shale oil has begun globally. Most shale rocks are semi-permeable, and hence the oil produced is called tight oil. Conventional drilling techniques, as well as drilling fluids used for the production of normal crude oil or gas, are inefficient to extract oil from these rocks. Hydraulic fracturing technology benefits from rising shale production and increased demand for energy fuels. Fracturing helps to form cracks in tight rocks and thus to reach out to oil.
Key Players
The industry giants in the global hydraulic fracturing market are Baker Hughes GE (U.S.), Schlumberger (U.S.), Halliburton (U.S.), National Oilwell Varco, Inc. (U.S.), Nuverra (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.), TechnipFMC (UK), Franklin Well Service LLC (U.S.), and EOG Resources (U.S.).
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Market Dynamics
Driving factors for the hydraulic fracturing market include increased oil gas shale revolution, increased demand for oil gas, and increasing concern for the depletion of natural resources. Until 2015, only four countries were commercially developing shale oil and gas, including the United States, China, Canada, and Argentina. Other nations, such as Algeria, Mexico, Russia, Australia, and Colombia, have also begun to engage in shale production with the rising shale revolution. This has positively influenced the demand for hydraulic fracturing. In addition, numerous oil fields are being depleted since they have been producing for more than 100 years. For example, the Permian Basin of the U.S. and Safaniya oil fields in the Persian Gulf have been extracting oil since the beginning of the 20th century. They've reached their peak life, and they're depleting at a quick pace. Hydraulic fracturing allows the flow rate of the damaged oil fields to be increased.
However, the damage caused by the technological process of hydraulic fracturing causes the market to be restricted.
The hydraulic fracturing industry is expected to have a significant number of advances over the forecast period due to continuous improvements in the end-use industry coupled with rising demand for exploration and production expenditures in the oil industry. The market is also expected to have a high degree of expansion by multinationals and well-established firms.
The global market for hydraulic fracturing is expected to grow at a phenomenal pace during the forecast period due to a rise in the shale oil gas revolution, growing demand for oil, and increasing concern for the depletion of natural resources.
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Market Segmentation
The global hydraulic fracturing market has been segmented into well type, technology, and application.
By technology, the global hydraulic fracturing market has been segmented into plug-and-perforation, sliding sleeve, and others. Amongst these, the plug-and- perforation segment leads the global market due to the advantage of having a substantial number of individually fractured stages in the wellbore.
By well type, the global hydraulic fracturing market has been segmented into horizontal and vertical. The horizontal hydraulic fracture technology is significant in the market, owing to its advantage of fracturing multiple oil wells from the same point.
By application, the global hydraulic fracturing market has been segmented into crude oil, shale gas, tight oil, and others. The tight oil segment dominates the global market with increasing demand for oil from non-conventional sources, and shale rocks have low permeability.
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Regional Analysis
Region-wise, the global hydraulic fracturing market has been segmented into North America, Europe, Asia Pacific, and the Middle East Africa.
North America is projected to dominate the market share of the hydraulic fracturing market as a result of an annual rise in the production of shale oil and gas from the United States and Canada. According to the U.S. EIA, in 2017, the total tight oil output in the U.S. amounted to around 4.67 million barrels per day, accounting for up to 50% of the country's total crude oil production.
Hydraulic fracturing is an advanced technology in which fluids are pumped into oil wells at an injection rate so high that the oil reservoir formation breaks down. Traditionally, the fluids injected into the reservoirs contain water, sand, and chemicals. With advances in technology, drilling companies have recently introduced hydraulic fracturing and horizontal drilling to allow several wells to be drilled from the same spot. In the current oil and gas production scenario, the hydraulic fracturing process is used globally to optimize the production of oil and gas from reservoirs. According to the United States of America Department of Energy, up to 95% of new wells currently being drilled or recently drilled are fractured hydraulically. This constitutes approximately 75% of the total production of natural gas and nearly 50% of the total production of crude oil from the U.S.
