The global hydraulic fracturing market is expected to reach USD 81.10 billion by 2024, according to a new report by Grand View Research, Inc. Growing E&P companies’ concern towards declining production rates in conventional hydrocarbon reserves along with shifting focus towards developing unconventional oil & gas blocks globally is anticipated to drive the market growth.
Favorable initiatives by the U.S. and Chinese government in the form of financial aids, tax incentives and easy provision of FDI in the hydrocarbon sector are estimated to steer the industry expansion over the next few years. Several bans, moratoriums and pubic concerns regarding environmental impacts of the technology particularly in counties including France, Tunisia, Bulgaria, Romania, and South Africa are expected to remain key challenges for the industry participants over the forecast period.
Plug & perf technology dominated the global hydraulic fracturing market accounting for over 80% of the total revenue in 2015. The technique enables multistage fracking in cased holes and is widely used in tight oil and shale completions particularly in the U.S.
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Further key findings from the report suggest:
- Proppants emerged as the largest fracturing materials with net revenue expected to exceed USD 14.0 billion by 2024. Ceramic proppants are anticipated to grow at an estimated CAGR of 7.6% from 2016 to 2024.
- Shale gas dominated the global demand and accounted for 30.2% of the total hydraulic fracturing revenue in 2015. The emergence of the shale boom in the U.S. along with increasing acreage of shale basins globally particularly in China and Canada is expected to drive market growth in the segment. The U.S. hydraulic fracturing demand in tight gas formations was valued at USD 6.01 billion in 2015 and is expected to grow at a CAGR of 8.7% from 2016 to 2024.
- North America hydrofracking industry dominated the global demand and is anticipated to remain the largest regional market over the forecast period. The regional market is anticipated to witness moderate growth over the next eight years to exceed a net worth of USD 65.0 billion by 2024.
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- Asia Pacific is anticipated to witness the fastest growth over the forecast period owing to large available technically recoverable unconventional oil & gas reserves and increasing FDI flow in the hydrocarbon sector in China, India, and Australia. The region accounted for 6.6% of the global revenue in 2015 and is expected to grow at a CAGR of 12.1% over the next eight years.
- The global hydraulic fracturing market was dominated by major oilfield services companies including Baker Hughes, Schlumberger, Halliburton, Weatherford, Calfrac Well Services, Cudd Energy and FTS International.
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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, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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