Hydraulic fracturing market expected to grow at a steady pace 2021-2031 – mbu timeline
The global hydraulic fracturing market the size should go from $24.6 billion in 2020 and reach $38.1 billion by 2027, at a CAGR of 7.6% over the forecast period (2021-2027). Growing demand for oil, natural gas, and other resources is increasing globally, which is expected to fuel the growth of the hydraulic fracturing market. The companies are focusing on increasing the crude oil productivity of existing oil wells by deploying advanced technologies for shale gas exploration, which has a direct impact on the growth of the hydraulic fracturing market in the during the forecast period.
Factors affecting the hydraulic fracturing market during the forecast period:
There is a huge demand for natural gas and hydrocarbons in today’s parlance, which has driven the need for hydraulic fracturing activities and investments. Additionally, the establishment of unconventional or restricted reserves at different specific levels has increased the demand for hydraulic fracturing and supported the growth of the global market.
However, strict rules and regulations from the government and other regular bodies lead to environmental protection, which has posed a challenge for the growth of the hydraulic fracturing market.
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Despite the growing shale revolution, other countries like Algeria, Russia, Mexico, Australia, and Colombia have also started participating in shale production. This has a positive impact on the growth of the hydraulic fracturing market.
Impact of COVID-19 on the hydraulic fracturing market
The impact of the pandemic on the hydraulic fracturing market has been moderate. The rise of COVID-19 has brought the world to a standstill, few industries are struggling and some are thriving. In the early stages of COVID-19, there were instabilities in the supply and demand channels. Companies in the region have also suspended or delayed major oil and gas projects. In addition, the COVID-19 pandemic has also impacted crude oil prices, well drilling and production activities, and the oil and gas supply chain.
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Scope of the Hydraulic Fracturing Market Report
The report outlines the global Hydraulic Fracturing market study based on type and platforms.
On the basis of technology, the hydraulic fracturing market has been segmented into –
- Plug and Perf
- Sliding sleeve
On the basis of material, the hydraulic fracturing market has been segmented into –
- The sand
- Resin coated sand
On the basis of Application, the Hydraulic Fracturing Market has been segmented into –
- Shale gas
- gas tight
- oil proof
Hydraulic Fracturing Market: Regional Outlook
Based on region, the global hydraulic fracturing market has been segmented into five geographical regions, namely North America, Asia-Pacific, Europe, South America, Middle East and Africa. In 2021, North America held the largest global hydraulic fracturing market share, followed by Europe and Asia-Pacific. Additionally, North America is expected to grow with a CAGR during the forecast period. Asia-Pacific is also estimated to hold a major share of the global hydraulic fracturing market owing to growing demand from China and India.
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Key Competitors in the Global Hydraulic Fracturing Market
The global hydraulic fracturing market is quite consolidated, with key players across the globe. Key Companies Operating in the Global Hydraulic Fracturing Market are-
- Baker Hughes GE
- Varco National Oil Well
- Patterson-UTI Energy
- FracChem LLC
- International FTS
- Well services in the United States
The Hydraulic Fracturing Market report analyzes in depth the macroeconomic factors and market attractiveness of each segment. The report will include an in-depth qualitative and quantitative assessment of industry/regional outlook with market player’s presence in the respective segment and region/country. The information concluded in the report includes inputs from primary interviews with industry experts.
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