Global
hydraulic fracturing market stood at 21.34 MHHP in 2013 and is
expected to reach 33.97 MHHP by 2022 at a CAGR of 5.30% from 2014 to
2022. In terms of revenue, the global hydraulic fracturing market was
valued at USD 38,320.00 Million and it is estimated to reach USD
66,059.42 Million at a CAGR of 6.12% from 2014 to 2022.
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With
the successful evolution of unconventional reserves of shale gas and
tight gas, hydraulic fracturing is widely employed to extract large
quantities of hydrocarbons. Majorly, hydraulic fracturing technique
is implemented on unconventional reservoirs such as coal bed methane,
tight gas, tight oil, shale gas, and shale oil. Over the period of
time, hydraulic fracturing technique has found applications on
conventional oil and gas fields, especially on wells which were once
considered to be uneconomic and were abandoned. With the
implementation of hydraulic fracturing technique, matured fields have
also started producing crude oil and natural gas. In the current
scenario, matured fields yield over 70% of the overall hydrocarbons
production. Various countries such as Oman, Saudi Arabia, and the
U.S. have started using hydraulic fracturing technique on their
conventional as well as unconventional oil and gas fields.
Application of hydraulic fracturing technique results in significant
savings in time and costs as horizontal drilling is carried out to
extract crude oil and natural gas. According to the U.S. Energy
Information Administration (EIA), large quantities of recoverable
shale oil and shale gas reserves presently exist in North America.
Hydraulic
fracturing fluid is used to fracture the reservoir rocks. A fracture
is created through the insertion of fracturing fluid inside the
wellbore at high pressure, sufficient enough to fracture the rock. It
is made up of additives, proppants, and base fluid. Hydraulic
fracturing fluid is an important component of the entire process
owing to the technical and environmental considerations. Water is
used in large quantities during hydraulic fracturing process.
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Plug
and perf and sliding sleeves are the most common techniques used for
hydraulic fracturing. High demand for plug and perf technique has
been witnessed across the globe owing to the large number of benefits
it offers. One of the major advantages associated with plug and perf
technique is it can be easily reworked in case of any problem or
difficulty. Perforation can easily take place ‘n’ number of times
through plug and perf technique. It is primarily used for cased hole
wells. Sliding sleeves is a newer technique as compared to plug and
perf. It is used to speed up the hydraulic fracturing process.
Sliding sleeves is mainly used for open hole wells. Multiple stages
can be easily fractured in a single session through sliding sleeves
technique. High productivity and high efficiency are achieved through
performing multiple fractures in a single session. Losses and hazards
associated with drilling activities also gets reduced as multiple
fractures are created in a single session.
In
the present scenario, North America dominates the hydraulic
fracturing market, owing to the presence of large shale reserves in
the region. With the discovery of shale gas, North America has been
transformed from an energy importing nation to an energy exporting
nation. Hydraulic fracturing technique helps in economic growth,
ensures energy security, and creates large employment opportunities
in North America. In the future, it is estimated that North America
would be the largest exporter of crude oil and natural gas in the
world.
The
global hydraulic fracturing market has been segmented as follows:
Hydraulic
Fracturing Market: Technology Analysis
- Plug and Perf
- Sliding Sleeves
Hydraulic
Fracturing Market: Application Analysis
- Conventional
- Shale gas
- Others
Hydraulic
Fracturing Market: Regional Analysis
North
America
- U.S.
- Canada
- Mexico
Europe
- Germany
- Spain
- Italy
- France
- U.K.
- Rest of Europe
Asia
Pacific
- China
- Japan
- India
- Rest of Asia Pacific
Rest
of the World (RoW)
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