Increasing demand for crude oil will provide a major push to the already booming hydraulic fracturing market share over the coming seven years. According to the Global Market Insights, Inc., “Worldwide hydraulic fracturing market is projected to surpass a revenue of USD 68 billion by 2024.” Escalating industrialization and urbanization along with the abundance of the unconventional resources such as tight gas & oil, shale gas & liquids will be some of the pivotal factors generating heavy growth opportunities for hydraulic fracturing industry over the next few years.
Hydraulic fracturing market finds major application across areas such as shale gas, crude oil, tight oil, and tight gas. Hydraulic fracturing industry share in shale gas applications will reach a revenue of over USD 15 billion by 2024, owing to the rising demand from power plant industries for natural gas for a better fuel efficiency. The growing awareness along with strict governmental rules & regulations regarding carbon emission will fuel the demand for natural gas.
Russia Hydraulic Fracturing Market Size, by application 2013-2024 (USD Billion)
Crude oil contributed towards 14% of the global hydraulic fracturing industry share in 2015 and is anticipated to collect a noticeable revenue over the coming timeframe. The growing automobile and manufacturing sector will boost the demand for crude oil, which will impact hydraulic fracturing market size lucratively.
Sliding sleeve and plug-and-perforation are the key technologies of the hydraulic fracturing market. Sliding sleeve technology will collect considerable revenue by 2024, due to its increasing applications in open hole wells. Plug and perforation technology accounted for more than 70% of the global industry share in 2015 and is expected to register a lucrative growth rate over the coming years. The escalating need for this technology for fracturing in the horizontal well will augment the industry growth.
Based on the drilling direction, horizontal and vertical are the two main types of the well. Horizontal well hydraulic fracturing industry is poised to register a CAGR of over 13% over the period of 2016 to 2024, owing to its extensive application across the oil & gas industries. In addition, around 77% of the wells were drilled horizontally across the U.S. in 2015.
Taking into account hydraulic fracturing market regional landscape, China accounted for 45% of the regional market share in 2015 and will grow substantially over the coming timeframe, driven by the ample availability of the unconventional resources.
U.S. hydraulic fracturing industry share worth USD 12 billion in 2015, is predicted to exhibit an attractive growth rate over the coming years, owing to the growing investigation and production of the unconventional resources such as tight oil and shale gas. Additionally, availability of the advanced technology and skilled manpower will influence the hydraulic fracturing market notably.
Saudi Arabia hydraulic fracturing industry collected a revenue of more than USD 100 million in 2015 and will grow noticeably over the coming timeline. The growth can be attributed to the increasing investment across the oil and gas projects.
Schlumberger Limited, Baker Hughes, FTS International, Calfrac Well Services, Weatherford International, Superior Energy Services, Haliburton, Trican Well Service, and Tacrom Services S. R. L are some of the notable participants in the hydraulic fracturing market. Other key players include Patterson UTI, Franklin Oil Co. Inc., and ConocoPhillips Corporation.