Hydraulic Fracturing Market Is Expected To Reach USD 81.10 Billion By 2024, Growing At A CAGR Of 7.6% From 2016 To 2024: Grand View Research, Inc.

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.

·         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 has segmented the hydraulic fracturing market on the basis of technology, material, application and region:

Global Hydraulic Fracturing Technology Outlook (Revenue, USD Million, 2014 - 2024)

·         Plug & Perf

·         Sliding Sleeve

Global Hydraulic Fracturing Material Outlook (Revenue, USD Million, 2014 - 2024)

·         Proppant

·         Sand

·         Ceramic

·         Resin Coated Sand

·         Others

Global Hydraulic Fracturing Application Outlook (Revenue, USD Million, 2014 - 2024)

·         Shale Gas

·         Tight Gas

·         Tight Oil

·         CBM

·         Others

Global Hydraulic Fracturing Regional Outlook (Revenue, USD Million, 2014 - 2024)

·         North America

·         U.S.

·         Canada

·         Mexico

·         Europe

·         UK

·         Russia

·         Poland

·         Asia Pacific

·         China

·         Australia

·         Middle East & Africa

·         UAE

·         Algeria

·         South Africa

·         Central & South America

·         Brazil

·         Argentina

·         Venezuela

Hydraulic Fracturing Market Forecast, Industry Outlook, Market Demand, Share 2014 To 2020 by Grand View Research, Inc.

The global hydraulic fracturing market is expected to reach USD 90.55 billion by 2020, according to a new report by Grand View Research, Inc. Hydraulic fracturing enables easier crude oil and natural gas extraction from unconventional reserves such as coal bed methane, shale formations, and tight sand.
Government support in the form of financial incentives and tax benefits particularly in Asia and North America is anticipated to drive the market over the forecast period. Shifting focus towards developing unconventional hydrocarbon resources owing to depleting production rates in conventional oil & gas reserves is expected to positively impact industry growth. Growing concern for ground water contamination has led regulatory bodies to ban hydraulic fracturing particularly in European countries including France and Tunisia. This is anticipated to remain a key challenge for industry participants over next six years.
Plug & perf was the leading technology segment and accounted for over 80% of total revenue in 2013. This technique is widely used in shale oil and shale gas completions and assists multistage fracturing for cased holes.

View summary of this report @ http://www.grandviewresearch.com/industry-analysis/hydraulic-fracturing-market

Further key findings from the report suggest:

• Global hydraulic fracturing market was valued at USD 41.62 billion in 2013 and is expected to reach USD 90.55 billion by 2020, growing at a CAGR of 11.8% from 2014 to 2020
• Proppants were the major fracking materials and accounted for over 25% of total revenue in 2013. Frac sand were the leading proppant type and generated revenue worth of USD 3.89 billion in 2013.
• Shale gas was the leading application segment and accounted for over 20% of total industry in 2013. Rising shale plays particularly in the U.S., Canada and China is anticipated to drive the market growth over the next six years.
• North America accounted for over 80% of total revenue in 2013. Initial development of the unconventional hydrocarbon resources coupled with favorable legislations by the Federal Government has contributed significantly for industry penetration in the region.
• Asia Pacific hydraulic fracturing market is anticipated to witness fastest growth over the forecast period on account of rising E&P in unconventional oil & gas reserves, particularly in China, Indonesia and Australia. The regional industry is estimated to grow at a CAGR of 19.1% from 2014 to 2020.
• Major players operating in the global hydraulic fracturing industry include Halliburton, Schlumberger, FTS International and Baker Hughes. Other players operating in the industry include Calfrac Well Services, Weatherford International, Cudd Energy, Talcrom Services, Superior Well Services, Trican Well Services and United Oilfield Services. 

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