Transparency Market Research (TMR) has published a new market study based on the global hydraulic fracturing market. With an increase in the number of successful discoveries of shale gas and tight gas reserves, hydraulic fracturing (fracking) techniques are adopted extensively to extract large quantities of hydrocarbons. The global hydraulic fracturing market valued at US$38.32 bn in 2014 and is expected to reach US$66.06 bn by 2022, expanding at a CAGR of 6.12% in the period from 2014 to 2022. The report is titled “Hydraulic Fracturing Market, – Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 – 2022.”
The report states that the hydraulic fracturing market which stood at 21.34 MHHP in 2013, is expected to expand at a CAGR of 5.30% from 2014 to 2022, to reach 33.97 MHHP by 2022 in terms of volume. The report contains an executive summary comprising a snapshot of the hydraulic fracturing market, containing detailed information on the various segments, as well as the market dynamics such as growth drivers and restraining factors. It also analyzes the impact of these dynamics on the market during the forecast period 2014 to 2022.
Hydraulic fracturing techniques are primarily implemented on unconventional reservoirs such as tight oil, tight gas, shale gas, shale oil, and coal bed methane. Over time, hydraulic fracturing has begun to gain preference in conventional gas and oil fields on abandoned wells which were deemed uneconomical in the past. With the implementation of the hydraulic fracturing technique, the production of natural gas and crude oil has become possible from matured fields. Currently, 70% of the overall production of hydrocarbons is from matured fields
The application of hydraulic fracturing techniques results in significant cost and time savings, which is one of the reasons for an increase in the adoption of this technique. The adoption of hydraulic fracturing by several countries such as Saudi Arabia, Oman, and the U.S. for both conventional and unconventional gas and oil fields has propelled the global hydraulic fracturing market. Moreover, according to the U.S. Energy Information Administration (EIA), large quantities of shale gas and shale oil reserves are available for extraction in North America, which will further drive the hydraulic fracturing market. These discoveries in North America have helped the region to transform from an energy importing nation to an energy exporting nation. It has also helped the region to create huge employment opportunities and increase energy security. According to the report, North America would be the largest exporter of natural gas and crude oil in the future, indicating many emergent opportunities in the fracking market in North America.
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The global hydraulic fracturing market is segmented on the basis of technology, application, and region. Major regions studied are Europe, North America, Asia Pacific, and RoW. Out of these, North America dominates the market, owing to large shale reserves present in the region. On the basis of application, the market is segmented into conventional, shale gas, and others.