Hydraulic fracturing, informally referred to as “fracking” is an oil and gas well development process that typically involves injecting water, sand, and chemicals under high pressure into a bedrock formation via the well. This process is intended to create new fractures in the rock as well as increase the size, extent, and connectivity of existing fractures. Vertical drilling is majorly preferred method for hydraulic fracturing method as this requires lower pressure and hence increases the efficiency and output. However, vertical drilling can penetrate only to a smaller depth. Large number of shale gas reserves are present at a greater depth and hence companies are adoption this method.
According to the report analysis of,’ Hydraulic Fracturing Market Trends, Statistics, Growth, and Forecasts’ Horizontal drilling method covers larger surface areas and there by increases the production of the natural gas. Large number of reserves in United States are present at a depth greater than 5,000+ feet and usage of horizontal drilling technology helps in extracting the oil reserves. Horizontal drilling technique also has lesser impact on the environment compared to the vertical drilling. Companies are adopting this technology due to lower environment pollution and lower water requirement. Weatherford International, United Oilfield Services, Cudd Energy Services, Calfrac Well Services, Trican Well Services Ltd, Tacrom Services S.R.L, Superior Well Services, Patterson UTI, ConocoPhilips and Franklin are the prominent key players in the market. Many operators and resources are hit by the natural limit to extract the unconventional resources.
Though, there are large presence of oil and gas reserves, lack of technologies to reach or extract them is one of the major challenges in the industry. Further, companies are focusing on reducing the cost on the equipment. Requirement for higher pressure for a longer period of time is reducing the average life of the equipment and is increasing the cost of the projects. To reduce this, many companies are investing in the design and material used in the equipment to improve the average life and reduce the material costs. Companies are also designing equipment with a smaller number of plugs to eliminate the risk of leakage.
The regional investigation of Hydraulic Fracturing market is taken into the account for the key regions like Asia Pacific, North America, Europe and remainder of the World. North America is dominating the hydraulic fracturing market in terms of market share owing to the increasing production of shale gas from the US and Canada every year. Both the countries accounting for the major share in the North American hydraulic fracturing industry. North America has more than 85% of the total number of hydraulic fracturing facilities in the world. This could attract and allows foreign countries to penetrate the North American hydraulic fracturing industry. India and China are coming up to invest in the North American market.
Moreover, the wide availability of unconventional resources is projected to boost regional growth in the coming years. Further, the rising government is introducing various measures and initiatives to promote market dynamics and competition, which facilitates the opportunities for new players to enter the market. Presence of a large number of major companies that are operating in the hydraulic fracturing industry is expected to further boost the market demand. Therefore, it is anticipated that the market of Hydraulic Fracturing Market will boost up throughout the forecast amount.
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Ankur Gupta, Head Marketing & Communications