Hydraulic Fracturing Market worth $50.2 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Aug. 20, 2021 /PRNewswire/ -- According to the new market research report "Hydraulic Fracturing Market by Well Type (Horizontal Well, and Vertical Well), Technology (Plug and Perf, and Sliding Sleeve), Application (Shale gas, Tight Oil, and Tight gas), and Region - Global Trends and Forecast to 2026", published by MarketsandMarkets™, the Hydraulic Fracturing Market is projected to reach USD 50.2 billion by 2026. The Hydraulic Fracturing Market size will grow to USD 50.2 billion by 2026 from USD 34.8 billion in 2021, at a CAGR of 7.6% during the forecast period. The rising primary energy demand and increasing shale gas exploration & production activities in US is the driving factors for the Hydraulic Fracturing Market, globally.
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The horizontal segment is expected to dominate the Hydraulic Fracturing Market, by well type, during the forecast period.
A horizontal well requires a multi-directional drilling technique, which generally drills with an inclination of greater than 80° to enhance reservoir performance. According to the EIA, 70.0% of shale reserves are drilled horizontally in North America. Hydraulic fracturing, along with horizontal drilling, helps to increase crude oil and natural gas production. This is expected to drive the horizontal segment market during the forecast period.
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The shale gas segment is expected to be the fastest-growing Hydraulic Fracturing Market, by application, during the forecast period.
The shale gas segment, by application, is estimated to grow at the fastest rate during the forecast period. Shales are fine-grained sedimentary rocks that can be rich sources of petroleum and natural gas. Hydraulic fracturing is the process used to extract shale gas. Deep holes are drilled into the shale rock, followed by horizontal drilling, as shale reserves are distributed horizontally rather than vertically. The increasing demand for natural gas is expected to drive the growth of the Hydraulic Fracturing Market for shale gas applications. The demand in 2021 was 4.021 tcm, up from 3.91 tcm in 2020. Furthermore, the consumption of natural gas in the power sector of the US is expected to reach 12.1 tcf by 2050, up from 0.4 tcf (4%) recorded in 2020. Such factors propel the growth of shale gas segment in the Hydraulic Fracturing Market.
North America likely to emerge as the largest Hydraulic Fracturing Market
In this report, the Hydraulic Fracturing Market has been analyzed for six regions, namely, North America, Latin America, Europe, Asia Pacific, Middle East & Africa. According to the IEA, the US is determined to become the net exporter of energy by 2021 and to fulfill this objective; oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old oil & gas fields in the Permian Basin and Bakken Ford require the hydraulic fracturing operations to enhance the productivity of the wells. Thus, North America dominated the Hydraulic Fracturing Market during the forecasted period.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Hydraulic Fracturing Market.
Some of the key players are Halliburton (US), Schlumberger (US), Baker Hughes Company (US) NexTier Oilfield Solutions (US), and Calfrac Well Services (Canada). The leading players are adopting various strategies to increase their share in the Hydraulic Fracturing Market.
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