Hydraulic Fracturing Market: Current Analysis and Forecast 2021-2027

The global hydraulic fracturing market was stood around US$30 billion in 2020 and is expected to showcase robust growth of above 8% during the forecast period. Unconventional reservoirs have low permeability which requires high intervention process in order to optimize oil production, thus making hydraulic fracturing a major operation required to produce oil and gas. According to data the published by The Department of Natural Resources of Canada, permeability of tight reservoirs ranges from 0.1 to 0.001 md, and that of shale reservoirs which is even less permeable ranges from 0.001 to 0.0001 md and that of conventional reservoir ranges from 10 to 100 md which is more than unconventional reservoir. As a result, the average permeability of tight and shale reservoirs is usually too small to allow commercial production unless hydraulic fracturing technique is used. Moreover, with increasing global demand of oil and gas due to growing industrialization and increasing population the global hydraulic fracturing market is expected to grow considerable rate in the forecasted period. For instance, production of shale gas in U.S., grew to 835 BCF in 2019 as compared to 720 BCF in 2018.
During the Covid-19 pandemic in the early 2020, majority of the countries and region witnessed a country wide lockdown. This has impacted the overall demand for oil and gas. According to U.S. Energy Information Administration, globally a decline of almost 9% in the overall demand of oil and gas was witnessed in 2020 for the first time since the global recession of 2009. Therefore, by lockdown demand for oil and gas reduced thereby lessening the production for the same and resulting to reduced hydraulic fracturing operations.
Insights Presented in the Report
"Amongst Well Type, horizontal well category held prominent market share in 2020."
Based on well type, the market is bifurcated into horizontal and vertical wells. Of both, horizontal well held prominent market share and is expected to retain its position during the forecast period therefore by developing a single horizontal well whole oilfield can be produce in case of vertical wells, multiple wells are required to extract oil from the field.
"Amongst Technology, plug & perf technology held considerable market share in 2020."
Based on technology, the market is bifurcated into plug & perf and sliding sleeve. Currently, plug & perf technology held the significant market share in 2020.
"Amongst Application, Shale Gas held significant market share in 2020."
Based on application, the market is bifurcated into shale gas, tight gas, tight oil. Currently, shale gas held the considerable market share and is increasing at an influential growth rate which is mainly due to large number of exploration and production in US. For instance, as on Dec 2019, 353.1 TCF of proven reserves of shale gas were noted in U.S.
"Amongst Location, Onshore wells held remarkable market share in 2020."
Based on application, the market is segmented into Onshore wells and Offshore wells. In 2020, a total of nearly 55,000 wells were drilled, out of which approximately 2,250 wells were offshore wells and rest were onshore wells. Owing to this there are large number of onshore wells as compared to offshore wells.
"North America represents as the largest markets in the Global Hydraulic Fracturing Market."
For a better understanding of the market adoption, report provide detailed analysis for major region and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Russia, France, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), MEA (Iran, Iraq, Saudi Arabia, UAE, Kuwait, Rest of MEA), and Rest of World. Over the years, with advancements in technologies to extract shale oil and gas, exploration and production activities of unconventional reserves specifically in North America have increased significantly. For instance, in 2020 North America's proven natural gas reserves amounted to 536.8 TCF. In addition, due to research and development which is being carried out since long time has led to advancement in technology for hydraulic fracturing in North America thereby capturing major market share globally. Moreover, presence of major oil & gas service providers like Halliburton Co. and Schlumberger Ltd. are operating in the region, thereby helping the operator companies like British Petroleum Ltd and Royal Dutch Shell by using advance techniques to produce oil and gas in huge amounts.
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Unconventional reservoirs have low permeability which requires high intervention process in order to optimize oil production, thus making hydraulic fracturing a major operation required to produce oil and gas. According to data the published by The Department of Natural Resources of Canada, permeability of tight reservoirs ranges from 0.1 to 0.001 md, and that of shale reservoirs which is even less permeable ranges from 0.001 to 0.0001 md and that of conventional reservoir ranges from 10 to 100 md which is more than unconventional reservoir. As a result, the average permeability of tight and shale reservoirs is usually too small to allow commercial production unless hydraulic fracturing technique is used. Moreover, with increasing global demand of oil and gas due to growing industrialization and increasing population the global hydraulic fracturing market is expected to grow at a considerable rate in the forecasted period. For instance, production of shale gas in U.S., grew to 835 BCF in 2019 as compared to 720 BCF in 2018.
Based on well type, the market is bifurcated into horizontal and vertical well. Of both, horizontal well held significant market share is expected to retain its position during the forecast period since by developing a single horizontal well whole oilfield can be produce in case of vertical wells, multiple wells are required to extract oil from the field.
On the basis of technology, the market is categorized into plug & perf and sliding sleeve. Among these, xx category dominated the market with a revenue share of xx% in 2020. Further, the category is expected to reach $xx billon by the end of forecast period, demonstrating a CAGR of xx%.
Based on application, the market is divided into shale gas, tight gas, tight oil. Among the three, shale gas captured the considerable market share in 2020 and is expected to grow at a rate of xx% during the forecast period to reach $xx billion by 2027.
Based on location, the market is divided into offshore and onshore wells. Onshore wells dominated the market owing to presence of large number of onshore wells globally. For instance, a total of nearly 55,000 wells were drilled in 2020, out which approximately 5% wells were offshore wells and rest were onshore wells.
For better understanding of the market, the report provides detail analysis for major region and country including North America (US, Canada, rest of North America); Europe (Germany, UK, France, Spain, rest of Europe); Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) and MEA (Iran, Saudi Arabia, UAE, Kuwait, Iraq and Rest of Middle East and Africa) and Rest of the World. Currently North America dominated the market and is expected to maintain its dominance throughout the forecast period.
Some of the major companies operating in the global hydraulic fracturing market includes Halliburton Co., Schlumberger Ltd. Baker Hughes Co., Nextier Oilfield Solutions, Calfrac Well Services Ltd. Trican Well Services Ltd., Petro Welt Technologies AG, and US Well Services Inc.