Hydraulic Fracturing Global Market Report 2022

·4 min read

Major players in the hydraulic fracturing market are Halliburton, Schlumberger, Baker Hughes, NexTier Oilfield Solutions, Calfrac Well Service, Trican Well Service, Nine Energy Services, FTS International, U.

New York, June 28, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Hydraulic Fracturing Global Market Report 2022" - https://www.reportlinker.com/p06286061/?utm_source=GNW
S. Well Services, Liberty Oilfield Services, ProPetro Holding Corp, Tacrom Services Srl, Weatherford, Basic Energy Services Inc, STEP Energy Services, Petro Welt Technologies AG, and Nabors Industries Ltd.

The global hydraulic fracturing market is expected to grow from $32.87 billion in 2021 to $36.10 billion in 2022 at a compound annual growth rate (CAGR) of 9.82%. The hydraulic fracturing market is expected to grow to $50.36 billion in 2026 at a compound annual growth rate (CAGR) of 8.68%.

The hydraulic fracturing market consists of sales of hydraulic fracturing services by entities (organizations, sole traders, partnerships) that refer to the process of creating fractures in an oil or gas-bearing rock formation by injecting a high-pressure liquid into the wells. In the process, once the wells are drilled, cased and cemented, small perforations are made throughout the pipe by injecting a fluid mixture, which consists of 90% of water, 9.5% of sand and 0.5% of additives to create microfractures.

The main technologies of hydraulic fracturing include plug & perf and sliding sleeve.The plug and perf refer to a stimulation technique deployed in wells with cemented liners.

Plug and perf is the preferred and widely used fracturing method for unconventional wells.Plug-and-perf technique include pumping down a bridge plug on wireline with perforating guns to a horizontal location near the toe of the well, then the plug is adjusted, and the zone is perforated.

The fluids used in hydraulic fracturing includes sickwater-based fluid, foam-based fluid, gelled oil-based fluid, and others. The hydraulic fracturing are used in horizontal wells and vertical wells located on both onshore and offshore locations,

North America was the largest region in the hydraulic fracturing market in 2021.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the hydraulic fracturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

Rising demand for oil and gas from offshore assets is driving the growth of the hydraulic fracturing market.The rising demand for energy worldwide has led the oil and gas operators to maximize the value of their existing assets by using more advanced methods such as hydraulic fracturing for oil and gas recovery while extending the production and exploration activities to remote and harsher environments.

For instance, according to IBEF (an Indian government export promotion agency) data 2021, India’s oil demand is projected to rise at the fastest pace in the world to reach 10 million barrels per day by 2030, from 4.9 million barrels per day in 2021. Natural gas consumption has been forecasted to increase at a CAGR of 4.18% to 143.08 million tonnes by 2040, from 58.10 million tonnes in 2018. Therefore, the rising demand for oil and gas from offshore assets will drive the growth of the hydraulic fracturing market.

Technological advancement is a key trend gaining popularity in the hydraulic fracturing market.The companies operating in hydraulic fracturing are adopting advanced technologies such as automation, real-time tracking systems, live 3D visualization systems, and other technologies, as they offer efficiency in hydraulic fracturing operations with automated controls and better visibility.

For instance, in October 2020, Halliburton, an American multinational corporation actively involved in hydraulic fracturing operations, introduced SmartFleet, the first intelligent automated fracturing system.The automated fracturing system includes automated actions while pumping to improve near-wellbore and far-field fracture placement and directly manage frac hits.

SmartFleet gives operators real-time fracture control while pumping the integrating subsurface fracture measurements, live 3D visualization, and real-time fracture commands.

In August 2021, NexTier Oilfield Solutions Inc., a Texas-based oilfield service company acquired Alamo Pressure Pumping, LLC for approximately $268 million. The acquisition will bring significant opportunities for deploying gas-powered equipment and complimentary integrated solutions into the market. Alamo Pressure Pumping, LLC is a Texas-based oil and gas company that provides safe and quality fracturing services.

The countries covered in the hydraulic fracturing market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Read the full report: https://www.reportlinker.com/p06286061/?utm_source=GNW

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