Albany, NY, June 18, 2015 (GLOBE NEWSWIRE) -- According to this report, the Global Hydraulic Fracturing Market stood at 21.34 MHHP in 2013 and is expected to reach 33.97 MHHP by 2022 at a CAGR of 5.30% from 2014 to 2022. In terms of revenue, the global hydraulic fracturing market was valued at USD 38,320.00 Million and it is estimated to reach USD 66,059.42 Million at a CAGR of 6.12% from 2014 to 2022.
With the successful evolution of unconventional reserves of shale gas and tight gas, hydraulic fracturing is widely employed to extract large quantities of hydrocarbons. Majorly, hydraulic fracturing technique is implemented on unconventional reservoirs such as coal bed methane, tight gas, tight oil, shale gas, and shale oil. Over the period of time, hydraulic fracturing technique has found applications on conventional oil and gas fields, especially on wells which were once considered to be uneconomic and were abandoned. With the implementation of hydraulic fracturing technique, matured fields have also started producing crude oil and natural gas. In the current scenario, matured fields yield over 70% of the overall hydrocarbons production. Various countries such as Oman, Saudi Arabia, and the U.S. have started using hydraulic fracturing technique on their conventional as well as unconventional oil and gas fields. Application of hydraulic fracturing technique results in significant savings in time and costs as horizontal drilling is carried out to extract crude oil and natural gas. According to the U.S. Energy Information Administration (EIA), large quantities of recoverable shale oil and shale gas reserves presently exist in North America.
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Hydraulic fracturing fluid is used to fracture the reservoir rocks. A fracture is created through the insertion of fracturing fluid inside the wellbore at high pressure, sufficient enough to fracture the rock. It is made up of additives, proppants, and base fluid. Hydraulic fracturing fluid is an important component of the entire process owing to the technical and environmental considerations. Water is used in large quantities during hydraulic fracturing process.
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Plug and perf and sliding sleeves are the most common techniques used for hydraulic fracturing. High demand for plug and perf technique has been witnessed across the globe owing to the large number of benefits it offers. One of the major advantages associated with plug and perf technique is it can be easily reworked in case of any problem or difficulty. Perforation can easily take place 'n' number of times through plug and perf technique. It is primarily used for cased hole wells. Sliding sleeves is a newer technique as compared to plug and perf. It is used to speed up the hydraulic fracturing process. Sliding sleeves is mainly used for open hole wells. Multiple stages can be easily fractured in a single session through sliding sleeves technique. High productivity and high efficiency are achieved through performing multiple fractures in a single session. Losses and hazards associated with drilling activities also gets reduced as multiple fractures are created in a single session.
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In the present scenario, North America dominates the hydraulic fracturing market, owing to the presence of large shale reserves in the region. With the discovery of shale gas, North America has been transformed from an energy importing nation to an energy exporting nation. Hydraulic fracturing technique helps in economic growth, ensures energy security, and creates large employment opportunities in North America. In the future, it is estimated that North America would be the largest exporter of crude oil and natural gas in the world.
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The Global Hydraulic Fracturing Market has been Segmented as follows:
Hydraulic Fracturing Market: Technology Analysis
- Plug and Perf
- Sliding Sleeves
Hydraulic Fracturing Market: Application Analysis
- Shale gas
Global Hydraulic Fracturing Market: Regional Analysis
- Rest of Europe
- Rest of Asia Pacific
Rest of the World (RoW)
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