- Hydraulic fracturing is a technique that includes well excavation by fracturing rocks with pressurized liquid. The pressurized liquid contains sand or aluminum oxide that keeps the fractures open. This helps in extracting water or gas reserves from the well. Depletion of shallow water fields has led companies to focus their fracturing operations on unconventional onshore and deep well areas.
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Untapped reserves of shale & oil are the primary driver of the hydraulic fracturing market. Demand for energy from the sectors of transportation, electricity consumption, and household will also propel the market. Extraction of hydrocarbons from unconventional sources is expected to bridge the demand & supply gap between manufacturers & consumers.
The hydraulic fracturing market registered USD 41.6 billion in 2013. It would reach around USD 90.5 billion by 2020. The market is projected to witness over 11% CAGR during 2014 to 2020 (forecast phase). Use and possible contamination of water are the market challenges. Regulations by EPA (Environmental Protection Agency) and REACH (Registration, Evaluation, Authorization and Restriction of Chemicals) will also act as a hurdle for the market.
Sliding sleeve and plug & perf are the two major techniques for extracting hydrocarbons. Plug & perf accounted for 85.6% of the total revenues in 2013. It has an expectant growth of 12.1% CAGR during the forecast phase. This technique is preferred over sliding sleeve.
Proppants are the major materials used in hydraulic fracturing. Sand, resin sand, and ceramic are categorized as proppants. Sand proppants accounted for 45.6% of the overall incomes in 2013. Ceramic expects to be the fastest growing proppant, exhibiting around 10.6% CAGR in the future.
The hydraulic fracturing market finds applications in conventional and unconventional energy sources. Shale gas, tight gas, coalbed methane (CBM), and tight oil are the unconventional energy sources. Shale gas captured 28.3% of the total revenues in 2013. It has an estimated 13.7% CAGR in the aforementioned phase. CBM and tight oil will witness stable growth in the future.
North America led the hydraulic fracturing market, with about 88.3% shares in 2013. Asia Pacific shows great potential on account of abundant retrievable shale oil & shale gas resources in the region. It will expand at around 19.1% CAGR in the years ahead. The key market companies comprise Baker Hughes Inc., Halliburton, United Oilfield Services, Weatherford International Inc., and Schlumberger.
Information Source: Grand View Research
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