Hydraulic Fracturing Market Segment Forecasts up to 2022
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 is estimated to reach USD 66,059.42 Million at a CAGR of 6.12% from 2014 to 2022.
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Hydraulic fracturing technique has emerged as one of the most preferred techniques for the extraction of crude oil and natural gas across the globe. With the first experiment carried out in 1940s and the first commercial usage of hydraulic fracturing being witnessed in 1949, it has been in use for reservoir stimulation and enhanced hydrocarbon recovery since a long time. It has become a widespread technique due to technological advances that allow for easier extraction of crude oil and natural gas from unconventional reserves (shale formations, coal bed methane, and tight sand). The hydraulic fracturing technique uses fracturing fluid to fracture the reservoir rocks. A hydraulic fracture is formed by injecting the fracturing fluid inside the wellbore at high pressure and high temperature sufficient enough to fracture the rock.
Fracturing fluid is an important component of hydraulic fracturing, not only due to the technical considerations, but also due to its environmental impact as well. Some of the major environmental concerns are linked with shale gas fracturing due to the high usage of water. Large quantity of water is used and is lost underground at the time of hydraulic fracturing. Fracturing fluid is made up of base fluid, additives and proppants.
The majorly used hydraulic fracturing techniques are plug and perf and sliding sleeves. The plug and perf technique is most common and is widely used for the extraction of crude oil and natural gas across the globe. It is mainly used in cased hole wells and is very flexible in nature. Each stage can be easily perforated ‘n’ number of times through the application of plug and perf technique. Information obtained from previous stages can be easily utilized in the current stage to optimize the process, thereby resulting in high production rate. The plug and perf technique is primarily used for shale oil and shale gas completions. One of the major advantages of the plug and perf technique is the fact that it can be easily reworked in case of any problem or when production process comes to a halt. Sliding sleeves is a newer technique for carrying out hydraulic fracturing. It is basically used to speed up the process. It is an open hole technique through which multiple stages can be easily fractured in a single pumping session. Continuous downhole pressure is then utilized to decrease the completion time by cutting off the repeat process. High efficiency is achieved by performing multiple fractures in a single pumping session, thereby ensuring time and cost savings.
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The hydraulic fracturing technique is carried out on conventional and unconventional reserves. The presence of vast unconventional reserves, which include shale gas, shale oil, tight gas, tight oil, and coal bed methane boost the demand for hydraulic fracturing technique across the globe. Shale gas remains most dominant in the implementation of hydraulic fracturing technique owing to its vast reserves, especially in North America. The hydraulic fracturing technique also finds application in conventional reserves as large number of oilfields are depleting currently. In the present scenario, matured fields account for over 70% of the overall hydrocarbons production.
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
Hydraulic Fracturing Market: Regional Analysis
- Rest of Europe
- Rest of Asia Pacific
Rest of the World (RoW)
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