Growing energy demand spurred by ongoing expansion of industrial and commercial sectors to drive the growth of North America hydraulic fracturing market
According to TechSci Research report, “North America Hydraulic Fracturing Market By Well Type, By Technology, By Application, By Country, Forecast & Opportunities, 2025”, the North America hydraulic fracturing market is expected to grow at a steady CAGR during the forecast period owing to the increasing unavailability of easy oil. Additionally, growing demand for longer lateral services and stabilizing rate of drilled but uncompleted (DUC) well inventory is anticipated to further propel the market during the next five years. However, environmental concerns and lack of capital market & incentives can hamper the growth of the market during forecast period.
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The North America hydraulic fracturing market is segmented based on well type, technology, application, country and company. Based on well type, the market can be divided into horizontal and vertical. The vertical segment is expected to witness significant growth over the forecast years since it requires low volume and pressure as compared to the horizontal wells. Based on technology, the market can be bifurcated into plug & perf and sliding sleeve. The sliding sleeve segment is expected to register the highest CAGR through 2025 attributable to its low cost. Additionally, it takes lesser time as compared to the plug & perf technology. Based on application, the market can be categorized into crude oil, shale gas, tight gas, coal bed methane and others. The crude oil fracking segment is anticipated to dominate the market during the coming years declining production rate of exiting reservoirs along with growing number of mature fields.
Weatherford International plc, United Oilfield Services Inc, Cudd Pressure Control, Inc, Calfrac Well Services Ltd., Trican Well Service Ltd., Superior Well Services, Inc., Patterson-UTI, ConocoPhilips, Baker Hughes, a GE company, Schlumberger Limited and others are some of the leading players operating in North America hydraulic fracturing market.
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“The hydraulic fracturing market in North America is expected to witness exponential growth during the forecast period on account of the rapid shale development along with ongoing discoveries of new oil & gas fields in the region. Additionally, availability of key resources including technology, skilled manpower and government aid, increasing exploration and production activities in unconventional reserves are further projected to spur the market growth through 2025.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“North America Hydraulic Fracturing Market By Well Type, By Technology, By Application, By Country, Forecast & Opportunities, 2025” has evaluated the future growth potential of North America hydraulic fracturing market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in North America hydraulic fracturing market.