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Hydraulic Fracturing Market Is Expected To Reach Us$ 102.1 Bn By 2023
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The latest market report published by Credence Research, Inc. “Hydraulic Fracturing Market, By Technology, By Application, By Materials and By Geography- Growth, Future Prospects and Competitive Analysis, 2016 - 2023,” the global hydraulic fracturing market was valued at US$ 47.7 Bn in 2015, and is expected to reach US$ 102.1 Mn by 2023, expanding at a CAGR of 9.9% from 2016 to 2023.
Browse the full Hydraulic Fracturing Market - Growth, Future Prospects and Competitive Analysis, 2016 – 2023 report at https://www.credenceresearch.com/report/hydraulic-fracturing-market
Global hydraulic fracturing market is projected to witness enormous with increasing energy demand along with growing inclination towards exploration and production of non-conventional resources such as shale gas, tight oil, and coal bed methane. Further, favorable regulatory policies of U.S. and Chinese government is expected to encourage the exploration and production activities of non-conventional resources which in turn is anticipated to drive the demand for hydraulic fracturing during the forecast period. However, public oppositions, bans, water scarcity and moratoriums on hydraulic fracturing technology in few regions such as Germany, Bulgaria, France, South Africa, and Tunasia are the factors anticipated to restrain the growth of hydraulic fracturing market.
North America is projected to be the most dominant market in global hydraulic fracturing market due to growing exploration and production of non- conventional resources such as shale gas, tight oil and coal bed methane in the region which in turn is expected to drive the demand of hydraulic fracturing in the region. Growing exploration and favorable regulatory support in China, Russia and other countries of Eastern Europe is expected to witness significant rise in exploration and production of non-conventional shale gas and tight oil which in turn is expected to augment the growth of hydraulic fracturing market over the forecast period (2016-2023).
By technology, Plug and Perf technology was the most dominant segment in 2015 and anticipated to continue its dominance of over the forecast period. Increasing exploration and production of shale gas, tight oil and coal bed methane particularly in U.S. is anticipated to drive the growth of the segment during the forecast period (2016-2023).
By Materials, proppants segment was observed to be the most dominant segment in 2015 in hydraulic fracturing market and expected to maintain its dominance during the forecast period. Growing popularity of ceramic proppants is anticipated to drive the growth of the segment during the forecast period (2016-2023).
By Application, non-conventional segment was the largest segment in 2015 and anticipated to maintain its dominance during the forecast period. Growing inclination to exploration non-conventional resources such as shale gas, tight oil and coal bed methane is anticipated to drive the growth of the segment during the forecast period (2016-2023).
Considering the competition, the global hydraulic fracturing market is expected to witness a significant rise in strategic mergers and collaborations among hydraulic fracturing vendors. Such growth strategies are focused at augmenting their product portfolio or increase their market penetration
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