Industry Insights
Growing E&P activities for extracting hydrocarbons from
unconventional reserves particularly shale basins has been major factor
driving global hydraulic fracturing market growth over the last few
years. Increasing demand for primary energy and fuel for transportation,
household and power generation has been responsible for growth in
demand for oil & gas over the last few years. Oil & gas industry
participants have been witnessing declining production rates from
conventional reserves.
This might create an imbalance in the demand supply chain. In order
to cope up with the growing demand for fossil fuels the E&P
companies have shifted their focus to develop the unconventional oil
& gas reserves. This shift towards development of unconventional
hydrocarbon reserves is expected to boost the market growth.
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Along with benefits, hydraulic fracturing has certain environmental
and health risks associated with it. The market growth may be restrained
by stringent environmental regulations by organizations such as REACH
and EPA. Moratoriums by local organizations and bans on the use
technology by regional agencies of France, U.S., Bulgaria and Romania,
may have a negative impact on the market growth over the next few years.
Development of shale basins in China and Russia coupled with increasing
spending on R&D for developing technologies which use less water
for fracking is expected to provide future opportunities for market
players over the next six years.
Technological l Insights
Plug & Perf is the largest technology segment for hydraulic
fracturing market accounting for over 85% of the total market revenues
in 2013.The technology is used to extract oil & gas from cased
holes. Sliding sleeve is relatively new technology in this market and is
applicable for openhole wellbores as well as natural fractured
formations. These technologies are used either in conjunction,
industrially referred as ‘hybrid frac’ or separately depending on
required fracture quality, formation type and coast involved.
Sliding sleeves technique is comparatively les time consuming and
more effective. Plug & Perf is a more developed and acknowledged
technology for ease of accessibility in horizontal wells creating a high
quality fracture. Development of waterless fracturing methods and use
of gas fracturing techniques may provide hydraulic fracturing market
participants future opportunities.
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Material Insights
Major materials employed for hydraulic fracturing are proppants and
other chemicals. Proppants accounted for over 22% of the total materials
employed. They are utilized for keeping the induced fractures open
alloying easy flow of fluids between the formation and the wellbore.
Sand, resin coated sand and ceramics are used as proppants for
fracturing purpose. Sand owing to its easy and cheap availability has
the largest market. Increasing oil & gas production standards have
restrained the use of sand as a proppant owing to sand production.
Ceramic materials have also significant market shares but are expected
to lose some of its market shares to resin coated sand proppants.
Application Insights
The market finds application in extraction of oil & gas in
conventional hydrocarbon reserves as well as for unconventional reserves
which include shale basins, tight reserves and CBM. Hydraulic
fracturing market demand from shale gas has the largest share in terms
of market revenues. Initial development of shale gas reserves especially
in U.S. and Canada has boosted the market demand growth for this
application. Shale gas is expected to have the fastest growth rates over
the next six years. Hydraulic fracturing market demand for tight oil
& CBM applications is anticipated to have stagnant growth rates over
the forecast period.
Regional Insights
North America was the largest regional market and accounted for over
88% of the total market revenues in 2013. Development of unconventional
resources of oil & gas coupled with government support for
developing shale and tight reserves has been the major factor
responsible for hydraulic fracturing market growth in this region. Asia
Pacific market is anticipated to project the maximum growth rates owing
to vast availability of unconventional hydrocarbon reserved in China and
Indonesia.
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