The U.S. hydraulic fracturing market to reach USD 13.91 billion by 2025, owing to the rise in the oil and gas exploration and extraction activities in the country over the forecast period. There is a rise in the demand for primary energy resources owing to the rise in population and industrialization. To meet these demands and ensure the continuous supply of natural resources in the country, the market for unconventional techniques such as hydraulic fracturing is expect to grow over the forecast period. This technology was first employed in in the U.S.in 1947 and has been constantly upgraded since then. In 2015, around 67% of natural gas was produced from hydraulically fractured wells in the country.
The U.S. hydraulic fracturing market is expected to grow significantly owing to the rise in the recent developments and innovations such as using hydraulic fracturing in combination with horizontal drilling during shale formations. This has revealed new sources for huge amount of natural gas supplies, which is fulfilling the energy needs of the nation and is expected to transform the energy future. The use of this technology was first employed around the year 2000 after which it was continuously being used in the oil and gas production and extraction processes.
There is a significant rise in the domestic oil and gas production from hydraulically fractured oil and gas production wells. In 2015, the production of oil from hydraulically fractured reservoirs accounted for more than 50% of the total oil production and the gas production accounted for around 70% of the total gas production in the country. This combination technology of directional drilling and hydraulic fracturing allows the oil and gas reservoirs to be punctured directionally or horizontally alongside the foundation of targeted rocks, giving exposure to the rock formation bearing oil and gas in the production well, which is expected to drive the growth for this market over the forecast period.
The hydraulic fracturing segment dominated the market in 2017 and is expected to maintain its dominant position over the forecast period owing to the use of hydraulic fracturing and horizontal drilling activities in conventional and unconventional reservoirs. Oil & gas industry recently has been experiencing a decline in the production rates from the present conventional reservoirs. In order to meet the demand for energy resources the industry participants are focusing on the development of unconventional oil & gas reserves by using various technologies such as hydraulic fracturing and other methods.
The use of hydraulic fracturing in the oil and gas extraction increases the yield of the resource from the well owing to which this widely used and is expected to grow over the forecast period. When hydraulic fracturing is used in combination with horizontal drilling, non-yielding wells and nonprofit rock formations are frequently rehabilitated into productive fields which yield a good amount of natural gas. The technology is majorly responsible for the growth and development of shale gas fields in the U.S. such as the Haynesville Shale, Barnett Shale, Marcellus Shale, and Fayetteville Shale gas fields. It has also been employed in yielding gas from tight rock units such as Niobrara Shale and Bakken Shale.
The various process chemicals used during the employment of hydraulic fracturing technology is a huge cause of concern to the environmental activists in the natural gas industry. A regulatory environment is obligatory while commissioning these techniques where drilling occurs to ensure the environmental safety and protection of water supplies and people living in the zones.
The market for hydraulic fracturing is fragmented and competitive in nature. There are several players in the market delivering services in the U.S. and the competition is expected to grow over the forecast period. With the rise in the oil and gas extraction activities in the country the players are also focused on increasing their market share by providing efficient and effective services over the forecast period.
Access full report or request for free sample at: https://www.hexaresearch.com/research-report/us-hydraulic-fracturing-market
Hexa Research has segmented the U.S. hydraulic fracturing market report based on type and end-use:
Segmentation by service type, 2015 - 2025
• Hydraulic fracturing
• Other auxiliary services
Segmentation by end-use, 2015 - 2025
• Oil & gas extraction
Key players analyzed:
• Baker Hughes
• Superior Well Services
• United Oilfield Services