Increasing unavailability of easy oil and growing demand for longer lateral services is expected to drive the North America Hydraulic Fracturing Market growth in the forecast period, 2024-2028.
As per a report by TechSci Research titled “North America Hydraulic Fracturing Market – By Country, Competition, Forecast and Opportunities, 2018-2028,” the hydraulic fracturing market in North America is projected to witness substantial growth within the forecast period of 2024-2028. The escalating gap between the supply and demand of primary energy sources is a significant factor driving the expansion of this market. The increasing demand for oil and gas, coupled with constrained production capacities of related reserves, positions this market for growth. The potential utilization of foams for waterless fracking presents promising prospects within the Hydraulic Fracturing Market.
North America holds extensive and untapped shale reserves, including formations like Marcellus, Permian, and Eagle Ford, offering significant opportunities for hydraulic fracturing operations to expand further and meet the rising demand for oil and natural gas both domestically and globally.
Continuous advancements in hydraulic fracturing technologies offer promising possibilities for improved efficiency, resource recovery, and environmental sustainability. Innovations in data analytics, artificial intelligence, proppants, and drilling techniques have the potential to considerably enhance well performance and reduce operational costs.
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In terms of well type, the Horizontal segment has emerged as the dominant market leader. Horizontal drilling, widely employed in the oil and gas industry, allows access to hydrocarbon reservoirs, especially in shale formations. Unlike conventional vertical drilling, horizontal drilling involves drilling at an angle to achieve horizontal access to the targeted reservoir, enabling enhanced hydrocarbon extraction and improved resource recovery rates. Combining hydraulic fracturing with horizontal drilling facilitates creating fractures in the rock, aiding hydrocarbons’ flow to the wellbore. Continuous advancements in horizontal drilling technology have led to improved drilling efficiency, accuracy, and reach. Innovations in downhole tools, drilling fluids, and real–time data analytics have enabled precise well placement and enhanced reservoir characterization.
North America Hydraulic Fracturing Market has valued at USD 22.63 billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 5.44% through 2028. Exploration activities project the presence of unconventional and conventional hydrocarbon reserves in various formations, contributing to the industry’s growth. The hydraulic fracturing market is driven by factors such as cost reduction in oilfield services, fluctuating oil prices, and increased production. The growing demand for oil and gas, in parallel with production increases, fuels the expansion of the hydraulic fracturing market.
Concerning technology, the Plug & Perf segment is anticipated to witness growth during the forecast period. High-pressure fracturing fluid is injected into the wellbore to induce fractures in the shale formation. These fractures are then filled with proppants, typically sand, to maintain their openness. The Plug & Perf method allows precise targeting of specific intervals along the wellbore, optimizing production and enabling operators to access a larger portion of the reservoir, thus enhancing resource recovery. Continuous advancements in perforating techniques, plug materials, and pump technology have significantly enhanced the efficiency and cost-effectiveness of Plug & Perf.
In summary, the Plug & Perf segment in the North America Hydraulic Fracturing Market plays a pivotal role in maximizing resource recovery in shale reservoirs. It has evolved through technological advancements, enhancing efficiency, addressing complexities, and considering environmental factors. This segment is expected to adapt to market dynamics, regulatory changes, and technological innovations.
Key companies operating in the North America Hydraulic Fracturing Market include:
- Halliburton Co.
- Schlumberger NV
- Baker Hughes Company
- Pioneer Natural Resources Co
- Chesapeake Energy Corporation
- ConocoPhillips Holding Company
- Devon Energy Corporation
- Enron Oil & Gas Company
- Occidental Petroleum Corp
- Cimarex Energy Co.
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Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm, mentioned, “The United States is projected to dominate the market during the forecast period. The U.S. has effectively capitalized on opportunities to export natural gas to global markets, including liquefied natural gas (LNG) exports. This export capacity has not only bolstered trade relations but has also positioned the U.S. as a pivotal player in the international energy arena.”
The report titled “North America Hydraulic Fracturing Market By Well Type (Horizontal and Vertical), By Technology (Plug & Perf and Sliding Sleeve), By Application (Crude Oil, Shale Gas, Tight Gas, Coal Bed Methane and Others), By Country, By Competition Forecast & Opportunities, 2018-2028,” evaluates the future growth potential of the North America Hydraulic Fracturing Market and provides statistics & information on market size, structure, and future market growth. The report aims to offer cutting-edge market intelligence to help decision-makers make sound investment decisions. Additionally, the report identifies and analyzes emerging trends, along with essential drivers, challenges, and opportunities in the North America Hydraulic Fracturing Market.
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