Press Release

North America Hydraulic Fracturing Market growth to Grow with a robust CAGR through to 2028

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.

 

According to TechSci Research report, “North America Hydraulic Fracturing Market - By Country, Competition, Forecast and Opportunities, 2018-2028”, the North America Hydraulic Fracturing Market is expected to register a robust during the forecast period, 2024-2028. The growing disparity between supply and demand for primary energy sources is a key driver for the expansion of the Hydraulic Fracturing Market. With the demand for oil and gas continuously rising and limited production capacities of related reserves, this market is poised for growth. The potential of foams to enable waterless fracking offers promising opportunities in the Hydraulic Fracturing Market.

North America boasts extensive and untapped shale reserves, including the Marcellus, Permian, and Eagle Ford formations. These resources present significant opportunities for hydraulic fracturing operations to further expand and meet the growing demand for oil and natural gas on both domestic and global scales.

Continual advancements in hydraulic fracturing technologies offer promising prospects for enhanced efficiency, resource recovery, and environmental sustainability. Innovations in data analytics, artificial intelligence, proppants, and drilling techniques have the potential to significantly improve well performance and drive down operational costs.

 

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Based on well type, Horizontal segment has emerged as the predominant market leader. Horizontal drilling is a technique widely employed in the oil and gas industry to access hydrocarbon reservoirs, particularly in shale formations. Unlike conventional vertical drilling, horizontal drilling involves drilling at an angle to achieve horizontal access to the targeted reservoir. This method allows for enhanced hydrocarbon extraction and improved resource recovery rates. Hydraulic fracturing is often combined with horizontal drilling to create fractures in the rock and facilitate the flow of hydrocarbons to the wellbore. Horizontal drilling has emerged as a favored approach for maximizing resources in shale-rich regions of North America. It enables operators to tap into a larger segment of the reservoir from a single well, thereby boosting overall production yield. Continuous advancements in horizontal drilling technology have led to enhanced drilling efficiency, accuracy, and reach. Innovations in downhole tools, drilling fluids, and real-time data analytics have enabled more precise well placement and improved reservoir characterization. The presence of abundant shale resources in North America, such as the Permian Basin and the Bakken Formation, has been a key driver behind the widespread adoption of horizontal drilling. These shale plays are highly conducive to this drilling technique. Horizontal drilling not only offers opportunities to explore and develop new shale plays but also unlocks the potential of previously uneconomical reservoirs, thereby expanding the resource base.

Based on technology, Plug & Perf segment is expected to grow 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. Once the fractures are created and proppants are in place, the isolation plugs are removed, allowing hydrocarbons to flow from the reservoir into the wellbore. Operators are increasingly adopting advanced techniques to improve control over fracture placement and propagation, thereby maximizing resource recovery. The Plug & Perf method is well-suited for multistage fracturing as it enables precise targeting of specific intervals along the wellbore, optimizing production. This approach allows operators to access a larger portion of the reservoir and enhance resource recovery, making it economically viable. Continuous improvements in perforating techniques, plug materials, and pump technology have significantly enhanced the efficiency and cost-effectiveness of Plug & Perf. In conclusion, the Plug & Perf segment of the North America Hydraulic Fracturing Market is a pivotal technique for maximizing resource recovery in shale reservoirs. It has evolved with technological advancements and efficiency improvements, while also addressing complexities and environmental considerations. This segment will continue to adapt to market dynamics, regulatory changes, and technological innovations.

 

Major companies operating in North America Hydraulic Fracturing Market are:

  • 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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“United States is expected to dominate the market during the forecast period. The United States 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.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

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”, 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.

 

 

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