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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market data Figures spread through 135 Pages and an in-depth TOC on "North America Hydraulic Fracturing Market”
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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