Hydraulic Fracturing Expected Value: 68 Billion by 2024
A report from Global Market Insights, Inc., released today, on the hydraulic fracturing market, suggests the industry share is poised to exceed USD 68 billion by 2024.
Plug and perforation hydraulic fracturing market size was valued at over USD 15 billion in 2015 and is expected to grow and accounted for over 70 per cent of global hydraulic fracturing market share in 2015. Ease of accessibility for fracking in horizontal wells is expected to boost technology demand.
A major factor noted in the growth of the industry was increasing investment in exploration and production of unconventional resources due to rising concern over depletion of conventional resources. Growing petroleum demand, rapid infrastructure development, and demographics are cited as sources for that growth.
Restrictions in some countries owing to the adverse environmental impact including noise and visual impact, seismic events, land surface disturbance, etc. may hamper the business, according to the analysis by Global Market Insights, while high operational expenditures involved in development of shale gas cause major restraints in share expansion.
There are six major impacts on groundwater associated with hydraulic fracturing:
The Canadian hydraulic fracturing market accounted for over 10 per cent of regional revenue share in 2015. Increasing exploration and production of unconventional resources, including shale gas, coupled with availability of resources and advancing technology may favor growth in the region.
More details from the report can be found at the Global Market Insights, Inc. website. The six major impacts on groundwater comes the U.S. Environmental Protection Agency’s final report on the impacts of hydraulic fracturing, from December 2016.