North America Hydraulic Fracturing Market - Growth, Trends, and Forecast (2018 - 2023)
The increase in upstream investments with recovering oil prices is anticipated to drive the oil & gas industry drilling activities over the forecast period. Technological advancements, to modify the fluid composition for efficient extraction in different formations, have created lucrative avenues for industry participants. Moreover, the increase in the fracturing activities for efficient extraction of oil & gas from abundant reserves present in American shale reserves is expected to drive the market in the North American region.
Transition toward Horizontal Wells from Vertical Wells - An Opportunity
The shift from vertical to horizontal wells is the most important change to occur over the last decade, allowing for greater formation access, while only incrementally increasing the cost of the well. Over the past decade, lateral lengths have increased from 2,500 ft. to nearly 7,000 ft. In the United States, the unique geological makeup of Permian, Eagle Ford, Bakken, and Marcellus, consisting of multiple layers of oil & gas and trapping shale that span hundreds of miles, is expected to contribute toward the growth of the demand for hydraulic fracturing fluids in North America.
Growing Demand for Hydraulic Fracturing Fluids in the United States
A rise in prices, at the start of 2017, above USD50/bbl, compared to USD43.5/bbl in 2016, combined with the industrial-friendly Trump administration at the helm, encouraged operators to increase investment early on. Moreover, the increased price stability over Q1 of 2018 encouraged producers to return to the well pad, with a growth in the number of active oil rigs. The shale boom is likely to positively contribute toward the market growth.
Key Developments in the Market
December 2017: Weatherford sold its US hydraulic fracturing business to Schlumberger for USD 430 million.
The major players include - Baker Hughes, a GE company, Halliburton Company, Schlumberger Limited, BASF SE , amongst others.
Reasons to Purchase This Report
Current and future North America Hydraulic Fracturing Fluids market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments, market shares, and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)
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