Hydraulic Fracturing Market Size

Hydraulic Fracturing Market Size

Hydraulic Fracturing Market size was worth over USD 24 billion in 2015 and is anticipated to expand over 12% by 2024.

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Growing energy demand spurred by ongoing expansion of industrial and commercial sector will drive the hydraulic fracturing market growth. As per International Energy Agency (IEA), the global oil demand is on rising trajectory with China and India contributing the maximum share. Rapid development of unconventional O&G resources including shale gas, coal bed methane and tight oil will augment the industry landscape. For instance, as of 2017, China was the third largest shale gas producer after the U.S. and Canada.

Declining production from existing conventional wells along with growing number of mature fields will accelerate the market growth. Introduction of foreign direct investment provisions along with several financial aids and tax incentives across the U.S and China will enhance the industry outlook. However, stringent environment policies pertaining to the adverse effects on environment and geology along with problems with excessive water consumption and contamination will impact the business growth.