Large Number of Untapped Shale Gas Reserves Lead to High Adoption of Hydraulic Fracturing Technology

Hydraulic fracturing is a technique that is used to extract natural gas and crude oil by injecting water along with propping agents and chemical additives. High temperature and pressure are used to create and open a network of fractures to enhance the permeability of the rocks. The adoption of hydraulic fracturing for the extraction of shale gas, tight gas shale oil, coal bed methane, and tight oil results in significant time and cost savings, which is one of the reasons for the increase in the adoption of this technique. According to a report published by Transparency Market Research, the hydraulic fracturing market, which stood at 21.34 MHHP in 2013 in terms of volume, is anticipated to expand at a modest CAGR of 5.30% from 2014 to 2022, to reach 33.97 MHHP by 2022.

Untapped Shale Gas Reserves in China Act as an Opportunity for Hydraulic Fracturing Technology

China’s shale gas deposits majorly lie in three giant basins: the Tarim Basin, the Ordos Basin, and the Sichuan Basin. The shale deposits in these reserves are embedded thousands of feet underground and the only means of getting to these reserves is through the process of hydraulic fracturing. The presence of shale gas reserves in China acts as a huge opportunity for the hydraulic fracturing market in the coming years, since China’s demand for oil and gas is among the highest in the world and increasing steadily.

Hydraulic Fracturing Leads to a Dramatic Rise in the Production of Oil and Gas in the U.S.

The shale revolution is a term used for the dramatic increase in the shale oil and gas production in the U.S. due to the adoption of hydraulic fracturing. The shale revolution has been a boon for the U.S. economy and has hugely benefitted the nation after the global recession in 2008, boosting the employment rate of the country. Political support has also helped in the growth of the oil and gas production, thanks to the elimination of restrictive policies and increasing support to the implementation of hydraulic fracturing. The growth of oil and gas production in the U.S. has counteracted the nation’s losses due to recession. It was the implementation of hydraulic fracturing methodology that led to this significant rise in the production of oil and gas.

Risk of Earthquakes due to Hydraulic Fracturing may Restrict its Adoption

Researchers in Canada have discovered that the injection of fracking fluids or stimulating fluids under high pressure, which is a part of the hydraulic fracturing process, creates fissures in impervious rocks and can ultimately cause earthquakes due to weakening of the bedrock. After the U.S., Canada ranks the highest in the world in terms of production of shale gas and oil. The country has faced frequent earthquakes in the Western Sedimentary Basin, which were attributed to improper waste water disposal and stress changes in hydrocarbon production. However, a recent study has revealed that the increasing earthquakes in the area are as a result of the excessive drilling. 

Browse Research Press Release: http://www.transparencymarketresearch.com/pressrelease/hydraulic-fracturing-market.htm

Global Hydraulic Fracturing Market to Ride High on Energy Security and Economic Growth

Hydraulic fracturing is a technique that has been commercially used for 65 years. Today, in the U.S., a combination of horizontal drilling and advanced hydraulic fracturing that employs cutting-edge technologies, has enabled high levels of oil and natural gas extraction. The fracking process is used in nine out of 10 natural gas wells in the U.S., wherein millions of gallons of sand, water, and chemicals are pumped into the ground to cause rocks to fracture and release trapped gas.

According to a research report by Transparency Market Research (TMR), the global hydraulic fracturing market stood at 21.34 MHHP in 2013 and is expected to reach 33.97 MHHP by 2022, growing at a CAGR of 5.30% between 2014 and 2022. By revenue, the global hydraulic fracturing market will reach US$66,059.42 million in 2022 increasing from US$38,320.0 million in 2013, growing at 6.12% CAGR from 2014 to 2022.

Fracking Market Growth Looks Promising in Unconventional Reservoirs

Hydraulic fracturing entails safe tapping of shale and other tight-rock formations, by drilling one mile or more below ground surface before turning horizontal gradually, and then further drilling several thousand feet to reach the well. Fracking, for the most part, is used for unconventional reservoirs such as tight gas, shale gas, coal bed methane, tight oil, and shale oil.

Browse The Market Research Report on Hydraulic Fracturing Market: 

http://www.transparencymarketresearch.com/hydraulic-fracturing-market.html

However, over the years, fracking has been finding application in conventional oil and gas fields, particularly wells which were considered uneconomical and were left untapped. With the use of hydraulic fracturing, fields that were considered exhausted have started producing crude oil and natural gas. 

TMR’s research report looks into the utilization of hydraulic fracturing and how the overall hydraulic fracturing market will be directed in the coming years: Here’s a lowdown;

• Hydraulic fracturing is widely used in mature fields, which accounts for over 70% hydrocarbons production.
• Due to horizontal drilling being employed, hydraulic fracturing is economically viable in terms of time and cost for extraction of crude oil and natural gas.
• Countries such as Saudi Arabia, Oman, and the U.S. have implemented hydraulic fracturing for both conventional and unconventional oil and gas fields.
• As per the U.S. Energy Information Administration (EIA), large reserves of recoverable shale gas and shale oil are present in North America. This is attracting upstream companies all over the globe as shale gas is environmentally sustainable in comparison to oil and coal.
• In the U.S., hydraulic fracturing is the single biggest reason for the change in the energy scenario from scarcity to abundance, which has resulted in an energy revolution.
• In the next decade, in the U.S., up to 80% of natural gas wells that were earlier locked in shale and tight-rock formations, will require fracking.
• As per EIA, presently, the U.S. is the leading natural gas producer in the world. It is estimated by 2020, natural gas production will increase by 56% with shale accounting for a major contribution.

Browse Press Release of Hydraulic Fracturing Market: 

http://www.transparencymarketresearch.com/pressrelease/hydraulic-fracturing-market.htm

Hydraulic fracturing has large economic benefits associated, and the shale rock segment can be a game changer for regions that are abundant with these reserves.