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Global hydraulic fracturing market to grow at a CAGR of 10%
Companiesandmarkets.comAug 08, 2012 15:24 BST
The global hydraulic fracturing market has been forecast to grow at a compound annual growth rate (CAGR) of 10% over the next five years, increasing from its 2012 value of $40 billion, to be worth $64 billion by 2017.
Hydraulic fracturing is the propagation of fractures through layers of rock using pressurized fracturing fluid. This technique is primarily used in the extraction of resources from low permeability reservoirs - such as shale gas, tight gas, CBM, and unconventional liquids - which are difficult to recover through regular drilling procedures.
North America dominates production within the global hydraulic fracturing industry, with a market share of 90%. Rest of the World holds nearly 10% of the total capacity in hydraulic fracturing market.
In North America the US is the largest market with the industry being led by numerous key players such as Halliburton (US), one of the world's largest providers of products and services to the energy industry. Schlumberger (US), the world's leading oilfield services company supplying technology, information solutions and integrated project management to the oil and gas industry, and Baker Hughes (US), an oilfield services company delivering focused efforts on shale gas and other oilfield services. Additional companies include Superior Well Services (US) and Cudd Energy Services (US).
Hydraulic fracturing will prove beneficial for developing countries such as India, China, and Brazil. As the energy demand in these countries is increasing, fulfilling this demand domestically will enhance their economic growth.
The growth of the hydraulic fracturing market in ROW is somewhat lessened by the fact that the industry is currently facing a large amount of public opposition. This is due to the potential environmental hazards caused by the process.
Water usage, water contamination, and seismic activity are the most important concerns related to hydraulic fracturing.
For more information on the global hydraulic fracturing market, see the latest research: Global Hydraulic Fracturing Market Report
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