Global Frac Services Market 2019-2023 | Industry Analysis and Forecast | Technavio
LONDON--(BUSINESS WIRE)--Jan 9, 2019-- analysts forecast the global frac services market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.
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Technavio analysts forecast the global frac services market to grow at a CAGR of over 5% by 2023. (Graphic: Business Wire)
The adoption of supercritical carbon dioxide in fracking is one of the major trends being witnessed in the . Supercritical CO2 has been introduced as a replacement to water use in the entire fracking process. Some of the advantages offered by supercritical CO2 are reduced dependency on water for the operation, CO2 can be easily captured and reused for the process, and it is more efficient in fracturing the rock. This helps in making the whole process easier.
According to Technavio analysts, one of the key factors contributing to the growth of global frac services market is the rising investments in shale oil and gas:
Global frac services market: Rising investments in shale oil and gas
Shale is a low permeability sedimentary rock formation, which contains trapped oil and gas inside it. To harness oil and gas from shale rocks, the hydraulic fracturing process is used. Pressure is applied on the rock formations by using a combination of water, sand, detergents, and other stimulation fluids to fracture the rock and permit the oil and gas to rise to the surface, where it is collected for processing.
According to a senior research analyst at Technavio, “The US, Canada, China, and Argentina are the four major countries that produce shale oil and gas for commercial use. The US is the largest producer of shale oil and gas in the world. Shale oil and gas production has increased, particularly in the US in the last decade and large investments are being redirected toward adopting the hydraulic fracturing process for unconventional oil and gas production.”
Global frac services market: Segmentation analysis
The global frac services market research report provides market segmentation by application (onshore and offshore) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The onshore segment held the largest frac services market share in 2018, accounting for nearly 97% of the market. This application segment is expected to dominate the global market throughout the forecast period.
The Americas held the largest share of the market in 2018, accounting for nearly 91% share. It was followed by APAC and EMEA respectively. The Americas is expected to dominate the market throughout the period 2019-2023.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: ENERGY OIL/GAS
SOURCE: Technavio Research
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PUB: 01/09/2019 05:32 AM/DISC: 01/09/2019 05:32 AM