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The global hydraulic fracturing market size is projected to reach USD 37.51 billion by 2027 on account of rising interest in offshore oil & gas reserves worldwide, finds Fortune Business Insights™ in its report, titled “Hydraulic Fracturing Market Size, Share & COVID-19 Impact Analysis, By Well Type (Horizontal and Vertical), By Technology (Plug & Perf and Sliding Sleeve), By Application (Onshore and Offshore), and Regional Forecast, 2020-2027”. The report states that the value of the global market stood at USD 28.13 billion in 2019 and is expected to grow at a CAGR of 8.8% from 2020 to 2027.
The COVID-19 pandemic, which has led many countries to impose nationwide lockdowns, has triggered an unparalleled global economic downturn. This is anticipated to have a direct bearing on the hydraulic fracturing market growth as global energy demand has plunged to historic lows, creating unprecedented volatility in oil & gas prices.
Halliburton Bags Contract from Saudi Aramco for Unconventional Gas Stimulation Services
In May 2018, Saudi Aramco awarded a contract to Halliburton to provide unconventional gas stimulation services and improve the financial economics of its Unconventional Resources Program. Under the contract, Halliburton will deliver lump-sum turnkey stimulation solutions, which will include well intervention and hydraulic fracturing operations. The partnership is critical for Aramco as the country is aggressively exploring unconventional gas reserves to meet its domestic energy demand, supply feedstock for its chemicals industry, and offset crude oil burning.
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Rising Investments in Renewables to Stymie Market Growth
Adoption of advanced drilling technologies such as hydraulic fracturing is likely to get hampered as investments in renewable energy sources steadily climb. According to the International Renewable Energy Agency (IRENA), in 2018, investments in renewables stood around USD 300 billion, far exceeding investments in fossil fuels. Furthermore, China attracted 33% of investments in renewables in 2018, followed closely by India, Brazil, and Mexico. This investment trend points toward the gradual transition of economies from being dependent on fossil fuels to utilizing more reliable and non-exhausting sources of energy. Although hydrocarbons are still the major energy providers, investments in technologies for harnessing renewables is likely to flatten the demand for fossil fuels, especially crude oil, in the next decade. This will inevitably slow down the deployment of advanced hydrocarbon exploration and extraction technologies and impede the growth of this market.
Industry Bigwigs to Experience Historic Revenue Shortfalls
As a consequence of the COVID-19 pandemic, industry giants such as Halliburton and Schlumberger are bracing for a period of historic financial stress. The pandemic has shrunk the demand for oil worldwide, triggering price volatility and rendering exploration & production (E&P) operations economically unfeasible. Even though experts are of the opinion that the demand will bounce back once the pandemic abates, players will have to grapple with this unprecedented crisis and employ novel strategies to offset their revenue shortfalls, especially those providing oilfield services.
List of Key Players Covered in the Market Report:
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Table of Segmentation:
Value (USD Billion)
By Well Type