Boston, MA -- (ReleaseWire) -- 10/27/2012 -- Hydraulic Fracturing Market By Resource & Well Type - Global Trends & Forecasts To 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. Hydraulic fracturing services are provided by oilfield service companies (such as Halliburton) to oil and gas companies (such as Shell). Hydraulic fracturing was first used in 1947, since then scores of wells have been fractured.
This report estimates the hydraulic fracturing market in terms of volume and value. The volume of this market is estimated in terms of million hydraulic horse power (million hhp) and value in terms of $million. This has been broken down into component regions and further split into countries.
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The hydraulic fracturing market is mainly concentrated in North America, where many leading oil field service companies - Schlumberger (U.S.), Halliburton (U.S.), Baker Hughes (U.S.), and other medium and small players - operate. While the North American hydraulic fracturing market is reaching maturity, the Rest of the World's (ROW) market is still in its infancy.
Australia, China, and Poland are expected to lead the ROW hydraulic fracturing market. Apart from the regions mentioned above, other areas are not expected to show a very significant moment in the forecast period of the report i.e. 2012 to 2017. Hydraulic fracturing will prove beneficial for the 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.
Hydraulic Fracturing is facing a lot of public opposition due to potential environmental hazards caused by fracturing. Water usage, water contamination, and seismic activity are the most important concerns related to hydraulic fracturing. Because of these environmental concerns, the growth of hydraulic fracturing market in the Rest of the World market is somewhat lessened. In fact, some companies have even banned the use of hydraulic fracturing. This presents an opportunity to oilfield service companies to use 'waterless' hydraulic fracturing or foam fracturing.
Foam fracturing has advantageous properties such as high viscosity and low liquid content; foams find application in many petroleum industry processes. This alternative utilizes less water than traditional fracturing and could help companies in addressing public concern over the environmental effects of fracturing. As a process, fracturing takes up a large percentage of the total water required in well drilling, at roughly 89%. This presents a good opportunity for players to capitalize on.
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