Hydraulic fracturing is modern technology, in which fluids are pumped into the oil wells at the injection rate which is so high that the formation of the oil reservoir breaks down. The fluids injected in the reservoirs conventionally include water sand and chemicals. With advancements in technology, recently the drilling companies are implementing hydraulic fracturing along with horizontal drilling to allow the drilling of multiple wells from the same spot. In the current scenario of oil and gas production, hydraulic fracturing process is used globally to optimize the production of oil & gas from the reservoirs. According to the U.S. Department of Energy, up to 95% of the new wells that are being drilled currently or are drilled recently are fractured hydraulically. This accounts for around 75% of total natural gas production and almost 50% of total crude oil production from the U.S.
Industry Top Key Players:-
- GE Renewable Energy
- Siemens AG
- Goldwind Science & Technology Co. Ltd.
- ENERCON GmbH
- Xiangtan Electric Manufacturing Group
- Emergya Wind Technologies B.V.
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Scope of the Report:-
By well Type
- Sliding Sleeve
- Crude oil
- Shale gas
- Tight oil
- North America
- Asia Pacific
- Rest of the World
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Among all technologies, plug and perforation is the most commonly used for the extraction of crude oil and natural gas. It is used in cased hole wells and is flexible in nature. Plug and perforation technique majorly helps in achieving high production rate. It is mainly used for shale oil and shale gas completions. It has the ability to be reworked in case of any problem or when production process pauses. The ease of accessibility provided by such technology for fracking in horizontal wells, make it a favorable technology than alternatives such as sliding sleeve and others.
North America region is expected to dominate the hydraulic fracturing market during the forecast period, owing to factors such as the increase in exploration of unconventional natural resources and the availability of resources such as skilled manpower. Asia-Pacific region is also expected to grow owing to the availability of natural resources in the region in abundance. The increased concept of digging wells in the rural areas of the region is also contributing to the growth of the market in the region.