Pune, Jan. 24, 2020 (GLOBE NEWSWIRE) -- The global Hydraulic Fracturing Market size is projected to reach USD 71.72 billion by 2026, thereby exhibiting a CAGR of 8.69% during the forecast period. However, it stood at USD 37.23 billion in 2018. Fortune Business Insights™ published this information in a recent report, titled, “Hydraulic Fracturing Market Size, Share & Industry Analysis, By Well Type (Horizontal, and Vertical), By Technology (Plug & Perf, and Sliding Sleeve), and By Application (Onshore, and Offshore), Regional Forecast, 2019-2026.” The report further states that this technology has been aiding in reducing material and energy costs, as well in as stimulating the economic activities for a wide range of businesses, namely, supply and service companies.
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Rising Exploration of Unconventional Gas Worldwide to Drive Growth
The countries across the world are gradually transforming conventional exploration by assessing quintessential unconventional gases, namely, coal bed methane gas, tight gas, and shale gas. In North America, the pre-existing players in the U.S. are investing extensively in the exploration activities of these gases by adopting hydraulic fracturing.
Moreover, the unconventional gas offers large amount of energy reserves to fulfill the massive unmet demand for energy owing to the increasing potential of production and exploration of tight and shale gas. Natural gas is also being produced through fracking and it has exhibited a positive outcome. All these factors are set to boost the Hydraulic Fracturing Market growth during the forecast period.
Asia Pacific to Exhibit Astonishing Growth Owing to China’s Development of New Technology
Geographically, the market is divided into Latin America, Europe, the Middle East and Africa, North America, and Asia Pacific. Out of these, in North America, the number of exploration activities is increasing. In the U.S., a blend of federal regulation, effective state, best practices, and industry standards is preventing the environment and the communities from hazards. Additionally, it would help the country in boosting its natural gas production. Hence, the ongoing investments by key players in the exploration of unconventional gas, as well as technological developments are set to increase the Hydraulic Fracturing Market revenue in this region.
In Asia Pacific, China has managed to cut off the cost of drilling exploration wells by around 40% by developing homegrown drilling technology. The country is making an impressive progress in extracting natural gas from shale rock formations. It would soon replicate the shale gas revolution that had taken place in the U.S. Other countries around the world, such as Australia, Russia, Argentina, and Canada have started utilizing hydraulic fracturing to gain the maximum number of energy reserves.
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Key Players Focus on Launching Unique Products to Expand Product Portfolio
Prominent enterprises operating in the market are engaging in launching new products equipped with state-of-the-art technology. They are doing so to acquire the maximum Hydraulic Fracturing Market share in the near future. Below are a couple of the key industry developments:
Fortune Business Insights™ profiles a few of the most renowned companies present in the Hydraulic Fracturing Market. They are as follows:
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Table of Content:
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