Ever growing demand for petrol and other energies for various purposes is continuously soaring. Household activities, transportation, and power generation require tremendous amount of non-renewable fossil energy such as oils. This ever-towering demand for oil and gas is working as a driving factor for the global hydraulic fracturing market. Oil and gas industry is consistently focused on finding new sources of fossil energy. Growing exploration and production (E & P) activities in oil and gas reserves particularly in the shale basins are pushing the global hydraulic fracturing market.
To extract natural gas and crude oil, the technique of natural hydraulic fracturing is commercially used from last many years. The process uses water, propping agents, and chemical additives to inject in the rock at high pressure and temperature. This helps in creating and opening a network of fractures. It also advances the permeability of rocks.
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Growing demand from oil and gas industry for equipment that can reduce time required for the task of oil extraction is stimulating the growth of the global hydraulic fracturing market. Moreover, swift industrialization along with speedy infrastructure development on a global level is supporting the growth of the global hydraulic fracturing market.
Partnerships and Alliances Pave way for Players to Expand Regional Outreach
Many vendors are chasing various strategies such as mergers and acquisitions to expand their regional reach. Some are entering into partnerships to enhance their abilities in the hydraulic fracturing. A case in point here is latest partnership between Schlumberger and Dataiku Technology. This partnership is expected to assist the E&P industry in creating and employing their own artificial intelligence (AI) solutions, thereby propelling the global market for hydraulic fracturing.
The market for hydraulic fracturing is moderately fragmented in nature. Presence of many players makes the competition level intense. Some of the players in the global hydraulic fracturing market are Calfrac Well Services Ltd., Baker Hughes Inc., Halliburton Company, FTS International, Inc., RPC, Inc., Nabors Industries Ltd., and Trican Well Services Limited.
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