Increase in use of unconventional resources, since most conventional oilfields are aging at a faster rate and will not be able to meet the growing demand for energy, drives the growth of the global frac services market. In addition, rise in investments in unconventional exploration and development projects is expected to increase the complexity of the hydraulic fracking process, which, in turn, is likely to boost the demand for frac services during the forecast period. Moreover, technology advancements in the fracturing process significantly contributes toward the growth of the market. Shift in preference toward developing unconventional sources, including shale, natural gas, tight oil, and coal bed methane (CBM) further fuels the need for hydraulic fracking.
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Surge in adoption of supercritical carbon dioxide in fracking is one of the key phenomena seen on the global frac services market. Supercritical CO2 was used during the initial fracking process as a substitute for gas. Some of the key advantages that supercritical CO2 provides is reduced water dependence for the project. In addition, CO2 can be readily absorbed and reused for the process, and it is more efficient in fracturing rocks. This makes the entire process more effective and helps with water conservation.
Moreover, rise in onshore fracking is expected to create lucrative opportunities for the frac services industry. Use of Internet of Things (IoT) to leverage massive volume of data produced during the exploration & production (E&P) activities has enabled to address the increasing concerns related to security and enhancing the efficiency of drilling process. Introduction of a number of devices used at oil extraction sites is expected to strengthen the market growth for frac services.
However, environmental concerns and lack of capital market & incentives limit market growth. Awareness of environmental problems caused by the fossil fuel combustion has gained global importance as the chemicals that are used during the hydraulic process cause health problems, which may impede the frac services market growth.
Key benefits of the report
- This study presents the analytical depiction of the global frac services market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global frac services market share.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the global frac services market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years.
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COVID-19 scenario analysis
The global frac services market is expected to witness decline in growth rate during the forecast period, owing to the outbreak of the COVID-19 pandemic. Governments of various countries have implemented lockdown, which has led to shutdown of factories in scores of cities and provinces across the world, thus leading to predictions of a sharp slowdown. The frac services industry is anticipated to experience a direct impact for the next one or two years, if the growth of the oil industries declines, as it is one of the key consumers of frac services. Moreover, companies are dealing with missing sales and fractured supply chains as production activities shutdowns.
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