Allied Market Research

2024

Frac Services Market

Frac Services Market Size, Share, Competitive Landscape and Trend Analysis Report by Application : Global Opportunity Analysis and Industry Forecast, 2023-2032

EP : Equipment and Devices

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Author's: | Eswara Prasad
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Frac Services Market Outlook - 2027

Fracking, also known as hydraulic fracturing, is a method for the production of oil & gas wells that involves injecting chemicals, sand, and water under high pressure into wells into a bedrock structure. The aim of this process is to build new fractures in rocks and to improve the connectivity, depth, and size of existing fractures. Many formations are too dense to manufacture oil & gas and need frac services to remove the fuel. In fracking, proppant-carrying fluids are pumped into the field with sufficient pressure to break the surface. The proppant is left to hold the cracks open, while the fluid is drained back allowing oil & gas to flow to the surface. Frac services integrate sensors and software for tracking the water quality and equipment condition to enhance the performance of fracking process. 

Key drivers of global frac services market

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.

Market scenario: opportunities and challenges

Surge in adoption of supercritical carbon dioxide in fracking is one of the key phenomena seen on the global market for frac services. 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 market growth.

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.

Key benefits of the report

  • This study presents the analytical depiction of the global frac services industry 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 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. 

Questions answered in the global frac services market research report:

  • Which are the leading market players active in the frac services market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities of the market?
  • What are the projections for the future that would help in taking further strategic steps?

Frac Services Market Report Highlights

Aspects Details
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By Application
  • Onshore
  • Offshore
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By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, Rest of LAMEA)
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Key Market Players

Trican Well Services Ltd., Calfrac Well Services, Patterson UTI, Cudd Energy Services, United Oilfield Services, Superior Well Services, Weatherford International, Tacrom Services S.R.L, Franklin, ConocoPhilips

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Frac Services Market

Global Opportunity Analysis and Industry Forecast, 2023-2032