Global Frac Services Market 2019-2023 | Industry Analysis and Forecast | Technavio

Technavio analysts forecast the global frac services market to grow at a CAGR of over 5% during the forecast period, according to their latest market research report.

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Technavio analysts forecast the global frac services market to grow at a CAGR of over 5% by 2023. (Graphic: Business Wire)

The adoption of supercritical carbon dioxide in fracking is one of the major trends being witnessed in the global frac services market 2019-2023. Supercritical CO2 has been introduced as a replacement to water use in the entire fracking process. Some of the advantages offered by supercritical CO2 are reduced dependency on water for the operation, CO2 can be easily captured and reused for the process, and it is more efficient in fracturing the rock. This helps in making the whole process easier.

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According to Technavio analysts, one of the key factors contributing to the growth of global frac services market is the rising investments in shale oil and gas:

Global frac services market: Rising investments in shale oil and gas

Shale is a low permeability sedimentary rock formation, which contains trapped oil and gas inside it. To harness oil and gas from shale rocks, the hydraulic fracturing process is used. Pressure is applied on the rock formations by using a combination of water, sand, detergents, and other stimulation fluids to fracture the rock and permit the oil and gas to rise to the surface, where it is collected for processing.

According to a senior research analyst at Technavio, “The US, Canada, China, and Argentina are the four major countries that produce shale oil and gas for commercial use. The US is the largest producer of shale oil and gas in the world. Shale oil and gas production has increased, particularly in the US in the last decade and large investments are being redirected toward adopting the hydraulic fracturing process for unconventional oil and gas production.”

Global frac services market: Segmentation analysis

The global frac services market research report provides market segmentation by application (onshore and offshore) and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The onshore segment held the largest frac services market share in 2018, accounting for nearly 97% of the market. This application segment is expected to dominate the global market throughout the forecast period.

The Americas held the largest share of the market in 2018, accounting for nearly 91% share. It was followed by APAC and EMEA respectively. The Americas is expected to dominate the market throughout the period 2019-2023.

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Some of the key topics covered in the report include:

Market Landscape

• Market ecosystem
• Market characteristics
• Market segmentation analysis

Market Sizing

• Market definition
• Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

• Regional comparison
• Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

• Vendors covered
• Vendor classification
• Market positioning of vendors
• Competitive scenario

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View source version on businesswire.com: https://www.businesswire.com/news/home/20190109005328/en/