March 06, 2018
WELLESLEY, Mass., Mar. 06, 2018–Despite a three-year slump in global energy prices, those prices have been climbing, suggesting that there will be growth in fracking fluid-based production, according to a report by BCC Research.
The U.S. market is expected to see a compound annual growth rate (CAGR) of 7.0% through 2022, when the sector could be worth $15.1 billion, according to the report The U.S. Market for Fracking Fluids.
Major players in the market include Anadarko Petroleum, Baker Hughes, Cabot Oil & Gas, Devon Energy, Encana, Fairmount Supply, Halliburton Energy Services, Marathon Oil, Nabors Industries, Oasis Petroleum North America, Reagent Chemical and Research, Sandridge Energy, Trican Well Service, Unimin and Weatherford International.
“The greatest external market drivers for fracking fluids include the activities of the well operators and oil services companies, and both not only drive the discovery of new shales, but also influence the type of hydrofracking technology implemented to maximize extraction,” said report author Gordon Nangmenyi. “Other factors that strongly influence demand include the technological progress of water treatment and recycling of fracking fluids, and the establishment of new water supply channels and substitutes for water during the fracking process.”
Limitations on Industry Include Tightening Regulations, Social Activism
Currently, state-level regulatory pressure represents the top compliance force working against the industry. Although each state has its own rules and standards regarding fracking, a growing number of states now require fracking companies to report the ingredients used in their fracking fluids. Environmental activism, however, has served as the largest force to limit the growth of hydraulic fracking.
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The U.S. Market for Fracking Fluids( EGY121B )
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