The global frac stack market is expected to grow at a CAGR of more than 5% over the period. Factors such as increase in the exploitation of unconventional resources, as most of the conventional oilfield are aging at a faster rate and won’t be able to meet the growing energy demand, is driving the frac stack market. Moreover, growth of fracturing in onshore segment which accounts for about 70% of the global crude oil production has presented massive opportunities for frac stack business. However, environmental concerns and lack of capital market & incentives are restraining the market growth.
– The onshore sector has accounted for around 70% of the global crude oil production. The demand for fracturing is growing to maintain or increase production from existing fields and the increasing popularity of unconventional reserves such as shale and tight ones. As the hydraulic fracturing increases in onshore sector, frac stack market is expected to get larger.
– The application of Internet of Things (IoT) to use the large amount of data generated during the exploration & production (E&P)activities has led to meet the growing demands of safety concerns and improving the efficiency of drilling process. The number of devices used on oil extraction sites will increase, which in turn would bolster the frac stack market.
– North America is one of the largest markets for the frac stack led by the United States mainly due to increased exploitation of its shale reserve which is fractured for economical production.
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Key Market Trends
Fracturing in Onshore Segment to Dominate the Market
– Hydraulic fracturing is used to increase the rate of crude oil and gas being recovered from conventional and unconventional reservoirs. The demand for fracturing is growing as the conventional fields are aging and more unconventional reservoirs are to be tapped.
– Global crude oil discoveries declined by around 73% in 2018 from the average of 9 billion barrels annually over the past 15 years and demand is expected to grow by 1.2 mb/d in the next four years. As a result, several operating companies have shifted their focus towards the exploitation of unconventional reserve such as shale and tight gas reserve in onshore.
– Saudi Aramco has begun producing shale gas from one location and is exploring in the North Arabia basin, the South Ghawar basin and the Jafurah basin.
– Moreover, increasing popularity of hydraulic fracturing technology outside North America is driving the frac stack onshore segment.
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