Published Date : Apr 11, 2016
Hydraulic fracturing is a technique that is used to extract natural gas, crude oil, shale gas, tight gas, shale oil, coal bed methane, and tight oil, at a significantly lower expense and time. According to a report published by Transparency Market Research, which is a market intelligent firm, the hydraulic fracturing market which stood at 21.34 MHHP in 2013 in terms of volume, is anticipated to expand at a modest CAGR of 5.30% from 2014 to 2022, to reach 33.97 MHHP by 2022.
Hydraulic fracturing is a technique that is extensively used in the last few decades for the extraction of crude oil and natural gas by injecting water along with chemical additives and other agents at a high pressure and high temperature. The high temperature and pressure facilitate the creation and of network of fractures and enhances the rock permeability.
Shale Gas Reserves in North America Attract Companies across the Globe
North America has extensively made use of hydraulic fracturing to extract shale gas. The region has many unconventional reserves which has led to the growth of the hydraulic fracturing market. North America has been utilizing hydraulic fracturing technology for the extraction of crude oil and natural gas from over 60 years and the discovery of unconventional shale gas reserves in the region has recently been attracting many companies from across the globe. Many upstream companies are attracted to the clean and green shale gas fuel present in the region as opposed to coal and oil. North America no longer depends on foreign countries for crude oil and natural gas due to the use of hydraulic fracturing method and extracting oil that are embedded deep down.
Environmental Side Effects of Hydraulic Fracturing Restricts Market
Researchers have found that hydraulic fracturing can pose a threat to the environment. Frequent hydraulic fracturing in a region leads to earthquakes. The fracking fluids injected under high pressure during hydraulic fracturing create fissures, thus leading to earthquakes.