Market Size of Frac Stack Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 5.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Frac Stack Market Analysis
The frac stack market is expected to register a CAGR of more than 5% during the period from 2022 to 2027. As global oil prices fell enormously during the COVID-19 pandemic, the frac stack and fracking market suffered immensely, as most producers halted fracking operations due to lower oil prices. There is rising production from unconventional resources, as most of the conventional oil fields are aging at a faster rate and will not be able to meet the growing energy demand. This is expected to drive the frac stack market during the forecast period. Additionally, the shale boom in the United States, which has led to massive growth in production volumes and the commercialization of fracking technology, has reduced the capital costs of fracking operations globally, which is expected to drive the market during the forecast period. However, environmental concerns and a lack of capital market and 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 hydraulic fracturing increases in the onshore sector, the frac stack market is expected to get larger.
- The application of the Internet of Things (IoT) to use a large amount of data generated during the exploration and production (E&P) activities has led to a growing demand for safety concerns and improving the efficiency of the fracking process using advanced analytics and simulation software. The application of big data analytics and IoT systems in fracking operations is expected to lead to significant growth opportunities for the frac stack market in the coming years.
- North America is one of the largest markets for frac stacks, led by the United States, primarily due to the shale boom, which has led to the increased exploitation of its shale reserves that need to be fractured for economical production.
