Global hydraulic fracturing market is all set to reach $79.5 billion mark by 2020, up from $53.31 billion in 2013. This growth is mainly driven by shale boom in the North America and in some parts of Europe. From 1999 to 2007, the Hydraulic Fracturing market expanded from just less than 3 billion USD to 12.8 billion USD, with an annual CAGR of 19.8%.
Hydraulic fracturing is an essential technology for hydrocarbon extraction from both conventional and unconventional reservoirs. It is a procedure that can increase the flow of oil or gas from a well. It is done by pumping liquids down a well into subsurface rock units under pressures that are high enough to fracture the rock. The goal is to create a network of interconnected fractures that will serve as pore spaces for the movement of oil and natural gas to the well bore.
Hydraulic fracturing is an important technology for the extraction of hydrocarbons from many reservoirs throughout the world. In unconventional reservoirs, such as the ultra-low permeability shales that are now being regularly exploited, it is absolutely essential to hydraulically fracture a well to obtain economic levels of production.
Contrary to media and general public perception, hydraulic fracturing is not a new technology, having been applied since the 1940s. There is also a perception that hydraulic fractures are much larger than ever, but the massive hydraulic fractures that were conducted in 1970s is of same size as the fractures conducted in horizontal wells being applied today. Recently, considerable attention focused on earth quakes associated with hydraulic fracturing. For this, micro seismic monitoring is a valuable technology for assessing the earth quake potential of fracturing operations.
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