About this market
Technology development in the fracturing process to drive growth in the market. Hydraulic fracturing incorporates sensors and software to monitor the water quality and condition of equipment to improve the efficiency of the fracking process. The analysts have predicted that the frac services market will register a CAGR of over 5% by 2023.
Market Overview
Rising investments in shale oil and gas
The rising investments in unconventional exploration and production projects will increase the scope of hydraulic fracturing process, which support the growth of the frac services market during the forecast period.
Environmental concerns associated with hydraulic fracturing process
The awareness of environmental problems caused by the combustion of fossil fuels has gained global importance. The chemicals used during hydraulic process lead to health concerns.
For the detailed list of factors that will drive and challenge the growth of the frac services market during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented and with the presence of several companies including Keane Group and Schlumberger the competitive environment is quite intense. Factors such as the rising investments in shale oil and gas and the technology development in the fracturing process, will provide considerable growth opportunities to frac services manufactures. Baker Hughes, Calfrac Well Services, Halliburton, Keane Group, and Schlumberger are some of the major companies covered in this report.