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The frac services market will witness a negative impact during the forecast period owing to the widespread growth of the COVID-19 pandemic. As per Technavio’s pandemic-focused market research, market growth is likely to increase in 2021 as compared to 2020.
Market Segmentation by Application:
Based on the segmentation by application, the market generated maximum revenue in the onshore segment in 2020. The increase in shale oil and gas production activities will increase the demand for the frac services market. The growth of the segment will be significant over the forecast period.
Market Segmentation by Geography:
North America held the largest market share of 45% in 2020 and the market growth in the region is expected to be slower compared to the growth of the market in other regions. The growth of the market in North America can be attributed to the increase in E&P of crude oil and gas resources over the forecast period. The US and Canada are the key markets for frac services market in North America.
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Major Three Frac Services Market Participants:
Baker Hughes Co.
Baker Hughes Co. offers fracturing services for applications such as low to ultra-high temperatures, slickwater, crosslinked, and aqueous-based.
Calfrac Well Services Ltd.
Calfrac Well Services Ltd. offers horizontal and vertical hydraulic fracturing services.
Schlumberger Ltd.
Schlumberger Ltd. offers a fracturing service that helps in efficiently managing fluid delivery from the manifold to the wellhead.
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Key market dynamics:
Market Drivers:
- Rising investments in shale oil and gas
- Increasing focus on unconventional oil and gas E&P activities
- Increasing upstream investment
Market Challenges:
- Increasing investments in renewable energy
- Environmental concerns associated with the hydraulic fracturing process
- Volatility in oil and gas prices
Frac Services Market 2021-2025: Key Highlights
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist frac services market growth during the next five years
- Estimation of the frac services market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the frac services market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of frac services market vendors
Related Report on Energy Include:
Global Subsea Manifolds Market- The subsea manifolds market is segmented by application (production and injection) and geography (Europe, APAC, North America, MEA, and South America).
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Global Offshore Drilling Market– The offshore drilling market is segmented by application (shallow water, deepwater, and ultra-deepwater) and geography (North America, APAC, Europe, MEA, and South America).
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Available Customization
Along with the market data, Technavio offers customizations as per the specific needs of the companies. The following customization options are available for the frac services market report:
- Further breakdown of the market segmentation in requested regions.
- Detailed analysis and profiling of additional market players, vendor segmentation, and vendor offerings
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