Growth Of Oil and Gas Hydraulic Equipments Market 2015 - 2023 oct 2016 | Page 2

REPORT DESCRIPTION

Over the past decade or so, the demand for energy has grown tremendously, boosting oil and gas
exploration and production. Companies within the industry have been in search of new conventional and
nonconventional reservoirs and investing in drilling technologies to keep up with the mounting energy
demand. Newer technologies that can be used under water have been developed off late, allowing
companies to perform drilling operations at greater depths. The rise in oil and gas exploration activities in
offshore and onshore reserves has resulted in increasing demand for hydraulic equipment.
In-depth research report on Oil and Gas Hydraulic Equipments Market with Full TOC at :
http://www.transparencymarketresearch.com/oil-gas-hydraulic-equipments-market.html
The shale gas market in the US has witnessed strong growth in recent times, resulting in growing demand
for oil and gas hydraulic equipment in North America. Other leading onshore oil and gas reserves are to be
found in Iraq, Kuwait, Angola, Nigeria, Iran, Saudi Arabia, Egypt, and Libya in the Middle East and Africa
region; Russia in Europe; Canada and Mexico in North America; Indonesia, China, India, and Australia in
Asia Pacific. The demand for oil and gas hydraulic equipment from these countries has also boosted the
global market.
Surging Demand for Hydraulic Fracturing Fuels Global Market
Hydraulic fracturing is one of the most preferred techniques for the extraction of global oil and gas
hydraulic equipment market. Since its first commercial usage in 1949, hydraulic fracturing has been used
for enhanced hydrocarbon recovery and reservoir stimulation. Technological advances have enabled easier
extraction of natural gas and crude oil from unconventional reserves such as coalbed methane, shale
formations, and tight sand. Sliding sleeves and plug and perf are the most commonly used hydraulic
fracturing techniques that result in high production rates and optimize the overall extraction process. The
growing presence of unconventional reserves, particularly shale, has resulted in increased demand for
hydraulic fraction, a market that is anticipated to develop at a 6.12% CAGR in terms of revenue from 2014
to 2022, according to Transparency Market Research (TMR). A growing hydraulic fracturing market, in turn,
boosts the market for oil and gas hydraulic equipment.