JAW-DROPPING FIGURE: Hydraulic Fracturing Market for North America Set to Reach $51.93 Billion Mark by 2020

According to a report detailed on PR Newswire (Oct. 8, 2014 /PRNewswire/London), North America’s hydraulic fracturing market is forecasted to reach the $51.93 billion mark by 2020, up from $41.96 billion in 2013, with nearly 4 per cent compound annual growth rate. The report analyzes different world market segments, and includes matters affecting the hydraulic fracturing industry and its key players.

 

North America appears to lead the forecasted hydraulic fracturing markets. Its dominance is likely attributable to the increase in shale and exploration activity within the United States.

New York State, however, has instituted a moratorium on hydrofracking until the New York Department of Environmental Conservation completes its environmental impact analysis (known as a Supplemental Environmental Impact Statement, or SGEIS), which was started in 2008. Governor Cuomo is expected to decide whether to lift the moratorium once the SGEIS is published. To date, he hasn’t “made a decision either way” on fracking.

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