Frac Stack Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The frac stack market is expected to register a CAGR of more than 5% during the period from 2022 to 2027. As global oil prices fell enormously during the COVID-19 pandemic, the frac stack and fracking market suffered immensely, as most producers halted fracking operations due to lower oil prices. There is rising production from unconventional resources, as most of the conventional oil fields are aging at a faster rate and will not be able to meet the growing energy demand. This is expected to drive the frac stack market during the forecast period. Additionally, the shale boom in United States, which has led to massive growth in production volumes and the commercialization of fracking technology, has reduced the capital costs of fracking operations globally, which is expected to drive the market during the forecast period. However, environmental concerns and a lack of capital market and incentives are restraining the market growth.
Key HighlightsThe frac stack market is moderately consolidated. Some of the key players in the market include Oil States Energy Services, CCSC Petroleum Equipment Ltd Co., Schlumberger Limited, The Weir Group PLC, and Covenant Testing Technologies LLC.
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