Fracking Market to Grow 19% to $37 Billion Worldwide in 2012
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The worldwide market for hydraulic fracturing will grow 19 percent this year to a record $37 billion, one-third the pace of expansion in 2011 after tumbling natural-gas prices discouraged exploration for the fuel, said Spears & Associates Inc.
In North America, which accounted for 87 percent of the fracking market last year, spending on the technique used to extract oil and gas from shale will top $30 billion in 2012, said Richard Spears, vice president of the Tulsa, Oklahoma-based firm that advises about 400 oil producers, hedge funds, equipment providers and manufacturers.