What is the Historic and Current Scenario of the Hydraulic Fracturing Market?
The hydraulic fracturing market has seen considerable growth due to a variety of factors.
• In recent times, there has been a robust expansion in the size of the hydraulic fracturing market. This market, worth $40.69 billion in 2024, is set to increase to $44.51 billion in 2025, with a compound annual growth rate (CAGR) of 9.4%.
Factors contributing to this significant growth during the historic period include heightened need for non-traditional oil and gas resources, escalated energy prices, the necessity for energy security, and the proliferation of shale gas exploration and production.
What are the Forecasted Growth and Key Factors of the Hydraulic Fracturing Market?
The hydraulic fracturing market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the hydraulic fracturing market size is anticipated to witness robust growth. The market is projected to expand to $60.35 billion by 2029, at a compound annual growth rate (CAGR) of 7.9%.
The anticipated growth during the forecast period is due to factors such as the burgeoning global energy demand, ongoing exploration of unconventional reserves, improved emphasis on environmental and regulatory adherence, the incorporation of data analytics in hydraulic fracturing processes, and a surge in the use of recycled water in hydraulic fracturing procedures. Key trends for the forecast period are progress in hydraulic fracturing technologies, technological breakthroughs in horizontal drilling, developments in hydraulic fracturing fluid technology, and a heightened focus on producing environmentally-friendly hydraulic fracturing technologies.
What Main Forces Are Fueling Expansion In The Hydraulic Fracturing Market?
The surge in the need for oil and gas from offshore properties is contributing to the expansion of the hydraulic fracturing market. A worldwide increase in energy requirements has pushed oil and gas operators to enhance the worth of existing assets, implementing more advanced techniques like hydraulic fracturing for oil and gas extraction, and moreover, extending exploration and production activities to more remote and challenging environments. For example, the International Energy Agency, an intergovernmental economic institution based in France, forecasted in June 2023 that global oil demand will surge by 6% from 2022 to 2028, reaching 105.7 million barrels per day (mb/d), bolstered by strong demand within the petrochemical and aviation industries. Therefore, the escalating need for oil and gas from offshore assets is propelling the hydraulic fracturing market forward.
What Are The Primary Segments In The Global Hydraulic Fracturing Market?
The hydraulic fracturing market covered in this report is segmented –
1) By Technology: Plug And Perf, Sliding Sleeve
2) By Fluid Type: Slick Water-based Fluid, Foam-based Fluid, Gelled Oil-based Fluid, Other Fluid Types
3) By Well Type: Horizontal Well, Vertical well
Subsegments:
1) By Plug And Perf: Single Plug And Perf, Multi-Stage Plug And Perf
2) By Sliding Sleeve: One-Trip Sliding Sleeve, Multi-Stage Sliding Sleeve
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Which Key Trends Are Driving Changes In The Hydraulic Fracturing Market?
Technological progress is a predominant trend in the hydraulic fracturing sector, gaining increasing recognition. Firms involved in hydraulic fracturing are embracing sophisticated solutions like automation, real-time tracking mechanisms, live 3D visuals, and various other technologies. These advancements foster efficiency by automating control mechanisms and enhancing visibility in hydraulic fracturing processes. For example, SPM Oil & Gas, a company operating in the US that specializes in upstream pressure pumping and pressure control equipment and services, launched the SPM Simplified Frac Iron System in May 2022. This novel system is designed to improve hydraulic fracturing procedures by tackling shortcomings in conventional frac operations. The new system reduces the amount and physical size of iron necessary for fracturing processes, thereby enhancing the overall efficacy of operations at the frac locations.
Who Are the Key Players in the Hydraulic Fracturing Market?
Major companies operating in the hydraulic fracturing market include:
• Halliburton Company
• Schlumberger Limited
• Baker Hughes Company
• NexTier Oilfield Solutions Inc.
• Calfrac Well Services Ltd.
• Liberty Oilfield Services LLC
• Weatherford International plc
• ProPetro Holding Corp.
• Evolution Well Services LLC
• RPC Inc.
• PJSC Rosneft Oil Company
• Trican Well Service Ltd.
• US Well Services Inc.
• Cudd Energy Services
• Enerplus Corporation
• Frac Shack Inc.
• Nine Energy Service Inc.
• Patterson-UTI Energy Inc.
• ProFrac Services LLC
• Pro-Stim Services LLC
• Sanjel Energy Services
• STEP Energy Services Ltd.
• Tacrom Services SA
• AFG Holdings Inc.
What Is The Most Dominant Region In The Hydraulic Fracturing Market?
North America was the largest region in the hydraulic fracturing market in 2024.Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulic fracturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
