Global Hydraulic Fracturing Market Report and Forecast 2024-2032

Global Hydraulic Fracturing Market Outlook

The global hydraulic fracturing market size has reached a value of more than USD 47.77 billion in 2023. The market is expected to grow at a CAGR of 6.90% between 2024 and 2032, reaching a value of USD 87.08 billion by 2032.

Global Hydraulic Fracturing Market Trends

Hydraulic fracturing is a drilling method to extract oil and gas from reserves deep in the Earth. It is done so by injecting water, sand, and/or chemicals at high-pressure levels into the well to break down the reserve. This process is utilised to create new fractures and can also increase the size and connectivity of existing fractures and access the trapped oil and gas.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Increasing Shale Production

Shale reservoirs are highly water-resistant, which makes it difficult to complete the extraction process. This makes it necessary to utilise hydraulic fracturing and horizontal drilling, further enhancing the market growth.

Growing Demand for Oil and Gas

The utilisation of oil and gas has been increasing substantially in the recent years. The demand for conventional fuel with growing urbanisation, globalisation, and increasing demands for energy has propelled the market development.

Foams Capable of Providing Waterless Fracking to Provide Growth Opportunities to the Market

Foams can provide many benefits in fracturing processes over water-based fracturing owing to their high viscosity and lower water and chemical consumption, which causes less environmental damage. They are also more efficient and provide easier fluid flowback.

Environmental Impacts of Fracking Chemicals to Challenge the Market Growth

Fracturing has been enormously beneficial for energy and many other industries, and activities to access new reservoirs are increasing to meet the growing demand. The environmental impact of the chemicals used during the process is a major setback for the market as concerns for the environment keep rising. Substances such as benzene, xylene, toluene, and formaldehyde, among others, can be toxic to the environment and can cause issues such as groundwater contamination.

Global Hydraulic Fracturing Market Analysis

Based on well type, the market can be segmented into horizontal and vertical. Based on the technology, the market can be bifurcated into plug and perforation, and sliding sleeve, among others. Based on application, the market segments include crude oil, shale gas, and tight oil, among others. The regional markets for the market can be divided into North America, Europe, the Asia Pacific, Latin America, the Middle East and Africa.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

The comprehensive EMR report provides an in-depth assessment of the market based on Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global market, covering their competitive landscape and the latest developments like mergers, acquisitions, investments and expansion plans. 

• Schlumberger Limited

• Calfrac Well Services Ltd.

• Baker Hughes Company

• NexTier Oilfield Services, Inc.

• Halliburton Energy Services, Inc.

• Others

Well Types in the Hydraulic Fracturing Market

Based on well types, the market can be divided into horizontal and vertical. The horizontal well segment is expected to hold a major share of the market. The dominance of this type can be attributed to its advantages compared to vertical drilling. It reduces contact to rock and can be used to drill natural gas while limiting the spread of soil contamination.

In the vertical wells, the drilling is done vertically into the ground until it reaches the resource pool. After the well has been drilled, hydraulic fracturing oil and gas are allowed to come to the surface through the wellbore.

Applications of Hydraulic Fracturing

Based on application, the market segments include crude oil, shale gas, and tight oil, among others. Among these, the shale gas segment is expected to hold a significant share of the market, owing to a large number of shale gas reserves around the world. North America has been increasing their production of shale. The rising demand for the latest technologies in the oil and gas market can propel the market development further in the coming years.

Additionally, due to rising concern for depleting natural resources, energy businesses have been noticed to be shifting from traditional energy sources such as crude oil and natural gas to shale oil, which is a prominent factor for the hydraulic fracturing market development.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Competitive Landscape

Schlumberger Limited is an oilfield services and technology company and it is one of the world’s largest offshore drilling companies. It is one of the leading companies known for providing technology related to reservoir characterisation, drilling, production, and processing to the energy industry. It has four principal offices situated in Paris, Houston, London, and The Hague.

Calfrac Well Services Ltd. is an oilfield services company operating in multiple regions including Pennsylvania, Arkansas, Texas, Colorado, New Mexico, Western Canada, North Dakota, Western Siberia, and Argentina. It is one of the largest hydraulic fracturing companies in the world, their combined fleet boasts of 1.3 million horsepower.

The company is headquartered in Calgary, Canada, and it was founded in 1999.

Baker Hughes Company is an American International company, founded in 1987, and it is headquartered in the United States. It is one of the world’s largest industrial service and oil field service companies. It provides advanced products to the oil and gas industry for oil drilling, production, formation evaluation, production, and reservoir consulting. 

Other market players include NexTier Oilfield Services, Inc. and Halliburton Energy Services, Inc.

Key Highlights of the Report