According to IMARC Group’s latest report, titled “Hydraulic Fracturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028. the global hydraulic fracturing market size reached US$ 44.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 65.5 Billion by 2028, exhibiting a growth rate (CAGR) of 6.3% during 2023-2028.
Hydraulic fracturing, or fracking, represents a drilling technology designed to extract oil and natural gas from deep reserves by pumping water, sand, and chemicals at high-pressures. It can create new fractures in low-permeability rocks, such as shale, sandstone, and coal. Hydraulic fracturing helps enhance the production of oil and gases by creating new fractures, increases the size and connectivity of existing fractures to access the trapped assets, and creates employment opportunities. As a result, the method is widely used in unconventional reservoirs by various oil and natural gas companies during onshore and offshore exploration activities.
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Hydraulic Fracturing Market Trends:
The rising demand for gas, oil, and other petroleum products and the increasing shale exploration and production operations are primarily driving the market growth. Moreover, the escalating efforts made by upstream companies to improve the production of unconventional resources, such as coal bed methane (CBM) and tight oil and gas, are supporting the market growth. Additionally, the widespread adoption of plug and perf technology for vertical and horizontal wells and the development of foam-based and waterless fracking technologies to protect the environment and save water resources at minimal operational and maintenance costs are propelling the market growth. Besides this, the escalating need for conventional fuel and energy, reduced cost of oilfield services, inflating oil prices, ongoing drilling activities, and major mergers and acquisitions (M&A) by key players to engineer new hydraulic fracturing equipment are contributing to the market growth.
Hydraulic Fracturing Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape With Key Players:
The competitive landscape of the hydraulic fracturing market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
- Afg Holdings Inc
- Archer Limited
- Baker Hughes Company
- Basic Energy Services Inc.
- Calfrac Well Services Ltd.
- Fts International Inc.
- Halliburton Company
- Legend Energy Services
- Liberty Oilfield Services Inc.
- Nextier Oilfield Solutions Inc.
- Nine Energy Services
- Patterson-Uti Energy Inc.
Key Market Segmentation:
The report has segmented the hydraulic fracturing market on the basis of well type, fluid type, technology and application.
Breakup by Well Type:
Breakup by Fluid Type:
- Slick Water-based Fluid
- Foam-based Fluid
- Gelled Oil-based Fluid
Breakup by Technology:
- Plug and Perf
- Sliding Sleeve
Breakup by Application:
- Shale Gas
- Tight Oil
- Tight Gas
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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Key Highlights of the Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- The Impact of COVID-19 on the Global Market
- Value Chain Analysis
- Structure of the Global Market
- Comprehensive mapping of the competitive landscape
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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