Hydraulic Fracturing Market: USD 54 Billion in 2023, Projected to Reach USD 99.27 Billion by 2032, CAGR of 7.0%

The hydraulic fracturing market will grow due to rising energy demand, tech advancements, and sustainable practices.

AUSTIN, TX, UNITED STATES, November 13, 2024 /EINPresswire.com/ -- The Hydraulic Fracturing Market was valued at USD 54 Billion in 2023 and is projected to reach USD 99.27 Billion by 2032, growing at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2032.

𝐄𝐱𝐩𝐚𝐧𝐝𝐢𝐧𝐠 𝐎𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐢𝐞𝐬 𝐚𝐧𝐝 𝐆𝐫𝐨𝐰𝐭𝐡 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐢𝐧 𝐭𝐡𝐞 𝐆𝐥𝐨𝐛𝐚𝐥 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭

The hydraulic fracturing market is expected to be strongly growth-oriented due to continuous growth in energy demand, together with the progress of technology in extraction. Since increasing energy security while minimizing dependency on imports requires developing methods to access the existing or newly discovered reserves that contain unconventional resources like shale gas and tight oil, fracking has become the central key enabler to reach that goal. Higher investment made in oil and gas explorations is expected to contribute well to the market growth rate.

The sector will be further supported in the future by innovations such as increasing efficiency and reducing environmental impact and the use of water, while hydraulic fracturing becomes even more sustainable. The deployment of digital technologies and analytics in optimizing well performance further provides promising growth opportunities. Further, supportive policies and, in particular, favorable conditions in emerging markets are going to drive market opportunities for hydraulic fracturing further ahead.

𝐆𝐞𝐭 𝐚 𝐒𝐚𝐦𝐩𝐥𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 𝐨𝐟 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭@https://www.snsinsider.com/sample-request/2869

𝐑𝐢𝐬𝐢𝐧𝐠 𝐃𝐞𝐦𝐚𝐧𝐝 𝐟𝐨𝐫 𝐎𝐢𝐥, 𝐆𝐚𝐬, 𝐚𝐧𝐝 𝐏𝐞𝐭𝐫𝐨𝐥𝐞𝐮𝐦 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐬 𝐅𝐮𝐞𝐥𝐬 𝐆𝐫𝐨𝐰𝐭𝐡 𝐢𝐧 𝐭𝐡𝐞 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭

This process has been spurred on by the growing global need for oil, gas, and other petroleum products in the industry and transportation sectors. Such a rising demand has led companies in the energy sector to invest in searching for alternative supplies, especially shale reserves. As access to these new resources is possible through fracking, investment in hydraulic fracturing technology is essential for energy security and market stability. Consequently, this industry will also continue growing with the increased energy consumption around the world.

𝐄𝐱𝐩𝐚𝐧𝐬𝐢𝐨𝐧 𝐨𝐟 𝐒𝐡𝐚𝐥𝐞 𝐆𝐚𝐬 𝐏𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐄𝐱𝐩𝐥𝐨𝐫𝐚𝐭𝐢𝐨𝐧 𝐁𝐨𝐨𝐬𝐭𝐬 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐆𝐫𝐨𝐰𝐭𝐡

Hydraulic fracturing market is growing due to shale gas production and exploration increase in North America. Energy diversification, and shale exploitation of domestic reserves has made fracking a vital activity in accessing such unconventional resources. This trend is supplemented by technological enhancement that raises extraction efficiency, encouraging further increasing investments in shale gas projects. For instance, the development of shale gas majorly contributes to the hydraulic fracturing market.

𝐍𝐞𝐞𝐝 𝐚𝐧𝐲 𝐜𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐫𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐨𝐧 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭, 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐍𝐨𝐰@ https://www.snsinsider.com/enquiry/2869

𝐑𝐚𝐩𝐢𝐝 𝐆𝐫𝐨𝐰𝐭𝐡 𝐨𝐟 𝐇𝐨𝐫𝐢𝐳𝐨𝐧𝐭𝐚𝐥 𝐖𝐞𝐥𝐥𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭

Horizontal wells are expected to achieve the highest compound annual growth rate in the hydraulic fracturing market from 2024 to 2032, mainly due to enhanced efficiency and productivity. In this type of drilling, a larger area of shale formation is opened up with a lesser number of surface locations, thereby increasing resource recovery considerably while reducing the adverse environmental impact. Better production of oil and gas from unconventional reservoirs has brought operators to adopt horizontal drilling practices, leading to higher investments and further advancement of technology in this sector.

𝐏𝐥𝐮𝐠 & 𝐏𝐞𝐫𝐟 𝐓𝐞𝐜𝐡𝐧𝐨𝐥𝐨𝐠𝐲 𝐋𝐞𝐚𝐝𝐢𝐧𝐠 𝐭𝐡𝐞 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝐰𝐢𝐭𝐡 𝐒𝐮𝐩𝐞𝐫𝐢𝐨𝐫 𝐏𝐞𝐫𝐟𝐨𝐫𝐦𝐚𝐧𝐜𝐞

In 2023, the Plug & Perf method dominated the hydraulic fracturing market, capturing the highest revenue share due to proven effectiveness in optimizing well performance. This technique allows for the exact placement of fractures at multiple zones, thus maximizing extraction from unconventional reservoirs. The technique's versatility over a variety of geological formations and adaptability to several different operational requirements have seen it preferred by operators over others. Apart from this, improvements in technology have enhanced the efficiency and reliability of Plug & Perf.

𝐒𝐩𝐞𝐚𝐤 𝐭𝐨 𝐎𝐮𝐫 𝐀𝐧𝐚𝐥𝐲𝐬𝐭 𝐭𝐨 𝐆𝐞𝐭 𝐦𝐨𝐫𝐞 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬 𝐨𝐧 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭@ https://www.snsinsider.com/request-analyst/2869

𝐍𝐨𝐫𝐭𝐡 𝐀𝐦𝐞𝐫𝐢𝐜𝐚'𝐬 𝐏𝐫𝐞𝐞𝐦𝐢𝐧𝐞𝐧𝐜𝐞 𝐢𝐧 𝐭𝐡𝐞 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭

North America dominated the hydraulic fracturing market in the years of 2023 up to date, accounting for the largest revenue share as shale resources are in its bounty, and it enjoys a complete infrastructural setup along with up-to-date extraction techniques accompanied by a matured chain supply that aids this procedure efficiently. Besides this, North America has always fostered investment-friendly policies along with healthy regulatory frameworks for the implementation of hydraulic fracturing activity. North America is expected to maintain its first position and register the maximum CAGR during 2024-2032 as a result of ongoing improvement in fracking technology and exploratory activities.

𝐁𝐮𝐲 𝐚 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐨𝐟 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭 𝟐𝟎𝟐𝟒-𝟐𝟎𝟑𝟐@ https://www.snsinsider.com/checkout/2869

𝐊𝐞𝐲 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐇𝐲𝐝𝐫𝐚𝐮𝐥𝐢𝐜 𝐅𝐫𝐚𝐜𝐭𝐮𝐫𝐢𝐧𝐠 𝐌𝐚𝐫𝐤𝐞𝐭

►Halliburton launched its Octiv Auto Frac service in September 2024, aiming to automate hydraulic fracturing operations. This advancement enables frac jobs to be done autonomously, which enhances safety, reduces variability, optimizes operations, and improves cost-efficiency.
►In July 2024, Trican Well Service Ltd. collaborated with Source Energy Services to establish a transload facility in Taylor, BC. This site will improve sand transportation and assist in hydraulic fracturing operations.

𝐌𝐚𝐫𝐤𝐞𝐭 𝐬𝐞𝐠𝐦𝐞𝐧𝐭𝐚𝐭𝐢𝐨𝐧
By Well Type

hHorizontal Well
►Vertical Well

By Technology

►Sliding Sleeve
►Plug & Perf

By Application

►Onshore
►Offshore

𝐊𝐞𝐲 𝐏𝐥𝐚𝐲𝐞𝐫𝐬

► Baker Hughes Company
► Halliburton
► Schlumberger Limited
► Weatherford
► Superior Energy Services
► U.S. Well Services
► Trican Well Services Ltd.
► Basic Energy Services
► ProPetro Holding Corp.
► RockPile Energy Services
► FTS International

𝐀𝐛𝐨𝐮𝐭 𝐔𝐬:

SNS Insider is a global leader in market research and consulting, shaping the future of the industry. Our mission is to empower clients with the insights they need to thrive in dynamic environments. Utilizing advanced methodologies such as surveys, video interviews, and focus groups, we provide up-to-date, accurate market intelligence and consumer insights, ensuring you make confident, informed decisions.

Akash Anand
SNS Insider | Strategy and Stats
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