Hydraulic Fracturing Market Size and Forecast 2024-2033|Halliburton Company, Schlumberger Limited, Baker Hughes Company, NexTier Oilfield Solutions Inc., Calfrac Well Services Ltd

Overview and Scope

Hydraulic fracturing refers to the process of creating fractures in an oil or gas-bearing rock formation by injecting a high-pressure liquid into the wells. In the process, once the wells are drilled, cased, and cemented, small perforations are made throughout the pipe by injecting a fluid mixture, which consists of 90% water, 9.5% sand, and 0.5% additives to create microfractures.

Sizing and Forecast

The hydraulic fracturing market size has grown strongly in recent years. It will grow from $37.48 billion in 2023 to $41 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%.  The  growth in the historic period can be attributed to increased demand for unconventional oil and gas resources, rising energy prices and the need for energy security, expansion of shale gas exploration and production,

The hydraulic fracturing market size is expected to see strong growth in the next few years. It will grow to $56.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%.  The growth in the forecast period can be attributed to growing global energy demand, continued exploration of unconventional reserves , enhanced focus on environmental and regulatory compliance, integration of data analytics in hydraulic fracturing operations,  increasing use of recycled water in hydraulic fracturing operations. Major trends in the forecast period include  advancements in hydraulic fracturing technologies,  technological innovations in horizontal drilling, advances in hydraulic fracturing fluid technology, increasing focus on the development of eco-friendly hydraulic fracturing technologies.

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Segmentation & Regional Insights

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

4) By Application: Onshore, Offshore

North America was the largest region in the hydraulic fracturing market in 2023. 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

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Major Driver Impacting Market Growth

Rising demand for oil and gas from offshore assets is driving the growth of the hydraulic fracturing market. The rising demand for energy worldwide has led oil and gas operators to maximize the value of their existing assets by using more advanced methods such as hydraulic fracturing for oil and gas recovery while extending production and exploration activities to remote and harsher environments. For instance, according to IBEF, an Indian government export promotion agency, in 2021, India’s oil demand is projected to rise at the fastest pace in the world to reach 10 million barrels per day by 2030, from 4.9 million barrels per day in 2021. Natural gas consumption has been forecasted to increase at a CAGR of 4.18% to 143.08 million tonnes by 2040, from 58.10 million tonnes in 2018. Therefore, the rising demand for oil and gas from offshore assets will drive the growth of the hydraulic fracturing market.

Key Industry Players

Major companies operating in the hydraulic fracturing market report are Halliburton Company, Schlumberger Limited, Baker Hughes Company, NexTier Oilfield Solutions Inc., Calfrac Well Services Ltd., Basic Energy Services Inc., Liberty Oilfield Services LLC, Weatherford International plc, ProPetro Holding Corp., Evolution Well Services LLC, RPC Inc., PJSC Rosneft Oil Company, FTS International Services LLC, Keane Group Inc., Superior Energy Services Inc., Trican Well Service Ltd., US Well Services Inc., C&J Energy 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, RockPile Energy Services, Sanjel Energy Services, STEP Energy Services Ltd., Tacrom Services SA, AFG Holdings Inc.

The hydraulic fracturing market report table of contents includes:

1. Executive Summary

2. Hydraulic Fracturing Market Characteristics

3. Hydraulic Fracturing Market Trends And Strategies

4. Hydraulic Fracturing Market – Macro Economic Scenario

5. Global Hydraulic Fracturing Market Size and Growth

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26. South America Hydraulic Fracturing Market

27. Brazil Hydraulic Fracturing Market

28. Middle East Hydraulic Fracturing Market

29. Africa Hydraulic Fracturing Market

30. Hydraulic Fracturing Market Competitive Landscape And Company Profiles

Top Major Players:

• Halliburton Company
• Schlumberger Limited
• Baker Hughes Company
• NexTier Oilfield Solutions Inc
• Calfrac Well Services Ltd

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