PUBLISHER: The Business Research Company | PRODUCT CODE: 1392707
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392707
“Hydraulic Fracturing Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on hydraulic fracturing market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for hydraulic fracturing? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The hydraulic fracturing market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Hydraulic fracturing is the process of inducing fractures in a rock formation containing oil or gas by injecting a high-pressure liquid into wells. Once the wells are drilled, cased, and cemented, small perforations are created throughout the pipe by injecting a fluid mixture consisting of 90% water, 9. 5% sand, and 0. 5% additives, aiming to generate microfractures.
The primary technologies employed in hydraulic fracturing are plug & perf and sliding sleeves. Plug and perf, a stimulation technique used in wells with cemented liners, is the preferred and widely adopted method for unconventional wells. This technique involves the deployment of a bridge plug on a wireline with perforating guns to a horizontal location near the toe of the well. The plug is then adjusted, and the zone is perforated. Fluids utilized in hydraulic fracturing include slickwater-based fluid, foam-based fluid, gelled oil-based fluid, and others. This process is applied in both horizontal and vertical wells situated in onshore and offshore locations.
The hydraulic fracturing market research report is one of a series of new reports from The Business Research Company that provides hydraulic fracturing market statistics, including the hydraulic fracturing industry global market size, regional shares, competitors with a hydraulic fracturing market share, detailed hydraulic fracturing market segments, market trends and opportunities, and any further data you may need to thrive in the hydraulic fracturing industry. This hydraulic fracturing market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 during the historical period can be attributed to factors such as increased demand for unconventional oil and gas resources, rising energy prices, the imperative for energy security, and the 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 anticipated growth in the forecast period can be attributed to several factors, including the increasing global demand for energy, the ongoing exploration of unconventional reserves, a heightened focus on environmental and regulatory compliance, the integration of data analytics in hydraulic fracturing operations, and the growing use of recycled water in such operations. Noteworthy trends expected in the forecast period encompass advancements in hydraulic fracturing technologies, technological innovations in horizontal drilling, progress in hydraulic fracturing fluid technology, and an increasing emphasis on the development of eco-friendly hydraulic fracturing technologies.
The growth of the hydraulic fracturing market is being propelled by the increasing demand for oil and gas from offshore assets. Global energy needs have prompted oil and gas operators to optimize their existing assets using advanced methods like hydraulic fracturing to recover oil and gas. This strategy allows for the extension of production and exploration activities into remote and challenging environments. For instance, as per IBEF, India's oil demand is projected to be the fastest-growing globally, reaching 10 million barrels per day by 2030, up from 4. 9 million barrels per day in 2021. The forecast also indicates a predicted increase in natural gas consumption to 143. 08 million tonnes by 2040, growing at a CAGR of 4. 18% from 58. 10 million tonnes in 2018. Therefore, the surge in demand for oil and gas from offshore sources will be a driving force for the hydraulic fracturing market.
The growth of the hydraulic fracturing market is further fueled by the increasing demand for energy. Meeting the rising energy demand, defined as the capacity to do work or cause change, is facilitated by hydraulic fracturing, enabling the extraction of hydrocarbons from underground reserves. According to a report by the International Energy Agency in 2021, India's energy demand is expected to surge by nearly 50% by 2030. Consequently, the growth of the hydraulic fracturing market is intricately linked to the expanding need for energy.
A prominent trend in the hydraulic fracturing market is technological advancement. Companies in the hydraulic fracturing sector are embracing advanced technologies such as automation, real-time tracking systems, and live 3D visualization systems to enhance efficiency in operations. For example, Halliburton, an American multinational corporation involved in hydraulic fracturing, introduced SmartFleet in October 2020, marking the industry's first intelligent automated fracturing system. This system incorporates automated actions during pumping, improving fracture placement near the wellbore and far-field while managing frac hits. SmartFleet provides real-time fracture control by integrating subsurface fracture measurements, live 3D visualization, and real-time fracture commands.
Major players in the hydraulic fracturing market are actively engaged in developing innovative products, including simplified hydraulic fracturing systems. These streamlined technologies are designed to efficiently extract oil and gas from underground reservoirs, utilizing minimal and optimized equipment and processes. For instance, in May 2022, SPM Oil & Gas introduced the SPM Simplified Frac Iron System, streamlining the fracking process for enhanced efficiency. The system simplifies the typically complex equipment used in hydraulic fracturing, making the entire process smoother and more efficient.
In August 2021, NexTier Oilfield Solutions Inc., a Texas-based oilfield service company, completed the acquisition of Alamo Pressure Pumping, LLC, for approximately $268 million. This strategic move positions NexTier to leverage opportunities in deploying gas-powered equipment and complementary integrated solutions within the oil and gas market. Alamo Pressure Pumping, LLC, based in Texas, specializes in providing safe and quality fracturing services in the oil and gas industry.
Major companies operating in the 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.
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
The countries covered in the hydraulic fracturing market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The hydraulic fracturing market consists of revenues earned by entities that are engaged in providing services such as preparation, drilling, well completion, production, and well abandonment. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.