The latest report by IMARC Group, titled "Hydraulic Fracturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," finds that the global hydraulic fracturing market reached a value of US$
44.4 Billion in 2022. Hydraulic fracturing, also known as fracking, is a well-drilling technique employed to extract petroleum (oil) or natural gas trapped deep underground in sedimentary rock formations. It involves creating new fractures or cracks in low-permeability rocks by injecting water, chemicals, and sand at high pressure into oil- or gas-bearing rock formations of the well to enhance the oil and gas flow. It can also increase the size, extent, and connectivity of existing fractures and help improve access to unconventional oil and gas reserves and minimize pollution particles in the air. Over the years, hydraulic fracturing has gained immense popularity as a well-stimulation method in the oil and gas industry.
Global Hydraulic Fracturing Market Trends:
The rising oil and gas exploration and production (E&P) activities across the globe represent the primary factor driving the market growth. Besides this, the escalating demand for energy from various sectors, such as power generation, transportation, and residential, is another major growth-inducing factor. Additionally, with the depleting conventional resources, there has been a significant shift toward developing unconventional reserves, including shale gas, tight oil, and coal bed methane (CBM). Along with this, the growing usage of hydraulic fracturing in exploring highly impermeable shale reservoirs, expanding producing well base, and optimizing oil production has catalyzed the product demand. Furthermore, several advancements in hydraulic fracturing techniques, such as the introduction of foam-based and waterless fracking technologies, have propelled the market growth. Other factors, including the surging investments in new onshore and offshore projects, increasing well-drilling activities, favorable government initiatives, redevelopment of matured oil fields, and technological advancements, are also creating a positive market outlook. Looking forward, the market value is expected to reach US$
65.5 Billion by 2028, growing at a CAGR of
6.3% during the forecast period (2023-2028).
- Based on the well type, the market has been bifurcated into horizontal and vertical.
- On the basis of the fluid type, the market has been segregated into slick water-based fluid, foam-based fluid, gelled oil-based fluid, and others.
- Based on technology, the market has been classified as plug and perf, and sliding sleeve technology.
- The market has been divided based on the application into shale gas, tight oil, and tight gas.
- Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has also been analyzed, with some of the key players being AFG Holdings Inc., Archer Limited, Baker Hughes Company, Basic Energy Services Inc., Calfrac Well Services Ltd., FTS International, Inc., Halliburton Energy Services Inc., Legend Energy Services, Liberty Oilfield Services LLC, NexTier Oilfield Solutions Inc., Nine Energy Service Inc., and Patterson-Uti Energy Inc.
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