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, refers to an oil and gas well drilling process used for extracting petroleum or natural gas and creating new fractures in low-permeability rocks, such as sandstone, shale and coal, for enhancing the oil and gas flow. It involves injecting high-pressure water, sand and chemicals into the bedrock formation of the well. Hydraulic fracturing commonly utilizes plug and perf and sliding sleeve technologies that involves the stimulation of wells with cemented liners and shutting off of flow from one or more reservoir zones to regulate pressure between the extraction zones. The wells are drilled in horizontal and directional sections using proppants, such as sand, ceramic pellets and small incompressible particles. Hydraulic fracturing aids in improving the access to oil and gas resources and minimizing the amount of pollution particles in the air.
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Hydraulic Fracturing Market Trends:
A significant increase in the onshore and offshore oil and gas exploration activities is one of the key factors driving the market growth. Hydraulic fracturing is widely used for the redevelopment of oil fields, well base expansion and exploring new offshore projects for the extraction of natural gas and crude oil. Moreover, the rising demand for energy across both developed and emerging nations is providing a thrust to the market growth. Hydraulic fracturing is widely utilized for the exploration of highly impermeable shale reservoirs and optimization of oil production. In line with this, the increasing adoption of plug and perf technology for vertical and horizontal wells is also contributing to the growth of the market. Additionally, the development of foam-based and waterless fracking technologies is acting as another growth-inducing factor. Foam offers high viscosity and low liquid content that aids in minimizing water utilization and reducing the impact on the environment. Other factors, including the development of cost-effective fine mesh frac sand, along with the implementation of favorable policies regarding sustainable development, are anticipated to drive the market toward growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global hydraulic fracturing market report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on well type, fluid type, technology and application.
Breakup by Well Type:
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Horizontal
Vertical
Breakup by Fluid Type:
Slick Water-based Fluid
Foam-based Fluid
Gelled Oil-based Fluid
Others
Breakup by Technology:
Plug and Perf
Sliding Sleeve
Breakup by Application:
Shale Gas
Tight Oil
Tight Gas
Breakup by Region:
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North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles 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 and Patterson-Uti Energy Inc.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2022
Historical Period
2017-2022
Forecast Period
2023-2028
Units
US$ Billion
Segment Coverage
Well Type, Fluid Type, Technology, Application, Region
Region Covered
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered
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 and Patterson-Uti Energy Inc.
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The global hydraulic fracturing market was valued at US$ 44.4 Billion in 2022.
We expect the global hydraulic fracturing market to exhibit a CAGR of 6.3% during 2023-2028.
The rising number of onshore and offshore oil and gas exploration activities, along with the growing adoption of hydraulic fracturing exploring highly impermeable shale reservoirs and optimizing oil production, is primarily driving the global hydraulic fracturing market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for hydraulic fracturing.
Based on the well type, the global hydraulic fracturing market has been segmented into horizontal and vertical. Currently, horizontal holds the majority of the total market share.
Based on the fluid type, the global hydraulic fracturing market can be divided into slick water-based fluid, foam-based fluid, gelled oil-based fluid, and others. Among these, slick water-based fluid currently exhibits a clear dominance in the market.
Based on the technology, the global hydraulic fracturing market has been categorized into plug and perf and sliding sleeve, where plug and perf accounts for the majority of the global market share.
Based on the application, the global hydraulic fracturing market can be segregated into shale gas, tight oil, and tight gas. Currently, tight oil holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global hydraulic fracturing market include 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, and Patterson-Uti Energy Inc.
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