“The Hydraulic Fracturing Market is projected to reach USD 50.2 billion by 2031 from an estimated USD 34.8 billion in 2022, at a CAGR of 7.6% during the forecast period. Increasing shale exploration and production activities globally and growing demand for hydraulic fracturing technology with increasing requirement for energy is the main driver for the hydraulic fracturing market. Capability of foams of providing waterless fracking are expected to offer lucrative opportunities for the hydraulic fracturing market during the forecast period
“The horizontal segment, by well type, is expected to be the largest and the fastest-growing market from 2022 to 2031”
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The well type segment is categorized as horizontal well and vertical well. The horizontal well segment is expected to dominate the global hydraulic fracturing market owing to increasing horizontal directional drilling activities to optimize production from wells. Although drilling and operating horizontal wells are expensive when compared to vertical wells, they are preferred due to their efficiency in increasing oil field production and their ability to access subsurface reservoirs that are not directly accessible from above.
“The shale gas segment, by application, is expected to be the fastest-growing market from 2022 to 2031”
The shale gas segment is expected to be the fastest-growing application segment during the forecast period. Shale gas is referred to as natural gas that is trapped within shale formations. Shales are fine-grained sedimentary rocks that can be rich sources of petroleum and natural gas. Hydraulic fracturing is the process used to extract shale gas. There are a large number of shale reserves across the globe. According to the EIA, in total, there are 48 shale gas basins in 32 countries, containing almost 70 shale gas formations. Thus, increasing exploration activities in these reserves is driving the market
“North America: The largest and the fastest-growing region in the hydraulic fracturing market.”
North America is expected to dominate the global hydraulic fracturing market between 2022–2031. The region has the largest shale reserves, which makes it a lucrative market for drilling activities and for oilfield service providers. The region has the largest shale reserves, which makes it a lucrative market for drilling activities and for oilfield service providers. According to the US Energy Information Administration, in 2017, the region had 307.9 trillion cubic feet of shale reserves, out of which only 18.6 trillion cubic feet have been produced in the same year. Tight oil resources are largely found in a belt ranging from central Alberta to southern Texas. The Permian (largely in West Texas), the Bakken (North Dakota, Montana, Saskatchewan, Manitoba), and the Eagle Ford (South Texas) tight oil formations are the largest sources of tight oil production in North America.
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Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
By Designation: C-Level- 35%, Directors- 30%, and Others- 35%
By Region: Asia Pacific- 25%, North America- 35%, Europe- 20%, Middle East & Africa– 10%, and Latin America-10%
Note: “Others” include sales managers, engineers, and regional managers
The tiers of the companies are defined based on their total revenue as of 2020: Tier 1: >USD 1 billion, Tier 2: USD 500 million–1 billion, and Tier 3:
The hydraulic fracturing market is dominated by a few major players that have a wide regional presence. The leading players in the hydraulic fracturing market are Halliburton (US), Schlumberger (US), Baker Hughes (US), Calfrac Well Services (Canada), and NexTier Oilfield Solutions(US)
The report defines, describes, and forecasts the hydraulic fracturing market, technology, well type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the hydraulic fracturing market.
Key Benefits of Buying the Report
The report identifies and addresses the key markets for hydraulic fracturing operations and services, which would help equipment manufacturers and service providers review the growth in demand.
The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.”
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