Hydraulic Fracturing Market Recent Developments & Emerging Trends To 2026

The hydraulic fracturing market is expected to grow from an estimated USD 34.8 billion in 2021 to USD 50.2 billion by 2026, at a CAGR of 7.6% during the forecast period. The growing energy demand has led to technological developments in horizontal drilling, shale oil and gas reserves, production from oil sand, and deepwater drilling.

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Key Market Players

A few major players that have a wide regional presence dominate the hydraulic fracturing market. The leading players in the hydraulic fracturing market include Halliburton (US), Schlumberger (US), Baker Hughes (US), NexTier Oilfield Solutions (US), and Calfrac Well Services(Canada).

Recent Developments

In August 2021, NexTier Oilfield Solutions has acquired Alamo Pressure Pumping, LLC. With this acquisition, NexTier Oilfield Solutions will operate the third-largest base of active hydraulic horsepower across the US and the largest base of next-generation equipment in the Permian Basin.
In July 2021, Schlumberger and Vedanta Ltd's subsidiary Cairn Oil & Gas have collaborated to start a project on the production of tight oil at Aishwariya Barmer Hill (ABH) in Rajasthan, India. The Aishwariya Barmer Hill is India's largest lateral fracking program.
In March 2021, FTS International has partnered with KCF Technologies to deploy MachineIQ (MIQ) on an active hydraulic fracturing site. The first production run was on the Devon Energy site in Oklahoma. MIQ successfully identified the sources of equipment issues and executed corrective actions to rebalance the system.
In October 2020, Halliburton launched SmartFleet, an intelligent automated fracturing system. SmartFleet helps operators to control real-time fracturing while pumping by providing subsurface fracture measurements, live 3D visualization, and real-time fracture commands.

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The horizontal segment is expected to dominate the hydraulic fracturing market, by well type, during the forecast period.

A horizontal well requires a multi-directional drilling technique, which generally drills with an inclination of greater than 80° to enhance reservoir performance. According to the EIA, 70.0% of shale reserves are drilled horizontally in North America. Hydraulic fracturing, along with horizontal drilling, helps to increase crude oil and natural gas production. This is expected to drive the horizontal segment market during the forecast period.

The shale gas segment is expected to be the fastest-growing hydraulic fracturing market, by application, during the forecast period. 

The shale gas segment, by application, is estimated to grow at the fastest rate during the forecast period. 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. Deep holes are drilled into the shale rock, followed by horizontal drilling, as shale reserves are distributed horizontally rather than vertically. The increasing demand for natural gas is expected to drive the growth of the hydraulic fracturing market for shale gas applications. The demand in 2021 was 4.021 tcm, up from 3.91 tcm in 2020. Furthermore, the consumption of natural gas in the power sector of the US is expected to reach 12.1 tcf by 2050, up from 0.4 tcf (4%) recorded in 2020. Such factors propel the growth of shale gas segment in the hydraulic fracturing market.

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North America likely to emerge as the largest hydraulic fracturing market

In this report, the hydraulic fracturing market has been analyzed for six regions, namely, North America, Latin America, Europe, Asia Pacific, Middle East & Africa. According to the IEA, the US is determined to become the net exporter of energy by 2021 and to fulfill this objective; oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old oil & gas fields in the Permian Basin and Bakken Ford require the hydraulic fracturing operations to enhance the productivity of the wells. Thus, North America dominated the hydraulic fracturing market during the forecasted period.

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