Hydraulic Fracturing Market worth US$ 77.7 Billion 2024-2032 - Exclusive Report by IMARC Group

According to IMARC Group's latest report, titled "Hydraulic Fracturing Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032. the study provides a detailed analysis of the industry, including the global market share size, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How Big is the Hydraulic Fracturing Market?

The global hydraulic fracturing market size reached US$ 47.2 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 77.7 Billion by 2032, exhibiting a growth rate (CAGR) of 5.53% during 2024-2032.

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What is Hydraulic Fracturing?

Hydraulic fracturing, or fracking, represents a drilling technology designed to extract oil and natural gas from deep reserves by pumping water, sand, and chemicals at high-pressures. It can create new fractures in low-permeability rocks, such as shale, sandstone, and coal. Hydraulic fracturing helps enhance the production of oil and gases by creating new fractures, increases the size and connectivity of existing fractures to access the trapped assets, and creates employment opportunities. As a result, the method is widely used in unconventional reservoirs by various oil and natural gas companies during onshore and offshore exploration activities.

Hydraulic Fracturing Market Trends:

The rising demand for gas, oil, and other petroleum products and the increasing shale exploration and production operations are primarily driving the market growth. Moreover, the escalating efforts made by upstream companies to improve the production of unconventional resources, such as coal bed methane (CBM) and tight oil and gas, are supporting the market growth.

Additionally, the widespread adoption of plug and perf technology for vertical and horizontal wells and the development of foam-based and waterless fracking technologies to protect the environment and save water resources at minimal operational and maintenance costs are propelling the market growth. Besides this, the escalating need for conventional fuel and energy, reduced cost of oilfield services, inflating oil prices, ongoing drilling activities, and major mergers and acquisitions (M&A) by key players to engineer new hydraulic fracturing equipment are contributing to the market growth.

Leading Companies Operating in the Global Hydraulic Fracturing Industry:

• Afg Holdings Inc
• Archer Limited
• Baker Hughes Company
• Basic Energy Services Inc.
• Calfrac Well Services Ltd.
• Fts International Inc.
• Halliburton Company
• Legend Energy Services
• Liberty Oilfield Services Inc.
• Nextier Oilfield Solutions Inc.
• Nine Energy Services
• Patterson-Uti Energy Inc.

Hydraulic Fracturing Market Report Segmentation:

The report has segmented the hydraulic fracturing market on the basis of well type, fluid type, technology and application.

Breakup by Well Type:

• 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:

• North America (United States, Canada)
• Europe (Germany, France, United Kingdom, Italy, Spain, Others)
• Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
• Latin America (Brazil, Mexico, Others)
• Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)

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