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Hydraulic Fracturing Market to Witness Explosive Growth with Technological Innovations, Market Analysis, and Significant Trends Shaping the Future
Hydraulic Fracturing Market
Hydraulic Fracturing Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $56.66 billion In 2028 At A CAGR Of 8.4% :
The hydraulic fracturing market size has grown strongly in recent years. It will grow from $37.48 billion in 2023 to $41 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%. The growth in the historic period can be attributed to increased demand for unconventional oil and gas resources, rising energy prices and the need for energy security, expansion of shale gas exploration and production,.
The hydraulic fracturing market size is expected to see strong growth in the next few years. It will grow to $56.66 billion in 2028 at a compound annual growth rate (CAGR) of 8.4%. The growth in the forecast period can be attributed to growing global energy demand, continued exploration of unconventional reserves , enhanced focus on environmental and regulatory compliance, integration of data analytics in hydraulic fracturing operations, increasing use of recycled water in hydraulic fracturing operations. Major trends in the forecast period include advancements in hydraulic fracturing technologies, technological innovations in horizontal drilling, advances in hydraulic fracturing fluid technology, increasing focus on the development of eco-friendly hydraulic fracturing technologies.
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Hydraulic Fracturing Market Major Segments
The hydraulic fracturing market covered in this report is segmented -
1) By Technology: Plug and Perf, Sliding Sleeve
2) By Fluid Type: Slick Water-based Fluid, Foam-based Fluid, Gelled Oil-based Fluid, Other Fluid Types
3) By Well Type: Horizontal Well, Vertical well
4) By Application: Onshore, Offshore
Key Driver - Rising Demand For Oil And Gas From Offshore Assets Is Driving The Growth Of The Hydraulic Fracturing Market
Rising demand for oil and gas from offshore assets is driving the growth of the hydraulic fracturing market. The rising demand for energy worldwide has led oil and gas operators to maximize the value of their existing assets by using more advanced methods such as hydraulic fracturing for oil and gas recovery while extending production and exploration activities to remote and harsher environments. For instance, according to IBEF, an Indian government export promotion agency, in 2021, India's oil demand is projected to rise at the fastest pace in the world to reach 10 million barrels per day by 2030, from 4.9 million barrels per day in 2021. Natural gas consumption has been forecasted to increase at a CAGR of 4.18% to 143.08 million tonnes by 2040, from 58.10 million tonnes in 2018. Therefore, the rising demand for oil and gas from offshore assets will drive the growth of the hydraulic fracturing market.
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Prominent Trend - Technological Advancement Transforms The Market
Technological advancement is a key trend gaining popularity in the hydraulic fracturing market. The companies operating in hydraulic fracturing are adopting advanced technologies such as automation, real-time tracking systems, live 3D visualization systems, and other technologies, as they offer efficiency in hydraulic fracturing operations with automated controls and better visibility. For instance, in October 2020, Halliburton, an American multinational corporation actively involved in hydraulic fracturing operations, introduced SmartFleet, the first intelligent automated fracturing system. The automated fracturing system includes automated actions while pumping to improve near-wellbore and far-field fracture placement and directly manage frac hits. SmartFleet gives operators real-time fracture control while pumping the integrating subsurface fracture measurements, live 3D visualization, and real-time fracture commands.
Hydraulic Fracturing Market Players
Major companies operating in the hydraulic fracturing market report are Halliburton Company, Schlumberger Limited, Baker Hughes Company, NexTier Oilfield Solutions Inc., Calfrac Well Services Ltd., Basic Energy Services Inc., Liberty Oilfield Services LLC, Weatherford International plc, ProPetro Holding Corp., Evolution Well Services LLC, RPC Inc., PJSC Rosneft Oil Company, FTS International Services LLC, Keane Group Inc., Superior Energy Services Inc., Trican Well Service Ltd., US Well Services Inc., C&J Energy Services Inc., Cudd Energy Services, Enerplus Corporation, Frac Shack Inc., Nine Energy Service Inc., Patterson-UTI Energy Inc., ProFrac Services LLC, Pro-Stim Services LLC, RockPile Energy Services, Sanjel Energy Services, STEP Energy Services Ltd., Tacrom Services SA, AFG Holdings Inc.
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Largest And Fastest Growing Region In The Market
North America was the largest region in the hydraulic fracturing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the hydraulic fracturing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Hydraulic Fracturing Market Report Structure
3. Hydraulic Fracturing Market Trends And Strategies
4. Hydraulic Fracturing Market - Macro Economic Scenario
5. Hydraulic Fracturing Market Size And Growth
…..
27. Hydraulic Fracturing Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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