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Hydraulic Fracturing Global Market Report 2024 To 2033 | Halliburton Company, Schlumberger Limited, Baker Hughes Company, NexTier Oilfield Solutions Inc., Calfrac Well Services Ltd
Hydraulic Fracturing Market Segment
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
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.
Hydraulic Fracturing Market 2024 Key Insights:
• 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%.
• Rising Demand For Oil And Gas From Offshore Assets Is Driving The Growth Of The Hydraulic Fracturing Market
• Technological Advancement Transforms The Market
• North America was the largest region in the hydraulic fracturing market in 2023
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