Hydraulic Fracturing Market Top Players - Halliburton (US), Schlumberger (US), Liberty Oilfield Services LLC (US), Baker Hughes (US).

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Hydraulic Fracturing Market- (By Technology (Plug & Perf, Sliding Sleeve), By Well Type (Horizontal Well, Vertical Well), By Application (Shale Gas, Tight Oil, Tight Gas)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

According to the latest research by InsightAce Analytic, the Global Hydraulic Fracturing Market is valued at US$ 48.91 Bn in 2022, and it is expected to reach US$ 98.38 Bn by 2031, with a CAGR of 8.3% during a forecast period of 2023-2031.

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Hydraulic fracturing is a method used to enhance oil and gas production from sources such as shale, tight sands, and coalbed methane. This process involves injecting a high-pressure fluid mixture into a wellbore to create fractures in underground rock formations, thereby facilitating the more efficient flow of oil or gas. The growth of the hydraulic fracturing market is primarily driven by the increasing global demand for energy, particularly for oil and natural gas. As conventional reserves continue to decline, there is a growing reliance on unconventional resources, such as shale gas and tight oil, which necessitate hydraulic fracturing. The market is further fueled by the need to meet the rising energy demands across various industries. Additionally, economic factors, such as fluctuations in oil and gas prices, investment trends, and market conditions, significantly influence the hydraulic fracturing industry. Oil price volatility impacts the economics of hydraulic fracturing operations, as higher oil prices tend to stimulate increased investment and activity in the development of unconventional resources.

List of Prominent Players in the Hydraulic Fracturing Market:
• Halliburton (US),
• Schlumberger (US),
• Liberty Oilfield Services LLC (US),
• Baker Hughes (US),
• NexTier Oilfield Solutions (US),
• Calfrac Well Services Ltd. (Canada),
• STEP Energy Services (Canada),
• Patterson-UTI Energy, Inc. (US),
• Trican (Canada),
• National Energy Services Reunited Corp. (US),
• Petro Welt Technologies AG (Austria),
• ProFrac Holding Corp. (US),
• Tacrom (Romania)
• TAM International, Inc. (US),
• GD Energy Products, LLC (US),
• ProPetro Holding Corp. (US),
• TechnipFMC plc (UK),
• Weatherford (US),
• Nine Energy Service (US),
• AFG Holdings, Inc (US).

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Market Dynamics:
Drivers:
Unconventional gas reserves offer substantial energy resources to meet the growing global demand for energy, with significant potential for shale and tight gas exploration and production. The United States Geological Survey (USGS) has identified unconventional reserves in the rich Permian oil and gas basin that spans Western Texas and Southeastern New Mexico. Several countries are transitioning toward fully embracing unconventional gas exploration and production, which would not only enhance energy security but also generate employment opportunities. Consequently, the increasing focus on developing more reliable, secure, and innovative methods for extracting substantial quantities of oil and gas is expected to drive global market demand.

Challenges:
The chemicals used in hydraulic fracturing, such as formaldehyde, benzene, toluene, ethylbenzene, and xylene, are hazardous and pose significant environmental risks. The release of these substances into the environment has been linked to various incidents, including blowouts during fracking operations and the leakage of fracking fluids that have contaminated streams and lakes. This contamination has raised concerns about the impact on groundwater surrounding wells, as well as the health of local wildlife. Furthermore, fracking contaminants have been found in concentrations that may pose a threat to human health, with potential effects including diseases, fatalities, and genetic abnormalities.

Regional Trends:
The North American hydraulic fracturing market is projected to experience a higher growth rate in the near future, driven by the region's vast shale resources. In particular, the United States has seen a significant increase in oil and gas production due to the abundance of shale formations, making it a key market for hydraulic fracturing. Canada also holds substantial shale resources, with the Montney and Duvernay formations being prime candidates for hydraulic fracturing. The dynamics of the North American market are influenced by oil and gas price volatility, which impacts investment decisions, drilling activity, and demand for hydraulic fracturing services.

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Recent Developments:
• In Apr 2023, Halliburton transferred three hydraulic fracturing fleets from natural gas basins to oil basins, the company stated. The US oilfield services behemoth revealed during its first-quarter 2023 earnings call that in a weaker natural gas market, customers had requested that the company relocate three of its fleets to oil basins. E-fleets were diesel-free hydraulic fracturing fleets that were typically powered by gas turbines and electricity.
• In August 2021, Alamo Pressure Pumping, LLC was bought by NexTier Oilfield Solutions. NexTier Oilfield Solutions will now have the third-biggest base of operational hydraulic horsepower in the United States and the largest base of next-generation equipment in the Permian Basin.

Segmentation of Hydraulic Fracturing Market-
Hydraulic Fracturing Market By Technology-
• Plug & Perf
• Sliding Sleeve
Hydraulic Fracturing Market By Well Type-
• Horizontal Well
• Vertical Well
Hydraulic Fracturing Market By Application-
• Shale Gas
• Tight Oil
• Tight Gas
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• South East Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa

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This release was published on openPR.