Press release
Soaring Demand Set to Propel Hydraulic Fracturing Market to $60.35 Billion by 2029
Hydraulic Fracturing Market
What Is the Expected CAGR for the Hydraulic Fracturing Market Through 2025?
In recent times, there's been significant growth in the size of the hydraulic fracturing market. This market is predicted to expand from $40.69 billion in 2024 to $44.51 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 9.4%. The surge in growth during the historic period can be traced back to a rise in demand for non-traditional oil and gas resources, an increase in energy prices coupled with the demand for energy security, and the expansion in exploration and production of shale gas.
What's the Projected Size of the Global Hydraulic Fracturing Market by 2029?
In the upcoming years, significant growth is predicted for the hydraulic fracturing market, with expectations to escalate to $60.35 billion by 2029 with a Compound Annual Growth Rate (CAGR) of 7.9%. This anticipated increase in the forecast period can be credited to rising worldwide energy requirements, the pursuit for unconventional reserves, heightened emphasis on environmental and regulatory compliance, the inclusion of data analytics in hydraulic fracturing processes, as well as the amplified utilization of recycled water in these operations. The forecast period is also likely to witness progressive trends including enhanced hydraulic fracturing technologies, technological novelties in horizontal drilling, advancements in the technology of hydraulic fracturing fluids, in addition to an increased devotion towards the advancement of environmentally friendly hydraulic fracturing technologies.
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Top Growth Drivers in the Hydraulic Fracturing Industry: What's Accelerating the Market?
The hydraulic fracturing market is being propelled by the increasing demand for oil and gas from offshore resources. Oil and gas operators around the globe are trying to optimize the worth of their existing resources due to the escalating demand for energy. They are doing this by employing more sophisticated techniques such as hydraulic fracturing to extend production and exploration to more remote and challenging areas. For instance, in June 2023, the International Energy Agency (an intergovernmental economic organization based in France) stated that from 2022 to 2028, global oil demand is projected to increase by 6%, reaching 105.7 million barrels per day (mb/d), bolstered by the strong demand from the petrochemical and aviation industries. Hence, the growing demand for oil and gas from offshore resources is fuelling the expansion of the hydraulic fracturing market.
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What Trends Will Shape the Hydraulic Fracturing Market Through 2029 and Beyond?
The surge in technological progress is a prominent trend gaining traction in the hydraulic fracturing market. Entities working within hydraulic fracturing are incorporating sophisticated technologies like automation, real-time tracking systems, live 3D visualization systems, among others, due to their capabilities of increasing efficiency in hydraulic fracturing activities through automated controls and improved visibility. For instance, SPM Oil & Gas, a corporation based in the US offering upstream pressure pumping and pressure control equipment and services, recently unveiled the SPM Simplified Frac Iron System in May 2022. This cutting-edge system seeks to improve the hydraulic fracturing procedure by tackling inefficiencies prevalent in conventional frac operations. The novel system reduces the spatial footprint and the amount of iron needed for fracturing operations, thereby boosting the overall operational efficacy at the frac location.
What Are the Main Segments in the Hydraulic Fracturing Market?
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
Subsegments:
1) By Plug And Perf: Single Plug And Perf, Multi-Stage Plug And Perf
2) By Sliding Sleeve: One-Trip Sliding Sleeve, Multi-Stage Sliding Sleeve
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Which Top Companies are Driving Growth in the Hydraulic Fracturing Market?
Major companies operating in the hydraulic fracturing market include Halliburton Company, Schlumberger Limited, Baker Hughes Company, NexTier Oilfield Solutions Inc., Calfrac Well Services Ltd., Liberty Oilfield Services LLC, Weatherford International plc, ProPetro Holding Corp., Evolution Well Services LLC, RPC Inc., PJSC Rosneft Oil Company, Trican Well Service Ltd., US Well 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, Sanjel Energy Services, STEP Energy Services Ltd., Tacrom Services SA, AFG Holdings Inc.
Which Regions Will Dominate the Hydraulic Fracturing Market Through 2029?
North America was the largest region in the hydraulic fracturing market in 2024.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
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