Press release
Hydraulic Fracturing Market Key Players Analysis- Halliburton (US), Schlumberger (US), Liberty Oilfield Services LLC (US), Baker Hughes (US).
Hydraulic Fracturing Market
According to the latest research by InsightAce Analytic, the Global Hydraulic Fracturing Market is valued at US$ USD 55.7 Bn in 2024, and it is expected to reach USD 118.9 Bn by the year 2034, with a CAGR of 8.0% during a forecast period of 2025-2034.
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Hydraulic fracturing is a widely utilized technique for enhancing hydrocarbon recovery from unconventional resources, including shale formations, tight sandstone, and coalbed methane reservoirs. The method involves injecting a high-pressure fluid mixture into the wellbore to create fractures in subsurface rock formations, thereby facilitating increased oil and gas flow.
The growth of the hydraulic fracturing market is primarily driven by rising global energy demand-particularly for oil and natural gas-amid the gradual depletion of conventional reserves, which has heightened reliance on unconventional energy sources requiring advanced extraction technologies.
Market expansion is further underpinned by the pressing need to meet energy requirements across various industrial sectors. Economic factors, including fluctuations in oil and gas prices, investment trends, and broader market conditions, play a significant role in influencing industry dynamics. In particular, oil price volatility directly impacts the economic feasibility of hydraulic fracturing operations, with higher prices typically stimulating increased investment and exploration activity in unconventional resource development.
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 potential to meet the rising global energy demand, particularly through the development of shale and tight gas resources. According to the United States Geological Survey (USGS), significant unconventional reserves are located within the Permian Basin in Western Texas and Southeastern New Mexico.
Numerous countries are actively promoting initiatives to expand unconventional gas exploration and production, with objectives that include strengthening energy security and stimulating economic growth through job creation. Consequently, the increasing focus on deploying more efficient, safe, and technologically advanced extraction methods is expected to drive growth in the global hydraulic fracturing market.
Challenges:
Despite its benefits, hydraulic fracturing presents notable environmental concerns due to the use of hazardous chemicals such as formaldehyde, benzene, toluene, ethylbenzene, and xylene. Accidental releases of these substances can result in operational blowouts and contamination of water sources through fracking fluid leakage.
These environmental risks have amplified concerns regarding groundwater quality near drilling sites and the potential impacts on local ecosystems. Additionally, exposure to these contaminants-even at levels deemed harmful-poses serious health risks, including chronic illnesses, genetic disorders, and in extreme cases, fatalities.
Regional Trends:
North America is projected to sustain strong growth in the hydraulic fracturing market, supported by the region's extensive shale reserves. In the United States, significant increases in oil and gas production from prolific shale formations have established the country as a leading hub for hydraulic fracturing activities.
Canada also holds substantial shale resources, with the Montney and Duvernay formations serving as primary areas of development. Market expansion in the region is closely tied to fluctuations in oil and gas prices, which directly affect capital investment, drilling operations, and the 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
Read Overview Report- https://www.insightaceanalytic.com/report/hydraulic-fracturing-market/1954
About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
Contact us:
InsightAce Analytic Pvt. Ltd.
Visit: www.insightaceanalytic.com
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info@insightaceanalytic.com
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