Press release
Hydraulic Fracturing Market Trends That Will Shape the Next Decade: Insights from Technological Advancement Transforms The Market
Hydraulic Fracturing Market
How Large Will the Hydraulic Fracturing Market Size By 2025?
In recent times, the size of the hydraulic fracturing market has undergone substantial expansion. This market will experience growth from $40.69 billion in 2024 and is projected to reach $44.33 billion in 2025, marking a compound annual growth rate (CAGR) of 8.9%. The enhanced demand for unconventional oil and gas reserves, surging energy prices, and increasing necessity for energy security, along with the expansion of exploration and production of shale gas are key factors propelling growth during the historic period.
How Big Is the Hydraulic Fracturing Market Size Expected to Grow by 2029?
The market for hydraulic fracturing is anticipated to experience robust growth in the next several years, reaching $60.2 billion in 2029 with a compound annual growth rate of 8.0%. The reasons for this predicted growth during the given period include the increasing worldwide energy demands, continuous study of non-traditional reserves, a higher emphasis on adherence to environmental and regulatory norms, the application of data analytics in hydraulic fracturing operations, and a rising trend of utilizing recycled water in these operations. Key trends projected for the forecast period include advancements in hydraulic fracturing technologies, innovative enhancements in horizontal drilling, development in hydraulic fracturing fluid technologies, and an escalating focus on establishing eco-friendly hydraulic fracturing technologies.
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Which Key Market Drivers Powering Hydraulic Fracturing Market Expansion and Growth?
The hydraulic fracturing market's growth is being propelled by increasing demand for oil and gas from offshore resources. Oil and gas operators are extracting maximum value from their existing resources by employing advanced techniques such as hydraulic fracturing for improved oil and gas recovery, as the global energy demand continues to rise. They are also broadening their exploration and production activities in remote and severe environments. For example, the International Energy Agency, an intergovernmental economic organization based in France, forecasted in June 2023 that global oil demand will increase by 6% between 2022 and 2028, hitting 105.7 million barrels per day (mb/d). This increase is attributed to the strong demand from petrochemical and aviation sectors. Consequently, the hydraulic fracturing market is being propelled by the increased demand for oil and gas from offshore resources.
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Which Fast-Growing Trends Are Poised to Disrupt the Hydraulic Fracturing Market?
The increasing use of technology is a prominent trend on the rise in the hydraulic fracturing market. Firms involved in hydraulic fracturing are leveraging state-of-the-art technologies including automation, real-time monitoring systems, live 3D visualization systems, among others, for a more efficient hydraulic fracturing process facilitated by automated controls and improved visibility. For example, SPM Oil & Gas, a company based in the United States specializing in upstream pressure pumping and pressure control equipment and services, unveiled the SPM Simplified Frac Iron System in May 2022. This revolutionary system is designed to improve hydraulic fracturing by resolving inefficiencies inherent to conventional frac operations. The novel system reduces the space and amount of iron needed for fracturing operations, consequently improving overall efficiency at the frac site.
What Are the Emerging Segments in the Hydraulic Fracturing Market?
The hydraulic fracturingmarket 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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Who Are the Global Leaders 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 are the Top Profitable Regional Markets for the Hydraulic Fracturing Industry?
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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