The global hydraulic fracturing market is anticipated to grow at a CAGR of 7.6% during the forecast period (2024-2031). Hydraulic fracturing is also known as fracking. It is a technology in which the fluids including water, chemicals, and sand are pumped into the well at a high injection level to break down the oil reservoirs. It is generally used to enhance the production of oil and gas reservoirs to keep the well sticky. The major factor driving the growth of the global hydraulic fracturing market during the forecast period is the increasing shale exploration and production activities across the globe.
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According to the US Energy Information Administration (EIA), in January 2020, oil production from seven major shale formations witnessed a rise of about 29,000 barrels per day (BPD), which is 9.14 million barrels per day of shale oil production. Additionally, as per the same source, shale oil production in the US would increase by 27% by 2050.
Another major factor that is bolstering the growth of the market over the forecast period is the rise in the adoption of various strategic initiatives by various key market players present across the globe. The major companies operating in the global hydraulic fracturing market include Baker Hughes Inc., C&J Energy Services Inc., Cudd Energy Services, Halliburton, Patterson-UTI Energy, Inc., and others. These market players are considerably contributing to the market growth by the adoption of various strategies such as mergers and acquisitions to stay competitive in the market. For instance, in March 2021, FTS International announced that it has partnered with KCF Technologies to deploy MachineIQ (MIQ) on an active hydraulic fracturing site. The first production run was on the Devon Energy site in Oklahoma. MIQ successfully identified the sources of equipment issues and executed corrective actions to rebalance the system.
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Market Coverage
Segment Covered-
- By Application
- By Technology
- By Material
- By Shale Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- Baker Hughes Inc., C&J Energy Services Inc., Cudd Energy Services, Halliburton, and Patterson-UTI Energy, Inc., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Hydraulic Fracturing Market Report by Segment
By Application
- Conventional Hydraulic Fracturing
- Tight Gas Hydraulic Fracturing
- Shale Gas Hydraulic Fracturing
- Tight Oil Hydraulic Fracturing
- Coal Bed Hydraulic Fracturing
- Others
By Technology
- Sliding Surface
- Plug & Perf
- Others
By Material
- Proppant
- Sand
- Ceramic
- Resin Coated Sand
- Others
By Shale Type
- Bakken Shale
- Antrim Shale
- Woodford Shale
- Marcellus Shale
- Haynesville Shale
- Fayetteville Shale
- Eagle Ford Shale
- Barnett Shale
- Others
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