Hydraulic Fracturing Market

Hydraulic fracturing market is predicted to reach USD 58 billion by 2028 at a CAGR of 7.9% during the forecast period.

Introduction of the Report

Hydraulic fracturing is a drilling process employed to extract oil & gas from deep underground. This method is also known as fracking. Hydraulic fracturing process, cracks in and below the Earth’s surface are opened and widened by injecting water, chemicals, and sand at high pressure. This method is intended to create new fractures in the rock and increase existing fractures’ size, extent, and connectivity.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global hydraulic fracturing market include increasing exploration of tight gas and tight oil. Some resources are extracted through hydraulic fracturing because these openings of fossil fuels are tightly confined in complex shale rock formations. The modern technologies used in hydraulic fracturing rapidly increase petroleum and natural gas production in the United States by obtaining tight oil and gas. For instance, according to U.S. Energy Information Administration, the United States field production of crude oil in August 2021 was 3,45,369 Mbbl. According to the American Petroleum Institute, up to 95% of natural gas wells drilled in the next decade will require hydraulic fracturing. The growing demand for oil & gas and other petroleum products in developing countries will boost the market. According to the International Association of Oil & Gas Producers, Asia Pacific utilizes 35% of the world’s oil, going through 34.6 million barrels per day.

Restraint in the Hydraulic Fracturing Market

However, the high water usage in the fracking process and environmental concern associated with hydraulic fracturing will hamper the market growth.

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Type – Segment Analysis

Based on the type, a horizontal well is projected to grow at a higher CAGR during the forecast period. To spur the productivity of wells in organic-rich shales, companies drill horizontally through the rock unit and then use hydraulic fracturing to generate artificial permeability dropped by sand. Drilling horizontally, parallel to the geologic layers layer in tight formation, allows producers to access more of the oil and natural gas bearing rock than drilling vertically. According to the U.S. Energy Information Administration, in 2018, Horizontal wells accounted for about 96% of U.S. crude oil production in tight oil formation and 97% in the shale formation.

Technology – Segment Analysis

Based on the technology, the plug & perf is anticipated to grow at higher CAGR during the forecast period. When it comes to multistage hydraulic fracturing, operators prefer plug & perf using plugs. It is reliable and flexible and paved the way for economic hydraulic fracturing. For several years, plug & perf completions using plugs have remained the method of choice among unconventional operators. For instance, Baker Hughes Company provides plug & perf that offer stage placement flexibility and enable the treatment of stages as far as wireline and coiled tubing can reach.

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Regional – Segment Analysis:

Based on the region, the North America region is predicted to grow at higher CAGR during the forecast period due to it being major producer of crude oil & gas globally. According to U.S. Energy Information Administration, in 2020, North America contributed 26% share of total world oil production. The increasing investment in the region will drive the market in the region. For instance, bp p.l.c. purchased U.S. shale oil and gas assets from global miner BHP for 10.5 billion.

Top Market Players

Various notable players operating in the market, include, Halliburton, Baker Hughes, Schlumberger Limited, NexTier Oilfield Solutions Inc., Calfrac Well Services Ltd., Trican, Step Energy Services, Nine Energy Services, U.S. Well Services, AFG Holdings, Inc, among others.

Key Developments:

• • In 2021, Schlumberger and NOV announced collaboration to automate drilling solution adoption by oil & gas operators and drilling contractors.
  • In 2021, NexTier Oilfield Solutions Inc. acquired Alamo Pressure Pumping, LLC. in a cash and stock transaction valued at about USD 268 million.

Segments covered in the Report:

The global hydraulic fracturing market has been segmented on the basis of type, technology, application, and region. Based on type, the market is segmented into horizontal well, and vertical well. Based on technology, the market is segmented into plug & perf, and sliding sleeves. Based on application, the market is segmented into onshore and offshore.

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Key questions answered in this research report:

• • At what pace is global hydraulic fracturing market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in Hydraulic Fracturing market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global hydraulic fracturing market?
  • Which type generated maximum revenues in 2020 and identify the most promising type during the forecast period?
  • What are the various technologies of global hydraulic fracturing market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global Hydraulic Fracturing Market by Type

• • Horizontal Well
  • Vertical Well

Global Hydraulic Fracturing Market by Technology

• • Plug & Perf
  • Sliding Sleeves

Global Hydraulic Fracturing Market by Application

• • Onshore
  • Offshore

Global Hydraulic Fracturing Market by Region

• • North America Hydraulic Fracturing Market (Option 1: As a part of the free 25% customization)
    • North America Hydraulic Fracturing Market by Type
    • North America Hydraulic Fracturing Market by Technology
    • North America Hydraulic Fracturing Market by Application
    • US Hydraulic Fracturing Market All-Up
    • Canada Hydraulic Fracturing Market All-Up
  • Europe Hydraulic Fracturing Market (Option 2: As a part of the free 25% customization)
    • Europe Hydraulic Fracturing Market by Type
    • Europe Hydraulic Fracturing Market by Technology
    • Europe Hydraulic Fracturing Market by Application
    • UK Hydraulic Fracturing Market All-Up
    • Germany Hydraulic Fracturing Market All-Up
    • France Hydraulic Fracturing Market All-Up
    • Spain Hydraulic Fracturing Market All-Up
    • Rest of Europe Hydraulic Fracturing Market All-Up
  • Asia-Pacific Hydraulic Fracturing Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Hydraulic Fracturing Market by Type
    • Asia-Pacific Hydraulic Fracturing Market by Technology
    • Asia-Pacific Hydraulic Fracturing Market by Application
    • China Hydraulic Fracturing Market All-Up
    • India Hydraulic Fracturing Market All-Up
    • Japan Hydraulic Fracturing Market All-Up
    • Rest of APAC Hydraulic Fracturing Market All-Up
  • RoW Hydraulic Fracturing Market (Option 4: As a part of the free 25% customization)
    • RoW Hydraulic Fracturing Market by Type
    • RoW Hydraulic Fracturing Market by Technology
    • RoW Hydraulic Fracturing Market by Application
    • Brazil Hydraulic Fracturing Market All-Up
    • South Africa Hydraulic Fracturing Market All-Up
    • Saudi Arabia Hydraulic Fracturing Market All-Up
    • UAE Hydraulic Fracturing Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Hydraulic Fracturing Market All-Up

Major Players Operating in the Hydraulic Fracturing (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Halliburton
  • Baker Hughes
  • Schlumberger Limited
  • NexTier Oilfield Solutions Inc.
  • Calfrac Well Services Ltd.
  • Trican
  • Step Energy Services
  • Nine Energy Services
  • S. Well Services
  • AFG Holdings, Inc