Northbrook, IL 60062 -- (SBWire) -- 07/25/2023 --Hydraulic Fracturing Market is projected to reach USD 74.4 billion in 2028 from USD 52.1 billion in 2023 at a CAGR of 7.4% according to a new report by MarketsandMarkets™. Hydraulic fracturing, also known as fracking, is one of the most efficient techniques used to recover unconventional oil and gas resources. It is an underground petroleum extraction process in which water, sand, and chemicals are injected under high pressure into a bedrock formation through the well. The injection pressure of the pumped fluid creates fractures that cause gas and fluid flow, and the sand or other coarse materials help in holding the fractures. The increasing supply-demand gap for primary energy sources is one of the leading factors driving the growth of the Hydraulic Fracturing Market, as the demand for oil and gas is constantly growing, and the production capacities of the related reserves are limited. The capability of foams to provide waterless fracking presents promising opportunities for the Hydraulic Fracturing Market. However, the risks associated with growing concerns regarding seismic activities due to hydraulic fracturing has hindered the growth of the market in recent years and is expected to restrain the market's growth during the forecast period.
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The horizontal, by well type, is expected to grow at the highest CAGR during the forecast period.
Based on good type, the hydraulic fracturing market has been split into horizontal and vertical. Horizontal well types are expected to grow at the highest CAGR during the forecasted period. A horizontal well requires a multi-directional drilling technique, which generally drills with an inclination of greater than 80° to enhance reservoir performance. The combination of horizontal drilling and hydraulic fracturing has increased the rate of US crude oil, lease condensate, and natural gas production.
The plug & perf segment, by technology, is expected to be the largest segment during the forecast period.
This report segments the hydraulic fracturing market based on technology into two segments: plug & perf and sliding sleeve. The plug & perf segment is expected to be the largest segment during the forecast period owing to the growing need for reliable operations to increase the production capacity of wells. The plug & perf technology can be used in both horizontal and vertical wells. It is the most common and preferred fracturing technology used for unconventional wells. The technology is deployed in wells with cemented liners; it involves pumping down a bridge plug on a wireline with perforating guns. Using this technology, a well is perforated and stimulated in multiple stages.
North America is expected to be the largest region in the hydraulic fracturing market.
North America is expected to be the largest hydraulic fracturing market during the forecast period. The Asia Pacific region comprises major economies such as US and Canada. The growth in unconventional reserves such as tight oil and shale gas is primarily driving the demand for hydraulic fracturing services in the US and Canada. The region is one of the leading exporters of oil, accounting for up to 17.9% of the global oil trade because of the high demand for West Texas Intermediate (WTI) sweet crude oil from Europe, China, India, Japan, and other Asia Pacific countries, which are the leading consumers of crude oil and refined petrochemical products. Furthermore, the region has the largest shale reserves, which makes it a lucrative market for drilling activities and for oilfield service providers.
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Some of the major players in the hydraulic fracturing market are Halliburton (US), SLB (US), Liberty Oilfield Services LLC (US), Baker Hughes (US), and NexTier Oilfield Solutions (US). The major strategies adopted by these players include acquisitions, contracts, agreements, and expansions.
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Hydraulic Fracturing Market Worth $74.4 Billion by 2028
The global hydraulic fracturing market is projected to reach USD 74.4 billion by 2028 from an estimated USD 52.1 billion in 2023, at a CAGR of 7.4% during the forecast period.