Hydraulic Fracturing Market Size & Share, by Well Type (Vertical Well, & Horizontal Well); Well Sites (Onshore, Offshore); Technology (Plug & Perf, Sliding Sleeve); Fluid Type (Sick Water-Based, Foam-Based, Gel-Based); Application (Shale Gas, Tight Gas, Tight Oil) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2035

  • Report ID: 5153
  • Published Date: Aug 11, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023 - 2035

Hydraulic Fracturing Market size is poised to surpass USD 62 Billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of hydraulic fracturing was around USD 35 Billion. The growth of the market can be attributed to the growing prices of crude oil. Crude oil prices have increased to over USD 80 per barrel, all across the world. As oil and gas prices climb, it becomes more economically viable for firms to make expenditures on unconventional resource extraction technologies such as hydraulic fracturing.

In addition to these, a factor that is believed to fuel the market growth of hydraulic fracturing is the rising number of petroleum refineries. In the world, there are around 825 active refineries, and this capacity is estimated to rise by approximately 15% between 2023 and 2027.


Hydraulic Fracturing Market
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Hydraulic Fracturing Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Investment in the Oil & Gas Sector– In 2023, the global investment in oil and gas extraction and exploration reached an all-time high of USD 528 billion, a 11% rise from the levels of 2015. Oil and gas corporations can extend their fracturing operations to access new deposits and boost production with increasing investment.
  • Increasing Global Energy Demand– The International Energy Agency (IEA) estimates that global oil demand will rise by 2.2 million barrels per day (bpd) in 2023, reaching a new high of 102.1 million bpd. As global energy demand rises, there is a need for more oil and gas production to meet rising demand.
  • Growing Per Capita Income – The level of living rises in tandem with the increase in per capita income. This frequently translated into increased demand for transportation, power, and water, which in turn increased demand for energy.

Challenges

  • Environmental Concerns Associated with Hydraulic Fracturing – The fracturing caused various harms to the environment such as contamination of water, emission of methane, and even put pressure on the land and induce seismicity. All these concerns are imposing huge challenges to market growth.
  • Geographical Hindrance to the Procedure
  • Substantially High Usage of Water

Hydraulic Fracturing Market: Key Insights

Base Year

2022

Forecast Year

2023-2035

CAGR

~7%

Base Year Market Size (2022)

~ USD 35 Billion

Forecast Year Market Size (2035)

~ USD 62 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Hydraulic Fracturing Segmentation

Well Sites (Onshore, Offshore)

The onshore segment is estimated to hold 60% share of the global hydraulic fracturing market in the upcoming years. The growth of the segment can be attributed to the rise in the number of new discoveries in the onshore wells. Norway acquired new 54 licenses followed by 29 by India and 11 by Egypt to carry on the exploration in the onshore wells.  Hydraulic fracturing is utilized in onshore wells for the extraction of natural gas and also for microbial enhanced oil recovery of the old wells to stimulate oil production.

Fluid Type (Sick Water-Based, Foam-Based, Gel-Based)

The foam-based segment in the hydraulic fracturing market is poised to garner a tremendous share of around 46% during the forecasted period. Out of all the fluid types used in fracturing, foam-based is considered the best-suited fracturing fluid. The growth of the segment is attributed to the need of adopting a sustainable approach. The areas with a severe shortage of water, foam-based ones are the most convenient. Moreover, they are also suitable for water-sensitive environments and formation.

Our in-depth analysis of the global hydraulic fracturing market includes the following segments:

    Well Type

  • Vertical Well
  • Horizontal Well

    Well Sites

  • Onshore
  • Offshore

    Fluid Type

  • Sick Water-Based
  • Foam-Based
  • Gel-Based

    Technology

  • Plug & Perf
  • Sliding Sleeve

     Application

  • Shale Gas
  • Tight Gas
  • Tight Oil

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Hydraulic Fracturing Industry- Regional Synopsis

North American Market Forecast

The hydraulic fracturing market in the North America is anticipated to hold the largest with a share of about 35% by the end of 2035. The growth of the market can be attributed majorly to the increasing reserves in the region. Currently, the country's reserves increased to 8.2 billion metric tonnes, up from 3.7 billion tonnes at the start of the decade.  Furthermore, the growing installment of advanced machinery for oil extraction is also expected to drive market growth in the region.

APAC Market Statistics

The Asia Pacific hydraulic fracturing market is estimated to register a share of about 28% in the near future. The growth of the market can be attributed majorly to the growing trade of oil and gas from the region. By the end of 2023, China is anticipated to import the highest amount of crude oil owing to increasing transportation, after the relaxation of the COVID-19 restrictions. Petrol and jet fuel would contribute to roughly 50% and 30% of overall growth in liquid fuel demand, respectively.

Research Nester
Hydraulic Fracturing Market Size
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Companies Dominating the Hydraulic Fracturing Landscape

top-features-companies
    • Reliance Industries Limited
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Schlumberger Limited
    • Baker Hughes Co.
    • Basic Energy Services
    • NexTier Oilfield Solutions, Inc.
    • Calfrac Well Services Ltd.
    • ProPetro Holding Corp.
    • Profac Holding Corporation
    • Halliburton
    • Nabors Industries Ltd.

In-the-news

In The News

  • Reliance Industries Limited has come into agreement with Brookfield Asset Management for finding new opportunities for manufacturing the equipment of renewable energy and sustainable drilling in Australia.
  • ProPetro Holding Corp. announced signing the contract with Permian Operator for providing electric-powered hydraulic fracturing fleet.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 5153
  • Published Date: Aug 11, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Increasing demand for oil and the rising count of refineries are the major factors driving the market growth.

The market size of hydraulic fracturing is anticipated to attain a CAGR of approximately 7% over the forecast period, i.e., 2023 – 2035.

The major players in the market are Schlumberger Limited, Baker Hughes Co., Basic Energy Services, NexTier Oilfield Solutions, Inc., Calfrac Well Services Ltd., ProPetro Holding Corp., Profac Holding Corporation, Halliburton, Nabors Industries Ltd., and Reliance Industries Limited.

The onshore segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Hydraulic Fracturing Market Report Scope
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