Hydraulic Fracturing Market Size & Share, Growth Forecasts 2035

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.

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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)

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 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.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the hydraulic fracturing market?

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

2) What would be the CAGR of the hydraulic fracturing market over the forecast period?

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

3) Who are the major players dominating the hydraulic fracturing market?

Ans: 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.

4) Which segment captures the largest market size in the well-sites segment in the hydraulic fracturing market?

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

5) Which region will provide more business opportunities for the growth of the hydraulic fracturing market in the future?

Ans: 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.