Hydraulic Fracturing Market Outlook
According to the report by Expert Market Research (EMR), the global hydraulic fracturing market size
is projected to grow at a CAGR of 6.90% between 2023 and 2028. Aided by the increasing demand for natural gas and oil and the widespread application of hydraulic fracturing in the extraction of these resources, the market is expected to grow significantly by 2028.
Hydraulic fracturing, also known as fracking, is a method used to extract natural gas and oil from deep underground formations. It involves injecting a high-pressure fluid into a wellbore to create cracks in the rock formation, enabling the extraction of these resources. Apart from being a primary method in the energy sector, hydraulic fracturing is also used in stimulating groundwater wells and dealing with waste treatment. The importance of this process is recognised across various sectors, including power generation, transportation, manufacturing, and waste disposal.
The increasing global demand for natural gas and oil is a significant driver for the hydraulic fracturing market growth. As economies expand, the need for these resources in various sectors, including transportation, power generation, and manufacturing, is surging. This has led to a significant rise in hydraulic fracturing activities, propelling the market expansion.
Moreover, advancements in hydraulic fracturing technology have also contributed to the hydraulic fracturing market development. The development of techniques that minimise environmental impact, such as the use of non-toxic fracking fluids and improvement in efficiency, has broadened the scope of hydraulic fracturing. This has also been crucial in enhancing the production rates of oil and natural gas, further driving the market.
The application of hydraulic fracturing in unconventional reserves is another factor fuelling the hydraulic fracturing market expansion. Shale gas, tight gas, and coalbed methane reserves, once considered difficult to exploit, have become accessible due to hydraulic fracturing. This has led to an increase in the production of these resources, thus boosting the market share.
In the food and beverage industry, the growing trend towards alternative energy sources has led to increased attention on hydraulic fracturing. As the trend towards clean, renewable energy continues to rise, hydraulic fracturing has emerged as a significant component in the quest for sustainable energy solutions, further promoting hydraulic fracturing market growth.
Hydraulic Fracturing Market Segmentation
The market can be divided based on well type, technology, application, and region.
Market Breakup by Well Type
Market Breakup by Technology
Market Breakup by Application
- Plug And Perforation
- Sliding Sleeve
Market Breakup by Region
- Crude Oil
- Shale Gas
- Tight Oil
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
Hydraulic Fracturing Market Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global hydraulic fracturing companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Schlumberger Limited
- Calfrac Well Services Ltd.
- Baker Hughes Company
- NexTier Oilfield Services, Inc.
- Halliburton Energy Services, Inc.
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