HYDRAULIC FRACTURING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)
The global hydraulic fracturing market is estimated to be valued at USD 50.44 Bn in 2024 and is expected to reach USD 76.45 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.12% from 2024 to 2031. The global hydraulic fracturing market has been witnessing robust growth over the past decade due to rising shale gas exploration activities around the world. Hydraulic fracturing, also known as fracking, is a well stimulation technique used to extract unconventional resources trapped in dense rock formations deep underground. It involves pumping a mixture of water, sand or ceramics, and chemical additives under high pressure into the wellbore to create cracks in the deep-rock formations. These fractures are held open by the granular props, allowing the gas or oil to flow into the wellbore for extraction. The technique is commonly adopted for shale gas, tight gas, tight oil, and coal seam gas reservoirs that were previously uneconomical to produce. With proven reserves of unconventional resources significantly increasing worldwide in recent years, hydraulic fracturing has emerged as a crucial enabler of energy security for many nations. Rising demand for cleaner-burning natural gas coupled with technological advancements in fracking is expected to drive the global adoption of hydraulic fracturing over the coming years.
Market Dynamics:
The global hydraulic fracturing market is witnessing robust growth driven by several factors. Burgeoning demand for natural gas coupled with rising shale gas exploration activities around the world has emerged as a key driver. Rapid industrialization and the growing need for reliable energy sources are propelling the demand for natural gas. Technological advancements in hydraulic fracturing techniques such as advanced drilling techniques, optimized frac fluid systems, and real-time monitoring are creating new opportunities. Adoption of horizontal drilling and multi-stage fracturing techniques have significantly increased well productivity. However, environmental concerns around fracking, stringency in emission norms, and groundwater contamination risks are some of the major challenges restraining the market growth. Nevertheless, increasing focus on sustainability through innovative and greener fracturing methods is expected to create new growth avenues. Moreover, identification of new unconventional reserves and rising energy independence ambitions of nations are likely to boost market opportunities.
Key Features of the Study:
- This report provides in-depth analysis of the global hydraulic fracturing market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global hydraulic fracturing market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Halliburton Company, Schlumberger Limited, Baker Hughes Company, National Oilwell Varco, Inc., Weatherford International plc, TechnipFMC plc, C&J Energy Services, Inc., Superior Energy Services, Inc., Calfrac Well Services Ltd., RPC, Inc., Frac Tech Services LLC, Keane Group, Inc., Pioneer Energy Services Corp., Nabors Industries Ltd., and ProPetro Holding Corp.
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global hydraulic fracturing market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global hydraulic fracturing market
Market Segmentation
Table of Contents
*Browse 32 market data tables and 28 figures on 'Hydraulic Fracturing Market' - Global forecast to 2031
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