Hydraulic Fracturing Market

Global Hydraulic Fracturing Market

Hydraulic Fracturing Market- By Technology, Application, Well Type, and Region.

Market Synopsis:

The Global Hydraulic Fracturing Market is valued at USD 33.9 Billion in the year 2021 and is forecasted to reach a value of USD 51.7 Billion by the year 2028. The Global Market is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 7.20% over the forecast period.

The Hydraulic Fracturing Market is witnessing growth during the forecast period owing to the increasing efforts by upstream companies to enhance the production from unconventional resources. The increasing demand for gas, oil, and other petroleum products is fueling the growth of the Hydraulic Fracturing Market during the forecast period. Additionally, as the demand for advanced technology, equipment and tools increases, the demand for fracturing, completion, and drilling will increase which is predicted to boost the Hydraulic Fracturing Market growth in the coming years.

Furthermore, in many exploring activities, unconventional and conventional hydrocarbons reserve in many formations are expected, which is to increase the growth of the industry during the forecast period. Whereas, the cost reduction of oilfield services, fluctuating in oil prices, and increase in production are the factors boosting the growth of the Hydraulic Fracturing Market during the forecast period. Additionally, the demand for oil and gas is increasing with the increase in production is driving the Hydraulic Fracturing Market growth during the forecast period.

The awareness regarding the protection of the environment in many developed and emerging countries can restrain the growth of Hydraulic Fracturing Market. The strict rules and regulations by the national government regarding the use of Hydraulic Fracturing can also restrain market growth. Additionally, a significant upsurge in the number of exploration and manufacturing activities in the fuel and gas sector is anticipated to drive the market during the forecast period. Besides, High water usage and environmental concerns associated with Hydraulic Fracturing, and growing concerns regarding seismic activities due to Hydraulic Fracturing are hampering the growth of the Hydraulic Fracturing Market during the forecast period.

Market Segmentation:

The Hydraulic Fracturing Market is segmented on the basis of technology, application, and well type. Based on technology the market is segmented as Plug & Perf and Sliding Sleeve. Based on application, the market is segmented as Shale Gas, Tight Oil, and Tight Gas. Based on good type, the market is segmented as Horizontal Well and Vertical Well.

Based on Technology:

On the basis of technology, the plug and perf subsegment is expected to hold the largest share of the Hydraulic Fracturing Market during the forecast period. The plug and perf technology can be used in both horizontal and vertical wells. Moreover, it is frequently preferred technology utilized in unconventional wells. The growth of the plug and perf technology is attributed to ease of operation and competitive cost. Additionally, it delivers high performance in production and helps to reduce the manufacturing cost.

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Based on Application:

On the basis of application, the market is segmented as Shale Gas, Tight Oil, and Tight Gas. The shale gas sub-segment is predicted to grow at the fastest rate during the forecast period. There are a large number of shales reserves available across the globe. According to the EIA, there are 48 shale gas basins in total in 32 countries, holding almost 70 shale gas creations, such large reserves are driving the Hydraulic Fracturing Market during the forecast period and will continue to grow in coming years.

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North America is Predicted as the Largest Region in the Global Hydraulic Fracturing Market

North America held the largest share of the Hydraulic Fracturing Market during the year 2021. The growth of the market in North America is attributed to the increasing shale gas and oil exploration, and the production activities carried out. Additionally, the increasing demand for Hydraulic Fracturing technology with the rising demand for energy in North America is fueling the growth of the Hydraulic Fracturing Market during the forecast period.

The Asia Pacific is Anticipated to be the Fastest-Growing Region During the Forecast Period

The Asia Pacific is anticipated to be the second-largest market apart from being the region with fastest growth for Hydraulic Fracturing Market during the forecast period. The growth of the market in the Asia Pacific region is primarily attributed to rising investments in the countries such as China, and Australia in the development of shale reserves.

Competitive Landscape:

The key players in the Global Hydraulic Fracturing Market include- Halliburton (US) and others.

Segmentation of the Global Hydraulic Fracturing Market: