The global hydraulic fracturing market revenue was around US$ 11.21 billion in 2022 and is estimated to reach US$ 25.1 billion by 2031, growing at a compound annual growth rate (CAGR) of 9.4% during the forecast period from 2023 to 2031.
Hydraulic fracturing, or fracking, refers to a gas and oil well drilling process utilized for extracting natural gas or petroleum and making new fractures in low-permeability rocks, such as coal shale, and sandstone for improving the gas and oil flow. It involves injecting high-pressure water, chemicals, and sand into the bedrock formation of the well.
Market Driving Factors
The massive potential of untapped reserves to boost the demand for the hydraulic fracturing market. Unconventional gas reserves offer enough amount of energy reserves to cater to the increasing demand for energy and the high potential in the production and exploration of tight gas and shale. Additionally, many nations are in a transitional phase to completely develop the production and exploration of unconventional gas, which would assist in creating energy security and tasks. Thus, the trending shift towards the development of more secure, reliable, and cutting-edge methods for the acquisition of large amounts of gas and oil.
Increasing focus on improving productivity from existing gas & oil wells will propel the market growth. Nations in North America are consistently focusing on surging the productivity of crude oil from the existing oil wells by deploying advanced technologies for exploring shale and other tight-rock formations in the current reserves.
Strict environmental protection laws and the growing trend of renewable energy hamper the market growth.
Regional Analysis
Asia Pacific dominated the market in terms of revenue. This can be attributed to the increasing population and the demand for power efficiency in the region. Furthermore, the demand for petroleum has been increasing in China over the past few decades owing to the nation's rapid economic growth. Furthermore, the oil and gas industry in China has emphasized the exploitation of unconventional resources, especially oil in tight rocks, to satisfy the nation's increasing demand in the region.
North America is estimated to be the fastest-growing region in the market. This is due to the increasing shale gas extraction activities to fulfill energy requirements in the region. For instance, in 2022, the U.S. Energy Information Administration (EIA) estimated that 28.5 trillion standard cubic feet of dry natural gas were produced in the United States from shale deposits. This indicates that the amount of dry natural gas produced from shale formation is increasing, which could increase the necessity for hydraulic fracturing since it makes the extraction process easier to satisfy growing customer demand in the region.
Segmentation Insights
Well Type Insight
The horizontal segment is estimated to dominate the market. This is due to its greater efficiency and improved resource recovery. This is a kind of directional drilling method. Operators utilize this process to recover gas and oil when the reservoir has a unique shape or is difficult to access. Horizontal drilling will become more popular in the upcoming years due to its increased ability to extract natural gas or oil in larger amounts by keeping more of the wellbore in contact with the producing formation.
Technology Insight
The sliding sleeve segment is expected to dominate the market. This is due to its ability to rapidly multi-stage fracture processes. A gas or oil well's completion generally includes a sliding sleeve. Their main functions are to control pressure between zones or to block flow from one or more reservoir zones. Additionally, many stages can be broken with just one pumping session, which is acquiring traction nowadays among industrialists with this open-hole technique.
The plug & perf segment dominates the market in terms of the largest share. The most popular fracturing technique for unconventional wells is plug & perf. This technique which is often used in wells with cemented liners, involves employing perforating guns to pump down a bridge plug on a wireline. The majority of operators like this technology since it is repeatable and predictable.
Prominent Companies
Segmentation Outline
The global hydraulic fracturing market segmentation focuses on Well Type, Technology, Application, and Region.
By Well Type
By Technology
By Application
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL HYDRAULIC FRACTURING MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: HYDRAULIC FRACTURING MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL HYDRAULIC FRACTURING MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL HYDRAULIC FRACTURING MARKET, BY WELL TYPE
5.1 OVERVIEW
5.2 HORIZONTAL
5.3 VERTICAL
6 GLOBAL HYDRAULIC FRACTURING MARKET, BY TECHNOLOGY
6.1 OVERVIEW
6.2 PLUG & PERF
6.3 SLIDING SLEE
7 GLOBAL HYDRAULIC FRACTURING MARKET, BY APPLICATION
7.1 OVERVIEW
7.2 SHALE GAS
7.3 TIGHT OIL
7.4 TIGHT GAS
8 GLOBAL HYDRAULIC FRACTURING MARKET, BY GEOGRAPHY
8.1 OVERVIEW
8.2 NORTH AMERICA
8.2.1 NORTH AMERICA MARKET SNAPSHOT
8.2.2 U.S.
8.2.3 CANADA
8.2.4 MEXICO
8.3 EUROPE
8.3.1 EUROPE MARKET SNAPSHOT
8.3.2 WESTERN EUROPE
8.3.2.1 THE UK
8.3.2.2 GERMANY
8.3.2.3 FRANCE
8.3.2.4 ITALY
8.3.2.5 SPAIN
8.3.2.6 REST OF WESTERN EUROPE
8.3.3 EASTERN EUROPE
8.3.3.1 POLAND
8.3.3.2 RUSSIA
8.3.3.3 REST OF EASTERN EUROPE
8.4 ASIA PACIFIC
8.4.1 ASIA PACIFIC MARKET SNAPSHOT
8.4.2 CHINA
8.4.3 JAPAN
8.4.4 INDIA
8.4.5 AUSTRALIA & NEW ZEALAND
8.4.6 ASEAN
8.4.7 REST OF ASIA PACIFIC
8.5 MIDDLE EAST & AFRICA
8.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
8.5.2 UAE
8.5.3 SAUDI ARABIA
8.5.4 SOUTH AFRICA
8.5.5 REST OF MEA
8.6 SOUTH AMERICA
8.6.1 SOUTH AMERICA MARKET SNAPSHOT
8.6.2 BRAZIL
8.6.3 ARGENTINA
8.6.4 REST OF SOUTH AMERICA
9 GLOBAL HYDRAULIC FRACTURING MARKET COMPETITIVE LANDSCAPE
9.1 OVERVIEW
9.2 COMPANY MARKET RANKING
9.3 KEY DEVELOPMENT STRATEGIES
9.4 COMPETITIVE DASHBOARD
9.5 PRODUCT MAPPING
9.6 TOP PLAYER POSITIONING, 2022
9.7 COMPETITIVE HEATMAP
9.8 TOP WINNING STRATEGIES
10 COMPANY PROFILES
10.1 AFG HOLDINGS
10.1.1 OVERVIEW
10.1.2 FINANCIAL PERFORMANCE
10.1.3 PRODUCT OUTLOOK
10.1.4 KEY DEVELOPMENTS
10.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.2 BAKER HUGHES
10.2.1 OVERVIEW
10.2.2 FINANCIAL PERFORMANCE
10.2.3 PRODUCT OUTLOOK
10.2.4 KEY DEVELOPMENTS
10.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.3 CALFRAC WELL SERVICES
10.3.1 OVERVIEW
10.3.2 FINANCIAL PERFORMANCE
10.3.3 PRODUCT OUTLOOK
10.3.4 KEY DEVELOPMENTS
10.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.4 GD ENERGY PRODUCTS
10.4.1 OVERVIEW
10.4.2 FINANCIAL PERFORMANCE
10.4.3 PRODUCT OUTLOOK
10.4.4 KEY DEVELOPMENTS
10.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.5 HALLIBURTON
10.5.1 OVERVIEW
10.5.2 FINANCIAL PERFORMANCE
10.5.3 PRODUCT OUTLOOK
10.5.4 KEY DEVELOPMENTS
10.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.6 LIBERTY OILFIELD SERVICES
10.6.1 OVERVIEW
10.6.2 FINANCIAL PERFORMANCE
10.6.3 PRODUCT OUTLOOK
10.6.4 KEY DEVELOPMENTS
10.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.7 NATIONAL ENERGY SERVICES REUNITED
10.7.1 OVERVIEW
10.7.2 FINANCIAL PERFORMANCE
10.7.3 PRODUCT OUTLOOK
10.7.4 KEY DEVELOPMENTS
10.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.8 NEXTIER OILFIELD SOLUTIONS
10.8.1 OVERVIEW
10.8.2 FINANCIAL PERFORMANCE
10.8.3 PRODUCT OUTLOOK
10.8.4 KEY DEVELOPMENTS
10.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.9 NINE ENERGY SERVICE
10.9.1 OVERVIEW
10.9.2 FINANCIAL PERFORMANCE
10.9.3 PRODUCT OUTLOOK
10.9.4 KEY DEVELOPMENTS
10.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.10 PATTERSON-UTI ENERGY
10.10.1 OVERVIEW
10.10.2 FINANCIAL PERFORMANCE
10.10.3 PRODUCT OUTLOOK
10.10.4 KEY DEVELOPMENTS
10.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.11 PETRO WELT TECHNOLOGIES
10.11.1 OVERVIEW
10.11.2 FINANCIAL PERFORMANCE
10.11.3 PRODUCT OUTLOOK
10.11.4 KEY DEVELOPMENTS
10.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.12 PROFRAC HOLDING
10.12.1 OVERVIEW
10.12.2 FINANCIAL PERFORMANCE
10.12.3 PRODUCT OUTLOOK
10.12.4 KEY DEVELOPMENTS
10.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.13 PROPETRO HOLDING
10.13.1 OVERVIEW
10.13.2 FINANCIAL PERFORMANCE
10.13.3 PRODUCT OUTLOOK
10.13.4 KEY DEVELOPMENTS
10.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.14 SCHLUMBERGER
10.14.1 OVERVIEW
10.14.2 FINANCIAL PERFORMANCE
10.14.3 PRODUCT OUTLOOK
10.14.4 KEY DEVELOPMENTS
10.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.15 STEP ENERGY SERVICES
10.15.1 OVERVIEW
10.15.2 FINANCIAL PERFORMANCE
10.15.3 PRODUCT OUTLOOK
10.15.4 KEY DEVELOPMENTS
10.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.16 TACROM
10.16.1 OVERVIEW
10.16.2 FINANCIAL PERFORMANCE
10.16.3 PRODUCT OUTLOOK
10.16.4 KEY DEVELOPMENTS
10.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
10.17 TAM INTERNATIONAL
10.17.1 OVERVIEW
10.17.2 FINANCIAL PERFORMANCE
10.17.3 PRODUCT OUTLOOK
10.17.4 KEY DEVELOPMENTS
10.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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