Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Hydraulic Fracturing Market size was valued at USD 40.24 billion in 2024 and is set to exceed USD 95.8 billion by 2037, expanding at over 6.9% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of hydraulic fracturing is evaluated at USD 42.46 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.
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 Market: Key Insights
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:
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Customize this ReportHydraulic 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 2037. 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.
Companies Dominating the Hydraulic Fracturing Landscape
- Reliance Industries Limited
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- 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.
In the News
- Reliance Industries Limited has come into agreement with Brookfield Asset Management for finding new opportunities for manufacturing the equipment of renewable energy and sustainable drilling in Australia.
- ProPetro Holding Corp. announced signing the contract with Permian Operator for providing electric-powered hydraulic fracturing fleet.
Author Credits: Dhruv Bhatia
- Report ID: 5153
- Published Date: Nov 08, 2024
- Report Format: PDF, PPT
