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.
Growth Drivers
Challenges
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Base Year |
2024 |
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Forecast Year |
2025-2037 |
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CAGR |
6.9% |
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Base Year Market Size (2024) |
USD 40.24 billion |
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Forecast Year Market Size (2037) |
USD 95.8 billion |
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Regional Scope |
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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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Well Type |
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Well Sites |
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Fluid Type |
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Technology |
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Application |
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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.
Author Credits: Dhruv Bhatia
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