Hydraulic Fracturing Market Size

Hydraulic Fracturing Market size was valued at USD 37.42 Billion in 2023 and is expected to exceed USD 89.09 Billion by 2036, expanding at over 6.9% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of hydraulic fracturing is assessed at USD 39.84 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.