Hydraulic Fracturing Market Trends

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