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

Hydraulic Fracturing Market: Key Insights

Base Year	2023
Forecast Year	2024-2036
CAGR	6.9%
Base Year Market Size (2023)	USD 37.42 Billion
Forecast Year Market Size (2036)	USD 89.09 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2024, the industry size of hydraulic fracturing is assessed at USD 39.84 Billion.

The 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. Increasing demand for oil and the rising count of refineries are the major factors driving the market growth.

North America is anticipated to hold largest with a share of about 35% by 2036, backed by increasing reserves in the region.

Reliance Industries Limited, 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.

Hydraulic Fracturing Market Trends