The global hydraulic fracturing and services market was worth USD 100.66 billion in 2023. The global market is predicted to reach USD 110.73 billion in 2024 and USD 237.36 billion by 2032, growing at a CAGR of 10% during the forecast period.
Hydraulic fracturing and services are modern technology. It is used to pump fluids into the oil wells at a very high injection rate to break down the oil reservoir. This fluid conventionally includes water, sand, and chemicals. Fracturing fluids are employed as a part of hydraulic fracturing treatments of shale that aid in keeping viscosity to develop an adequate width. The cost of hydraulic fracturing varies according to the well type, and the cost of sand and water in the region of the well will affect the change in price. North America is the market leader for the hydraulic fracturing and services market by region. The United States alone contributes to 85% of the global hydraulic fracturing and service activities.
The increased demand for shale is driving the market. The government’s interest in exploring a new way of hydraulic fracturing where less gas emission takes place and investing in private projects is creating a positive impact. The huge demand for energy is helping the market grow. During hydraulic fracturing, in unconventional gas reserves, sufficient energy is released for high-potential exploration and production of shale and tight gas. A way to use this energy to power the machinery will save a lot of electricity; it is cost-efficient and less time-consuming.
These laws limit fracturing operations in many regions. One of the main components of hydraulic fluid for hydraulic fracturing is water, and the scarcity of water in regions such as China and the United States restricts development in these areas. The high cost of machinery and equipment and the danger of releasing harmful gases during fracturing are setting back the market's growth.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
10% |
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Segments Covered |
By Technology, Material, Application, Well Type, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Schlumberger (United States), Halliburton (United States), Baker Hughes (United States), Calfrac Well Services (United States), FTS International (United States), Nabors Industries Ltd. (Bermuda), Trican Well Services (United States), Weatherford International Inc. (United States), Tacrom Services SRL (Romania), United Oilfield Services (United States), Patterson UTI Energy Inc. (United States), and Others. |
The global hydraulic fracturing and services market by technology is bifurcated into plug and perforation and sliding sleeves. The plug and perforation technology is expected to be the market leader by technology, with an increased market share of 12% during the forecast period. This is because it involves pumping down a bridge plug on a wireline with perforating guns. The sliding sleeve is expected to grow steadily during the forecast period due to the increasing demand for open-hole well applications.
Proppants are a major material for hydraulic fracturing and had a market value of US$ 9.05 Billion in 2015. The proppants are further segmented into raw sand, resin-coated sand, and ceramic. Resin-coated sand is expected to be the market leader during the forecast period. It is used for packing and holding the proppant without allowing the water to flow back. It is the most cost-efficient material compared to raw sand and ceramics and performs better.
The global hydraulic fracturing and services market by application is segmented into Onshore, Offshore, Conventional Reserves, Unconventional Reserves, Crude Oil, Tight Oil, Tight Gas, Shale Oil, Shale Gas, and Coal Bed Methane (CBM).
Onshore hydraulic fracturing is projected to have the highest market share by application during the forecast period. This is credited to the latest initiatives by the governments to fund onshore exploration because of its optimal operation accessibility. Onshore is more cost-efficient, and the availability of advanced technology makes it that much easier. Shale gas hydraulic fracturing is projected to have a market share of 14% during the outlook period.
The global hydraulic fracturing and services market is divided into horizontal and vertical drilling by healthy type. During the forecast period, horizontal drilling was the market leader by well type, and it is estimated that 69% of the oil and gas wells drilled in the United States use horizontal hydraulic fracturing (drilling).
North America is expected to dominate the global hydraulic fracturing and services by region. This is because it accounted for over 85% of the total revenue 2015. The availability of resources such as technology, government, and skilled workforce with increased E&P activities helped the market reach the top.
The Asia Pacific is next in line with the high potential for drastic growth during the projection period. This is due to the availability of recoverable shale and CMB reserves across the region. Also, the investments the government made through FDI channels in the hydrocarbons sector gave it unconventional potential to rise in the market.
Arab regions, such as Saudi Arabia, are projected to grow steadily during the calculated period. Saudi Aramco (officially the Saudi Arabian oil company) aims to invest USD 334 billion in the exploration and production of unconventional resources and to support infrastructure projects and service facilities. This increase in investment in oil and gas projects is one of the primary factors creating a positive impact on the global hydraulic fracturing and services market.
The major companies operating in the global hydraulic and fracturing services market include Schlumberger (United States), Halliburton (United States), Baker Hughes (United States), Calfrac Well Services (United States), FTS International (United States), Nabors Industries Ltd. (Bermuda), Trican Well Services (United States), Weatherford International Inc. (United States), Tacrom Services SRL (Romania), United Oilfield Services (United States), and Patterson UTI Energy Inc. (United States) and others.
This research report on the global hydraulic fracturing and services market has been segmented and sub-segmented based on the technology, material, application, well type, and region.
By Technology
By Material
By Application
By Well Type
By Region
Frequently Asked Questions
Technological innovation is crucial for improving the efficiency and sustainability of hydraulic fracturing operations. Advancements in drilling techniques, proppant materials, and wastewater treatment technologies are continuously shaping the industry and driving productivity gains.
Investment in hydraulic fracturing services is closely tied to the economic outlook for oil and gas. During periods of low oil prices, investment may decline as companies seek to cut costs and focus on more profitable ventures. Conversely, during periods of high oil prices, investment in fracking services tends to increase.
Potential environmental risks include groundwater contamination, air pollution, induced seismicity, and habitat disruption. To mitigate these risks, regulatory agencies and industry stakeholders are implementing measures such as improved well construction standards, wastewater recycling, and stricter monitoring requirements.
Geopolitical instability in major oil-producing regions can impact global oil prices, thereby influencing investment decisions in hydraulic fracturing and services. Additionally, geopolitical tensions may lead to supply disruptions or changes in trade policies, affecting the overall dynamics of the market.
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