Hydraulic Fracturing Market Drivers:
Hydraulic fracturing, also known as fracking, is a process that involves the injection of water, sand, and chemicals under high pressure into shale or other rock formations to release natural gas or oil trapped within them. The hydraulic fracturing market is influenced by several factors, including:
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Increasing demand for oil and gas: The global demand for oil and gas is increasing, and hydraulic fracturing is a key method of extracting these resources from hard-to-reach formations. As a result, the hydraulic fracturing market is expected to grow in line with the rising demand for oil and gas.
Technological advancements: The hydraulic fracturing industry has experienced significant technological advancements in recent years, which have made the process more efficient and cost-effective. For example, the development of horizontal drilling techniques has made it possible to access more oil and gas reserves, which has increased the demand for hydraulic fracturing services.
Hydraulic Fracturing Market Analysis:
Hydraulic Fracturing Market is expected to expand at 14.2% CAGR up to USD 34,800 million during the forecast period (2023-2030).
Market Segmentation
The global hydraulic fracturing market has been segmented into well type, technology, and application.
By technology, the global hydraulic fracturing market has been segmented into plug-and-perforation, sliding sleeve, and others. Amongst these, the plug-and- perforation segment leads the global market due to the advantage of having a substantial number of individually fractured stages in the wellbore.
By well type, the global hydraulic fracturing market has been segmented into horizontal and vertical. The horizontal hydraulic fracture technology is significant in the market, owing to its advantage of fracturing multiple oil wells from the same point.
By application, the global hydraulic fracturing market has been segmented into crude oil, shale gas, tight oil, and others. The tight oil segment dominates the global market with increasing demand for oil from non-conventional sources, and shale rocks have low permeability.
