Hydraulic fracturing, also known as fracking, is a process used to extract oil and gas from shale rock formations. The hydraulic fracturing market is influenced by various drivers, including:
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Rising Energy Demand: The global demand for energy continues to increase, and hydraulic fracturing has become an essential technique for meeting this demand. As a result, the demand for hydraulic fracturing is expected to increase significantly in the coming years.
Technological Advancements: The hydraulic fracturing industry has witnessed significant technological advancements, such as the use of horizontal drilling and advanced fracking techniques. These advancements have made it possible to extract oil and gas from previously inaccessible rock formations, thereby increasing the potential for the hydraulic fracturing market.
Environmental Regulations: Environmental regulations have played a significant role in shaping the hydraulic fracturing market. As regulations become more stringent, companies must adopt new technologies and practices to comply with environmental laws, which can increase the demand for new and more efficient hydraulic fracturing techniques.
Growing Natural Gas Market: Natural gas is increasingly being used as a cleaner alternative to other fossil fuels, such as coal and oil. Hydraulic fracturing has played a critical role in making natural gas more accessible and affordable, thereby increasing the demand for hydraulic fracturing.
Economic Benefits: Hydraulic fracturing has the potential to generate significant economic benefits, including job creation and increased tax revenues. These economic benefits are expected to drive the growth of the hydraulic fracturing market in the coming years.
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).
Key Players
The industry giants in the global hydraulic fracturing market are Baker Hughes GE (U.S.), Schlumberger (U.S.), Halliburton (U.S.), National Oilwell Varco, Inc. (U.S.), Nuverra (U.S.), Patterson-UTI Energy (U.S.), FracChem LLC. (U.S.), U.S. Silica Holdings (U.S.), FTS International (U.S.), US Well Services (U.S.), TechnipFMC (UK), Franklin Well Service LLC (U.S.), and EOG Resources (U.S.).
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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.
