The hydraulic fracturing market size will grow to USD 50.2 billion by 2026 from USD 34.8 billion in 2021, at a CAGR of 7.6% during the forecast period. The rising primary energy demand and increasing shale gas exploration & production activities in US is the driving factors for the hydraulic fracturing market, globally.
By technology, the plug & perf segment is expected to make the largest contribution to the hydraulic fracturing market during the forecast period.
The plug & perf technology can be used in both vertical and horizontal wells. It is the most preferred and common fracturing technology used for unconventional wells. The plug & perf segment is estimated to witness significant growth as it is the most commonly used technology owing to ease of operation and competitive cost. It delivers higher performance in production and helps to lower the production cost.
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By application, the shale gas segment is expected to grow at the fastest rate during the forecast period.
The shale gas segment is expected to grow at the fastest rate during the forecast period. There are a large number of shale reserves across the globe. According to the EIA, in total, there are 48 shale gas basins in 32 countries, containing almost 70 shale gas formations. For instance, China has 21.8 tcm technically recoverable shale gas reserve and 764.3 bcm proved shale gas reserve, mainly in marine facies in the Sichuan basin. Likewise, Argentina’s technically recoverable shale gas reserves stand at 802 billion cubic feet, whereas Algeria has the world’s third-largest untapped shale gas resources with 20 tcm of technically recoverable shale gas. Such large reserves are driving the hydraulic fracturing market.
By well type, the horizontal wells segment is expected to dominate the hydraulic fracturing market during the forecast period.
The horizontal well segment is expected to dominate the global hydraulic fracturing market owing to the booming shale production, which requires hydraulic fracturing which is one of the major drivers for market. Furthermore, it is also increasing the focus on enhancing the primary production and reducing the total number of wells to develop an entire oilfield.
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North America is expected to be the largest market during the forecast period.
North America, Europe, Latin America, Asia Pacific, Middle East & Africa are the major regions considered for the study of the hydraulic fracturing market. North America is estimated to be the largest market from 2021 to 2026, driven by the growth in unconventional resources in the US and Canada.
The key players profiled in this report are Halliburton (US), Schlumberger (US),Baker Hughes (US), Calfrac Well Services (Canada), NexTier Oilfield Solutions(US).