The hydraulic fracturing market is expected to grow from an estimated USD 34.8 billion in 2021 to USD 50.2 billion by 2026, at a CAGR of 7.6% during the forecast period. The growing energy demand has led to technological developments in horizontal drilling, shale oil and gas reserves, production from oil sand, and deepwater drilling.
Key Market Players:
A few major players that have a wide regional presence dominate the hydraulic fracturing market. The leading players in the hydraulic fracturing market include Halliburton (US), Schlumberger (US), Baker Hughes (US), NexTier Oilfield Solutions (US), and Calfrac Well Services(Canada).
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This research report categorizes the hydraulic fracturing market based on technology, well type, application, and region.
Based on Technology:
- Plug & Perf
- Sliding Sleeve
Based on Application:
- Shale Gas
- Tight Oil
- Tight Gas
Based on Well Type:
- Horizontal Well
- Vertical Well
Based on the region:
- North America
- Asia Pacific
- Latin America
- Europe
- Middle East & Africa
Opportunities: Capability of foams of providing waterless fracking
With their excellent properties, such as high viscosity and low liquid content, foams find applications in many processes of the petroleum industry. They utilize less water than traditional fracturing and could help companies in addressing public concerns over the environmental effects of fracturing. As a process, fracturing takes up a large percentage of the total water required in well drilling—roughly 89%. This presents a good opportunity for players to include waterless fracking in their product portfolio to capture maximum market share.
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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.
