Hydraulic Fracturing Market to Reach $28.93 Bn by 2028; Rising Demand for Oil, Gas, and Other Petroleum Products to Foster Industry Growth

The global hydraulic fracturing market size is expected to show strong growth by reaching USD 28.93 billion by 2028. Fortune Business Insights™ in its report titled “Hydraulic Fracturing Market Size, Share & COVID-19 Impact Analysis, By Well Type (Horizontal and Vertical), By Technology (Plug & Perf and Sliding Sleeve), By Application (Onshore and Offshore), and Regional Forecast, 2021-2028” observes that the market size stood at USD 11.74 billion in 2020 and is estimated to reach USD 15.31 billion in 2021. It is projected to exhibit a CAGR of 9.5% during 2021 and 2028. The rising demand for oil, gas, and other petroleum products and the rising demand for advanced hydraulic equipment for exploration may propel the growth of the market.

US Well Services Finalizes Contract Extension in Appalachian Basin to Boost Market Position

US Well Services finalized the extension of its contract in the U.S. Appalachian basin in January 2021. According to this agreement, the company shall continue to offer electric hydraulic fracturing services for Range Resources by utilizing its Clean Feet solution. It is a hydraulic fracking solution that is powered by natural gas and reduces carbon emissions. It helps companies save approximately 90% of their fuel costs and improves efficiency. In addition, it reduces vibration and noise pollution. This strategy may enable the company to gain a remarkable market position.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/hydraulic-fracturing-market-100419

Increasing Awareness Regarding Untapped Energy Reserves’ Potential to Foster Market Growth

The rising awareness regarding the potential and effectiveness of untapped reserves such as tight and shale gas is likely to boost hydraulic fracturing adoption. The rising demand for reliable and sustainable energy reserves is likely to facilitate unconventional gas exploration activities. Nearly one-third of U.S. crude oil is obtained from the Permian, which, in turn, may boost its extraction activities. Furthermore, a rising focus on the productivity of crude oils and other gas is likely to fuel the market development. The deployment of advanced technologies for oil extraction is expected to enhance productivity and boost hydraulic fracturing’s adoption. According to the information provided by the American Petroleum Institute, approximately 95 percent of all-natural gas wells shall require hydraulic fracking techniques in the upcoming years. The adoption of automated machinery is likely to enhance oil mining activities and improve the production of petroleum, oil, and gas products. These factors are likely to drive the hydraulic fracturing market growth.

Prominent Companies Announce Innovative Products to Enhance Brand Image

The prominent companies operating in the market launch innovative products to provide effective extraction services and boost brand image. For example, Halliburton Company launched its Express Fiber optic solution in July 2021. It is an extremely effective solution with a lower impact on existing exploration activities and routine cross-well monitoring. This launch may enable the company to provide effective solutions and boost its brand image globally. Further, the adoption of research and development activities may enable manufacturers to develop effective solutions that eliminate complications during oil and gas reserve exploration and speed up the process. This strategy may enable them to boost their market position.

Industry Development

• December 2020: Schlumberger contributed its onshore fracturing business to Liberty Oilfield Services Inc. in Canada and the U.S. The contribution consisted of pump-down perforating, Permian frac sand business, and pressure pumping.

LIST OF KEY MARKET PLAYERS PROFILED:

• Schlumberger (U.S.)


• Baker Hughes, a GE Company (U.S.)


• Weatherford (U.S.)


• Halliburton (U.S.)


• FTS International (U.S.)


• BJ Services (U.S.)


• Cudd Energy Services (U.S.)


• ProPetro Holding Corp. (U.S.)


• Calfrac Well Services (Canada)


• Liberty Oilfield Services (U.S.)


• Trican Well Services Ltd. (Canada)


• Basic Energy Services (U.S.)


• Superior Energy Services (U.S.)


• RockPile Energy Services (U.S.)

Further Report Findings

• The market in the U.S. stood at USD 9.12 billion in 2020 and is expected to gain the largest portion of the global market share. The adoption of industry standards and favorable federal regulations are likely to foster hydraulic type of fracturing’s adoption.


• Moreover, the huge potential for oil production, tight gas reserve, shale gas reserve, and natural gas is expected to boost this type of fracturing’s adoption. In addition, consistent investments and upcoming development are expected to boost market development in the U.S.


• According to well type, the horizontal well segment is expected to gain the largest market share. Reduction in production costs and low carbon emissions are likely to boost their adoption in exploration activities. This factor may propel the growth of the industry.

Table Segmentation