Hydraulic Fracturing Market

Global Hydraulic Fracturing Market Overview:

Hydraulic Fracturing Market Size was valued at USD 12.9 Billion in 2023. The Hydraulic Fracturing market industry is projected to grow from USD 14.73 Billion in 2024 to USD 37.33 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 12.32% during the forecast period (2024 - 2032). The growing shale gas production and increasing need for energy fuels are the key market drivers enhancing the market growth.

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Hydraulic Fracturing Market Trends

• An increase in energy demand is driving the market growth

Market CAGR for hydraulic fracturing is driven by increased energy demand. The shale gas production in the region has been a major market driver, with one country producing more of the natural gas than any other country in the world. The increase in shale gas production has led to declining natural gas prices, making it a more affordable and attractive option for energy generation. 

It allows for more efficient oil and gas extraction from the shale formation, as it increases the surface area of the wellbore in contact with the rock. The use of horizontal segment has led to a rapid increase in the amount of oil and gas that is extracted from a single well, thereby reducing the overall cost of production.

The market is also driven by technological changes, which have made hydraulic fracturing more efficient and cost-effective. The development of horizontal drilling techniques, microseismic monitoring, and multi-stage fracturing has improved the accuracy and effectiveness of the process, reducing the cost and time required to extract oil and gas from shale rock formations. 

The fracking process requires large amounts of water, which can strain local water resources. To address this issue, many companies are developing and implementing technologies to recycle and reuse the water used in the fracking process. It reduces the strain on local water resources and the cost of water acquisition for fracking operations.

The increase in demand for natural gas and oil presents a good opportunity for companies to expand their operations and rise their market share. Developing unconventional oil and gas resources, particularly in emerging markets, presents significant growth potential. 

Another concern is the potential for seismic activity caused by the fracking process. The injection of fluids into the ground can create pressure that can cause small earthquakes, and there have been instances of larger earthquakes in areas where fracking is taking place. However, studies have shown a low risk of significant seismic activity from fracking.

For instance, the hydraulic fracturing market has rapid growth in recent years, driven by increase in production for oil and gas and the use of horizontal drilling techniques. However, the industry has also faced criticism and concerns over the fracking process's potential environmental and health impacts, leading to increased regulatory scrutiny and opposition from environmental and community groups. 

The industry's response to these concerns includes an increased focus on water conservation and management and developing new technologies to reduce environmental impacts and drive the Hydraulic Fracturing market revenue.

Hydraulic Fracturing Market Segment Insights:

Hydraulic Fracturing Technology Insights

The Hydraulic Fracturing market segmentation, based on technology, includes plug and perforation, sliding sleeves, and others. The plug and perforation segment dominated the market due to the advantage of having many individually fractured stages in the wellbore.

Hydraulic Fracturing Application Insights

The Hydraulic Fracturing market segmentation, based on application, includes crude oil, shale gas, tight oil, and others. The shale gas category generated the most income due to the rising production for natural gas as a better alternative to coal and oil. Shale gas production has already transformed the energy landscape in different regions.

Hydraulic Fracturing Well Type Insights

The Hydraulic Fracturing market segmentation, based on well type, includes horizontal and vertical. The horizontal category generated the most income due to the increasing demand for unconventional oil and gas reserves. The market for horizontal wells is also expected to benefit from advancements in various technology, such as multi-stage fracturing, that enable more efficient oil and gas extraction from these formations.

Figure 1: Hydraulic Fracturing Market by Well Type, 2022 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Hydraulic Fracturing Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Hydraulic Fracturing market area will dominate this market due to the abundant shale gas reserves, which are being developed rapidly through hydraulic fracturing technology. In addition, the growing number of established health clubs and fitness facilities will boost market growth in this region.

Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

Figure 2: Hydraulic Fracturing Market Share By Region 2022 (Usd Billion)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Europe's Hydraulic Fracturing market accounts for the second-largest market share due to the existence of several different reserves of shale gas in the region. Further, the German Hydraulic Fracturing market held the largest market share, and the UK Hydraulic Fracturing market was the rapid-growing market in the European region.

The Asia-Pacific Hydraulic Fracturing Market is expected to grow at the fastest CAGR from 2023 to 2032. It is due to the rising of oil and gas and the increase in natural gas production in the country's energy mix in the region. Moreover, China’s Hydraulic Fracturing market held the largest market share, and the Indian Hydraulic Fracturing market was the rapid-growing market in the Asia-Pacific region.

Hydraulic Fracturing Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development to expand their product lines, which will help the Hydraulic Fracturing market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Hydraulic Fracturing industry must offer cost-effective items to expand and survive in a more competitive and rising market climate.

Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Hydraulic Fracturing industry to benefit clients and increase the market sector. The Hydraulic Fracturing industry has offered some of the most significant medical advantages in recent years. 

Major players in the Hydraulic Fracturing market include Baker Hughes GE (US), Schlumberger (US), National Oilwell Varco, Inc. (US), Patterson-UTI Energy (US), and FracChem LLC. (US), TechnipFMC (UK), U.S. Silica Holdings (US), Halliburton (US), Nuverra (US), FTS International (US), US Well Services (US), Franklin Well Service LLC (US), EOG Resources (US), and others, are attempting to increase market demand by investing in research and development operations.

Texas A&M University, or TAMU, was founded in 1876 and situated in College Station, Texas, United States of America is a research university that became the chief institution of the Texas A&M University System in 1948. It is the largest student body in the United States and is the only university to hold designations as a land, sea, and space grant institution. In January 2022, a researcher at Texas A&M University developed a novel 3D printing-based approach to accurately simulate the hydraulic fracturing or fracking oil and natural gas mining process.

FTS International Inc., or FTSI, is an oilfield service company in Fort Worth, Texas, North America, USA. It provides well-completion services such as hydraulic fracturing, wireline, and well-stimulation to the oil and gas industries. It also offers products and services to exploration and production companies to enhance flow from oil and gas wells in shale and other unconventional resource formulations. 

In March 2021, FTS International, along with KCF Technologies, came to expand MachineIQ (MIQ) on an ongoing hydraulic fracturing site. The first production run was held on the Devon Energy site in Oklahoma. MIQ successfully found the sources of issues and came across corrective actions to rebalance the system.

Key Companies in the Hydraulic Fracturing market include,

• Baker Hughes GE (US)
• Schlumberger (US)
• National Oilwell Varco, Inc. (US)
• Patterson-UTI Energy (US)
• FracChem LLC. (US)
• TechnipFMC (UK)
• S. Silica Holdings (US)
• Halliburton (US)
• Nuverra (US), FTS International (US)
• US Well Services (US)
• Franklin Well Service LLC (US)
• EOG Resources (US)

Hydraulic Fracturing Industry Developments

August 2021:NexTier Oilfield Solutions has conquered Alamo Pressure Pumping, LLC. With this, NexTier Oilfield Solutions will operate as the 3rd largest base of active hydraulic horsepower across the USA and the largest base of next-generation equipment in the Permian Basin.

July 2021:Schlumberger and Vedanta Ltd's assistant, Cairn Oil & Gas, have come together to start a project on tight oil production at Aishwariya Barmer Hill in Rajasthan, India. The Aishwariya Barmer Hill is India's largest lateral fracking program.

In 2022:Liberty Oilfield Services announced that it will increase the number of hydraulic fracturing fleets.The current "frac" market is around 250 fleets and will likely exit the year at 275 fleets.

In 2023:Halliburton Co. is gradually retiring its diesel-powered hydraulic fracturing fleets in favor of natural gas-powered electric fleets. The Houston-based oil field services company signed on more e-fleet contracts in the third quarter of 2023, even seeing a repeat customer, after signing more multi-year contracts for its Zeus fleet than in any prior quarter.

In March 2023, Halliburton, one of the leaders in the hydraulic fracturing industry, started marketing its advanced fracturing fluid as part of a new technology. This liquid solution endeavours to make hydraulic fracturing operations more efficient and environmentally friendly. By use of minimal water and lowering the impact on the environment, there is an increased hope that Halliburton will be able to address the rising need for cleaner energy options without sacrificing its service delivery.

In February of 2024, Schlumberger reported on the successful deployment of its digital fracturing services in one of the key regions for oil and gas production in the US, Permian Basin. The company deployed sophisticated AI systems and real-time data analysis in their seamless integration to accomplish optimal fracture designs and low-cost operations while maximizing production. The initiative is part of Cancel’s plans to transform its hydraulic fracturing operations through the incorporation of modern technologies.

In January 2024, Baker Hughes proclaimed that it was forming a partnership with a world renewable energy company to investigate a reconstruction of hydraulic fracturing technologies into geothermal energy endeavors. This partnership is targeting enhancement of hydraulic fracturing’s functionality by utilizing its expertise in deep drilling to the development of geothermal energy resources. It is hoped that this initiative will augment the company's portfolio as well as activities towards cleaner energy sources.

In December 2023, National Oilwell Varco (NOV) produced a new, completely electric fracturing pump system that is expected to be used in future to replace diesel powered thief pumps within the company and thereby protect the environment. The new system is expected to perform quite similarly to the diesel-powered units but will not contribute to the emissions and other forms of fuel wastage. This fits into the global trend where more industries are now turning to electrification in order to comply with more stringent regulations.

Hydraulic Fracturing Market Segmentation:

Hydraulic Fracturing Technology Outlook

• Plug and perforation
• Sliding Sleeve
• Others

Hydraulic Fracturing Well Type Outlook

• Horizontal
• Vertical

Hydraulic Fracturing Application Outlook

• Crude Oil
• Shale Gas
• Tight Oil
• Others

Hydraulic Fracturing Regional Outlook

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Australia
  • Rest of Asia-Pacific
• Rest of the World
  • Middle East
  • Africa
  • Latin America

Hydraulic Fracturing Market Segmentation

Hydraulic Fracturing Market Technology Outlook (USD Billion, 2018-2032)

• Plug and perforation

• Sliding Sleeve

• Others

Hydraulic Fracturing Market Well Type Outlook (USD Billion, 2018-2032)

• Horizontal

• Vertical

Hydraulic Fracturing Market Application Outlook (USD Billion, 2018-2032)

• Crude Oil

• Shale Gas

• Tight Oil

• Others

Hydraulic Fracturing Market Regional Outlook (USD Billion, 2018-2032)

• North America Outlook (USD Billion, 2018-2032)

  • North America Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • North America Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • North America Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • US Outlook (USD Billion, 2018-2032)

  • US Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • US Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • US Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • CANADA Outlook (USD Billion, 2018-2032)

  • CANADA Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • CANADA Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • CANADA Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

• Europe Outlook (USD Billion, 2018-2032)

  • Europe Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Europe Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Europe Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • Germany Outlook (USD Billion, 2018-2032)

  • Germany Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Germany Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Germany Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • France Outlook (USD Billion, 2018-2032)

  • France Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • France Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • France Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • UK Outlook (USD Billion, 2018-2032)

  • UK Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • UK Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • UK Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • ITALY Outlook (USD Billion, 2018-2032)

  • ITALY Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • ITALY Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • ITALY Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • SPAIN Outlook (USD Billion, 2018-2032)

  • Spain Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Spain Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Spain Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • Rest Of Europe Outlook (USD Billion, 2018-2032)

  • Rest Of Europe Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • REST OF EUROPE Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Rest Of Europe Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

• Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Asia-Pacific Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Asia-Pacific Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Asia-Pacific Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • China Outlook (USD Billion, 2018-2032)

  • China Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • China Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • China Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • Japan Outlook (USD Billion, 2018-2032)

  • Japan Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Japan Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Japan Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • India Outlook (USD Billion, 2018-2032)

  • India Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • India Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • India Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • Australia Outlook (USD Billion, 2018-2032)

  • Australia Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Australia Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Australia Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • Rest of Asia-Pacific Outlook (USD Billion, 2018-2032)

  • Rest of Asia-Pacific Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Rest of Asia-Pacific Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Rest of Asia-Pacific Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

• Rest of the World Outlook (USD Billion, 2018-2032)

  • Rest of the World Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Rest of the World Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Rest of the World Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • Middle East Outlook (USD Billion, 2018-2032)

  • Middle East Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Middle East Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Middle East Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • Africa Outlook (USD Billion, 2018-2032)

  • Africa Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Africa Hydraulic Fracturing Market by Well Type

    • Horizontal

    • Vertical

  • Africa Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others

  • Latin America Outlook (USD Billion, 2018-2032)

  • Latin America Hydraulic Fracturing Market by Technology

    • Plug and perforation

    • Sliding Sleeve

    • Others

  • Latin America Hydraulic Fracturing Market by Well Type

    • Horizontals

    • Vertical

  • Latin America Hydraulic Fracturing Market by Application

    • Crude Oil

    • Shale Gas

    • Tight Oil

    • Others