DUBLIN, Nov. 17, 2023 /PRNewswire/ — The “Global Hydraulic Fracturing Market by Well Type (Horizontal Well, and Vertical Well), Technology (Plug and Perf, and Sliding Sleeve), Application (Shale gas, Tight Oil, and Tight gas) and Region – Trends and Forecast to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global hydraulic fracturing market is estimated to grow from USD 52.1 Billion in 2023 to USD 74.4 Billion by 2028; it is expected to record a CAGR of 7.4% during the forecast period. The presence of large shale-proved reserves and increasing shale exploration and production activities globally will drive the hydraulic fracturing market in the forecasted period.
Shale Gas: The largest segment of the hydraulic fracturing market, by application
Based on application, the hydraulic fracturing market has been split into three types: shale gas, tight oil, and tight gas. Shale Gas holds the largest share of the hydraulic fracturing market. Natural gas that has been trapped inside shale formations is referred to as shale gas. Fine-grained sedimentary rocks called shale are potentially abundant sources of gas and oil. Shale gas is extracted via a procedure called hydraulic fracturing. There are a large number of shale reserves across the globe. The increasing demand for natural gas is attributed to driving the market of hydraulic fracturing for shale gas applications in the forecasted period.
Horizontal segment is expected to emerge as the largest segment based on well type.
By well type, the hydraulic fracturing market has been segmented into vertical and horizontal. For maximizing reservoir performance, horizontal wells employ a multi-directional drilling technique with inclinations exceeding 80. The powerful alliance of horizontal drilling and hydraulic fracturing has resulted in a remarkable surge in the rates of US crude oil, lease condensate, and natural gas production. This dynamic combination has revolutionized the energy industry by efficiently accessing hydrocarbon reserves and unlocking their potential, contributing significantly to the nation’s energy output and enhancing energy security.
By technology, the plug & perf segment is expected to be the largest market during the forecast period.
Based on technology, the hydraulic fracturing market is segmented into plug & perf and sliding sleeves. Plug & purf technology is expected to be the largest segment during the forecast period. Plug & Perf technology is a widely used method in hydraulic fracturing. It involves placing plugs in the wellbore at specific intervals and isolating sections for fracturing. High-pressure fluid is then pumped to fracture the rock, and once completed, the plugs are removed, allowing for the flow of oil or gas.
Market Dynamics
Drivers
- Increasing Shale Exploration and Production Activities Globally
- Presence of Large Shale-Proven Reserves Globally
- Increasing Shale Gas Drilling Activities
- Growing Demand for Hydraulic Fracturing Technology with Increasing Requirement for Energy
Restraints
- High Water Usage and Environmental Concerns Associated with Hydraulic Fracturing
- Growing Concerns Regarding Seismic Activities due to Hydraulic Fracturing
- Local Ban and Suspensions on Hydraulic Fracturing
Opportunities
- Foams’ Capability to Facilitate Waterless Fracking
Challenges
- Health and Environmental Impacts of Fracking Chemicals
- Disruptions in Hydraulic Fracturing Operations and Demand Shock
Trends/Disruptions Impacting Customer Business
- Revenue Shifts and New Revenue Pockets for Providers of Hydraulic Fracturing
Key Topics Covered:
Executive Summary
- Hydraulic Fracturing Market Snapshot
- Horizontal Segment to Dominate Hydraulic Fracturing Market, by Well Type, During Forecast Period
- Plug & Perf Segment to Hold Larger Size of Hydraulic Fracturing Market, by Technology, During Forecast Period
- North America Dominated Hydraulic Fracturing Market in 2022
Premium Insights
- Attractive Opportunities for Players in Hydraulic Fracturing Market – Increasing Shale Exploration and Production Activities to Drive Hydraulic Fracturing Market from 2023 to 2028
- Hydraulic Fracturing Market, by Region – North America to Record Highest CAGR in Hydraulic Fracturing Market During Forecast Period
- Hydraulic Fracturing Market, by Application – Shale Gas Segment Dominated Hydraulic Fracturing Market in 2022
- Hydraulic Fracturing Market, by Well Type – Horizontal Segment Accounted for a Larger Share of Hydraulic Fracturing Market in 2022
- Hydraulic Fracturing Market, by Technology – Plug & Perf Segment Dominated Hydraulic Fracturing Market in 2022
- North America: Hydraulic Fracturing Market, by Well Type & Country – Horizontal & US Dominated Hydraulic Fracturing Market in North America in 2022
Case Study Analysis
- Optimization of Hydraulic Fracturing of High Pressure and High Temperature Tight Formations with Multistage Completion System
Companies Profiled
- AFG Holdings
- Baker Hughes
- Calfrac Well Services
- GD Energy Products
- Halliburton
- Liberty Oilfield Services
- National Energy Services Reunited
- Nextier Oilfield Solutions
- Nine Energy Service
- Patterson-UTI Energy
- Petro Welt Technologies
- Profrac Holding
- ProPetro Holding
- SLB (Schlumberger Limited)
- Step Energy Services
- Tacrom
- TAM International
- TechnipFMC
- Trican
- Weatherford
For more information about this report visit https://www.researchandmarkets.com/r/uiasnv
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