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Hydraulic Fracturing Market Reached to USD 92.7 Billion by 2031, driven by Rising Demand for Unconventional Oil & Gas Resources

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The Hydraulic Fracturing Market Size valued at USD 54.0 billion in 2023 and is expected to reach USD 92.7 billion by 2031 and grow at a CAGR of 7.0 % over the forecast period 2024-2031. This growth can be attributed due to the increasing demand for unconventional oil and gas resources. Conventional reserves are dwindling, prompting a shift towards shale gas and tight oil, which require hydraulic fracturing for efficient extraction. particularly in emerging economies with growing energy needs. Also, Continuous technological advancements in horizontal drilling and fracturing fluids are enhancing efficiency and productivity, which is leading to a greater reliance on hydraulic fracturing.

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Top Key Players:

  • Baker Hughes Company
  • Halliburton
  • Schlumberger Limited
  • Weatherford
  • Superior Energy Services
  • Well Services
  • Trican Well Services Ltd.
  • Basic Energy Services
  • Propetro Holding Corp.
  • RockPile Energy Service
  • FTS International

Shale gas and tight oil reserves held a immense potential, but it require hydraulic fracturing to unlock their trapped hydrocarbons. This process fractures rock formations, creating pathways for the extraction of these resources. and The growing demand for clean-burning natural gas, combine with the increasing energy needs of developing economies, is fueling the exploration and production of these unconventional resources, finally driving the hydraulic fracturing market.

Recent Development

In February 2024: Schlumberger, a leading oilfield services company, announced the launch of its next-generation fracturing technology, which is designed to reduce water usage and emissions during enhancing well productivity.

In April 2024: The United States Environmental Protection Agency (EPA) proposed stricter regulations on hydraulic fracturing waste disposal, further aiming to minimize environmental impact.

Segment Analysis

By Well Type:

Horizontal Well: This segment dominates the market due to its ability to access larger reservoir areas and improve well productivity compared to vertical wells.

By Technology:

Plug & Perf: This technology holds the leading position due to its cost-effectiveness and simplicity compared to sliding sleeve technology.

By Application:

Onshore: The onshore segment dominates the market due to easier accessibility and lower operational complexities compared to the offshore operations.

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Impact of Global Disruptions

The Russia-Ukraine war has negatively impacted the UK’s energy strategy. With concerns over Russia’s control over energy supplies, the government lifted the ban on fracking for shale gas in England, aiming for energy independence. This reverses the 2019 moratorium due to earthquake worries and the priority placed on net-zero emissions by 2050. Prime Minister Truss prioritizes energy security and becoming a net energy exporter by 2040. However, experts caution that significant shale gas production is years away. Public opinion in England remains divided, with a 2021 survey showing only 17% support for fracking compared to 44% in opposition. Bans also remain in Scotland and Wales. The UK’s fracking future faces an uphill battle, balancing energy security concerns with public resistance and the uncertain timeline for meaningful production.

The hydraulic fracturing boom has undeniably fuelled economic growth in the United States. The industry directly supported an estimated 360,000 jobs and indirectly contributed to 1.2 million additional jobs in related sectors within the last five years. This translates to a significant impact of 1.7 million jobs secured thanks to fracking. Furthermore, the U.S. trade deficit shrunk as a result of increased domestic energy production.

However, an economic slowdown can disrupt this positive trend. Reduced industrial activity and consumer spending typically lead to lower energy consumption. This, in turn, could dampen demand for oil and gas, potentially leading to a decline in hydraulic fracturing activity. With fewer wells needing to be fracked, the number of jobs directly supported by the industry (360,000) could be negatively impacted. Additionally, the indirect job creation in supplies (350,000) and goods and services (850,000) might also experience a slowdown as the demand for related products and services weakens.

North America: A Leading player in Hydraulic Fracturing Market

North America: This region dominates the market with a significant share due to the presence of vast shale gas and tight oil reserves in the United States and Canada. And also, with supportive government regulations and established infrastructure contribute to market dominance.

Asia Pacific: This region is expected to witness the fastest growth due to rising energy demand from developing economies like China and India. Increasing investments in shale gas exploration are driving the market in this region.

This Report Gives You the Key Information on Hydraulic Fracturing Market:

  • Explain how this market is expected to grow in the coming years.
  • The leading position of North America is expected to continue, while Asia Pacific and Europe will witness the fastest market growth.
  • Find out about potential factors affecting the market and exciting new advancements.
  • Technological advancements are enhancing efficiency and productivity, making hydraulic fracturing a more viable option.
  • The Russia-Ukraine war has increased a surge in energy prices, which is leading to increased demand for hydraulic fracturing services.

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