The global hydraulic fracturing market size is expected to grow from USD 24.6 billion in 2020 and reach USD 38.1 Billion by 2027, at a CAGR of 7.6% during the forecast period (2021-2027). The growing demands for oil, natural gases, and other resources are increasing globally, which is estimated to fuel the growth of the hydraulic fracturing market. Companies are focusing on increasing the productivity of crude oil from existing oil wells by deploying cutting-edge technologies for exploring shale gas, which directly impacts the growth of the hydraulic fracturing market over the forecast period.
Factors Affecting the Hydraulic Fracturing Market Over the Forecast Period:
There is a huge demand for natural gases and hydrocarbons in today’s parlance, which has driven the need for hydraulic fracturing activities and investments. Moreover, setting up unconventional or tight reserves at different specific levels has increased the demand for hydraulic fracturing and supported the global market growth.
However, the strict rules and regulations by the government and other regular bodies lead to environmental protection, which has posed a challenge for the growth of the hydraulic fracturing market.
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Although the increasing shale revolution, other nations such as Algeria, Russia, Mexico, Australia, and Colombia, have also started participating in shale production. This has a positive impact on the growth of the hydraulic fracturing market.
Impact of COVID-19 on Hydraulic Fracturing Market
The impact of the pandemic on the hydraulic fracturing market was mild. The rise of COVID-19 has brought the world to a halt, few industries are struggling, and some are thriving. In the early stages of COVID-19, there were instabilities in the supply and demand channels. The companies across the region have also suspended or delayed their major oil & gas projects. Furthermore, the COVID-19 pandemic has also impacted crude oil prices, well drilling and production activities, and the oil and gas supply chain.
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Scope of the Hydraulic Fracturing Market Report
The report outlines the global Hydraulic Fracturing market study based on type and platforms.
Based on the technology, the hydraulic fracturing market has been segmented into –
- Plug and Perf
- Sliding Sleeve
Based on the material, the hydraulic fracturing market has been segmented into –
- Resin-coated sand
Based on the application, the hydraulic fracturing market has been segmented into –
- Shale gas
- Tight gas
- Tight oil
Hydraulic Fracturing Market: Regional Outlook
Based on the region, the global hydraulic fracturing market has been segmented into five geographical regions, namely, North America, Asia Pacific, Europe, South America, and the Middle East and Africa. In 2021, North America held the largest share in the global hydraulic fracturing market, followed by Europe and Asia-Pacific. Moreover, North America is expected to grow with a CAGR over the forecast period. The Asia Pacific is also estimated to hold a significant share in the global hydraulic fracturing market due to increasing demand from China and India.
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Key Global Hydraulic Fracturing Market Competitors
The global hydraulic fracturing market is fairly consolidated, with key players across the globe. The key companies operating in the global hydraulic fracturing market are –
- Baker Hughes GE
- National Oilwell Varco
- Patterson-UTI Energy
- FracChem LLC
- FTS International
- US Well Services
The hydraulic fracturing market report thoroughly analyzes macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market player’s presence in the respective segment and region/country. The information concluded in the report includes the inputs from primary interviews with industry experts.
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