Hydraulic Fracturing Market
The hydraulic fracturing market will grow due to rising energy demand, tech advancements, and sustainable practices.
AUSTIN, TX, UNITED STATES, November 13, 2024 /
EINPresswire.com/ -- The
Hydraulic Fracturing Market was valued at USD 54 Billion in 2023 and is projected to reach USD 99.27 Billion by 2032, growing at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2032.
๐๐ฑ๐ฉ๐๐ง๐๐ข๐ง๐ ๐๐ฉ๐ฉ๐จ๐ซ๐ญ๐ฎ๐ง๐ข๐ญ๐ข๐๐ฌ ๐๐ง๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐๐จ๐ญ๐๐ง๐ญ๐ข๐๐ฅ ๐ข๐ง ๐ญ๐ก๐ ๐๐ฅ๐จ๐๐๐ฅ ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
๐ซ๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ
The hydraulic fracturing market is expected to be strongly growth-oriented due to continuous growth in energy demand, together with the progress of technology in extraction. Since increasing energy security while minimizing dependency on imports requires developing methods to access the existing or newly discovered reserves that contain unconventional resources like shale gas and tight oil, fracking has become the central key enabler to reach that goal. Higher investment made in oil and gas explorations is expected to contribute well to the market growth rate.
The sector will be further supported in the future by innovations such as increasing efficiency and reducing environmental impact and the use of water, while hydraulic fracturing becomes even more sustainable. The deployment of digital technologies and analytics in optimizing well performance further provides promising growth opportunities. Further, supportive policies and, in particular, favorable conditions in emerging markets are going to drive market opportunities for hydraulic fracturing further ahead.
๐๐๐ญ ๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ฉ๐จ๐ซ๐ญ ๐จ๐ ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
๐ซ๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ@
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๐๐ข๐ฌ๐ข๐ง๐ ๐๐๐ฆ๐๐ง๐ ๐๐จ๐ซ ๐๐ข๐ฅ, ๐๐๐ฌ, ๐๐ง๐ ๐๐๐ญ๐ซ๐จ๐ฅ๐๐ฎ๐ฆ ๐๐ซ๐จ๐๐ฎ๐๐ญ๐ฌ ๐
๐ฎ๐๐ฅ๐ฌ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐ข๐ง ๐ญ๐ก๐ ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
๐ซ๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ
This process has been spurred on by the growing global need for oil, gas, and other petroleum products in the industry and transportation sectors. Such a rising demand has led companies in the energy sector to invest in searching for alternative supplies, especially shale reserves. As access to these new resources is possible through fracking, investment in hydraulic fracturing technology is essential for energy security and market stability. Consequently, this industry will also continue growing with the increased energy consumption around the world.
๐๐ฑ๐ฉ๐๐ง๐ฌ๐ข๐จ๐ง ๐จ๐ ๐๐ก๐๐ฅ๐ ๐๐๐ฌ ๐๐ซ๐จ๐๐ฎ๐๐ญ๐ข๐จ๐ง ๐๐ง๐ ๐๐ฑ๐ฉ๐ฅ๐จ๐ซ๐๐ญ๐ข๐จ๐ง ๐๐จ๐จ๐ฌ๐ญ๐ฌ ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
๐ซ๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐ซ๐จ๐ฐ๐ญ๐ก
Hydraulic fracturing market is growing due to shale gas production and exploration increase in North America. Energy diversification, and shale exploitation of domestic reserves has made fracking a vital activity in accessing such unconventional resources. This trend is supplemented by technological enhancement that raises extraction efficiency, encouraging further increasing investments in shale gas projects. For instance, the development of shale gas majorly contributes to the hydraulic fracturing market.
๐๐๐๐ ๐๐ง๐ฒ ๐๐ฎ๐ฌ๐ญ๐จ๐ฆ๐ข๐ณ๐๐ญ๐ข๐จ๐ง ๐ซ๐๐ฌ๐๐๐ซ๐๐ก ๐จ๐ง ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
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๐๐๐ฉ๐ข๐ ๐๐ซ๐จ๐ฐ๐ญ๐ก ๐จ๐ ๐๐จ๐ซ๐ข๐ณ๐จ๐ง๐ญ๐๐ฅ ๐๐๐ฅ๐ฅ๐ฌ ๐ข๐ง ๐ญ๐ก๐ ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
๐ซ๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ
Horizontal wells are expected to achieve the highest compound annual growth rate in the hydraulic fracturing market from 2024 to 2032, mainly due to enhanced efficiency and productivity. In this type of drilling, a larger area of shale formation is opened up with a lesser number of surface locations, thereby increasing resource recovery considerably while reducing the adverse environmental impact. Better production of oil and gas from unconventional reservoirs has brought operators to adopt horizontal drilling practices, leading to higher investments and further advancement of technology in this sector.
๐๐ฅ๐ฎ๐ & ๐๐๐ซ๐ ๐๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ ๐๐๐๐๐ข๐ง๐ ๐ญ๐ก๐ ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
๐ซ๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐ฐ๐ข๐ญ๐ก ๐๐ฎ๐ฉ๐๐ซ๐ข๐จ๐ซ ๐๐๐ซ๐๐จ๐ซ๐ฆ๐๐ง๐๐
In 2023, the Plug & Perf method dominated the hydraulic fracturing market, capturing the highest revenue share due to proven effectiveness in optimizing well performance. This technique allows for the exact placement of fractures at multiple zones, thus maximizing extraction from unconventional reservoirs. The technique's versatility over a variety of geological formations and adaptability to several different operational requirements have seen it preferred by operators over others. Apart from this, improvements in technology have enhanced the efficiency and reliability of Plug & Perf.
๐๐ฉ๐๐๐ค ๐ญ๐จ ๐๐ฎ๐ซ ๐๐ง๐๐ฅ๐ฒ๐ฌ๐ญ ๐ญ๐จ ๐๐๐ญ ๐ฆ๐จ๐ซ๐ ๐๐ง๐ฌ๐ข๐ ๐ก๐ญ๐ฌ ๐จ๐ง ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
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๐๐จ๐ซ๐ญ๐ก ๐๐ฆ๐๐ซ๐ข๐๐'๐ฌ ๐๐ซ๐๐๐ฆ๐ข๐ง๐๐ง๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
๐ซ๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ
North America dominated the hydraulic fracturing market in the years of 2023 up to date, accounting for the largest revenue share as shale resources are in its bounty, and it enjoys a complete infrastructural setup along with up-to-date extraction techniques accompanied by a matured chain supply that aids this procedure efficiently. Besides this, North America has always fostered investment-friendly policies along with healthy regulatory frameworks for the implementation of hydraulic fracturing activity. North America is expected to maintain its first position and register the maximum CAGR during 2024-2032 as a result of ongoing improvement in fracking technology and exploratory activities.
๐๐ฎ๐ฒ ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐จ๐ ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
๐ซ๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ ๐๐๐๐-๐๐๐๐@
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๐๐๐ฒ ๐๐๐ฏ๐๐ฅ๐จ๐ฉ๐ฆ๐๐ง๐ญ๐ฌ ๐ข๐ง ๐ญ๐ก๐ย ๐๐ฒ๐๐ซ๐๐ฎ๐ฅ๐ข๐ ๐
๐ซ๐๐๐ญ๐ฎ๐ซ๐ข๐ง๐ ๐๐๐ซ๐ค๐๐ญ
โบHalliburton launched its Octiv Auto Frac service in September 2024, aiming to automate hydraulic fracturing operations. This advancement enables frac jobs to be done autonomously, which enhances safety, reduces variability, optimizes operations, and improves cost-efficiency.
โบIn July 2024, Trican Well Service Ltd. collaborated with Source Energy Services to establish a transload facility in Taylor, BC. This site will improve sand transportation and assist in hydraulic fracturing operations.
๐๐๐ซ๐ค๐๐ญ ๐ฌ๐๐ ๐ฆ๐๐ง๐ญ๐๐ญ๐ข๐จ๐ง
By Well Type
hHorizontal Well
โบVertical Well
By Technology
โบSliding Sleeve
โบPlug & Perf
By Application
โบOnshore
โบOffshore
๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ
โบ Baker Hughes Company
โบ Halliburton
โบ Schlumberger Limited
โบ Weatherford
โบ Superior Energy Services
โบ U.S. Well Services
โบ Trican Well Services Ltd.
โบ Basic Energy Services
โบ ProPetro Holding Corp.
โบ RockPile Energy Services
โบ FTS International
๐๐๐จ๐ฎ๐ญ ๐๐ฌ:
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