Hydraulic Fracturing Market Set to Soar Past USD 70.94 Billion by 2030
The global Hydraulic Fracturing market size is expected to reach USD 70.94 billion by 2030 and exhibit a CAGR of 7.6% in the forecast period (2023−2030), according to Skyquest’s latest research report. The increased energy demand, technological advancements, shale gas exploration, economic benefits, job creation, energy independence, abundant shale reserves, improved drilling techniques, hydraulic fracturing efficiency, and growing natural gas consumption are fueling the market’s growth.
Westford, USA, Aug. 15, 2023 (GLOBE NEWSWIRE) — According to SkyQuest’s latest global research of the Hydraulic Fracturing market, environmental regulations, water management strategies, technological innovations, use of proppants, horizontal drilling techniques, integration of data analytics, cost reduction initiatives, focus on sustainability, community engagement, market consolidation are the trends that aid in the market’s growth.
Browse in-depth TOC on “Hydraulic Fracturing Market”
- Pages – 157
- Tables – 89
- Figures – 76
Hydraulic fracturing, also known as fracking, is a process of injecting water, sand, and chemicals at high pressure into a wellbore to create fractures in the rock. This allows oil and gas to flow more freely from the rock to the wellbore. Hydraulic fracturing is a controversial method of oil and gas extraction, due to concerns about its environmental impact.
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Prominent Players in Hydraulic Fracturing Market
- Halliburton
- Schlumberger
- Baker Hughes
- NexTier Oilfield Solutions
- Calfrac Well Services Ltd.
- STEP Energy Services
- Patterson-UTI Energy, Inc.
- Trican Well Service Ltd.
- National Energy Services Reunited Corp.
- Petro Welt Technologies AG
- ProFrac Holding Corp.
- Tacrom
- TAM International, Inc.
- Liberty Oilfield Services LLC
- Superior Energy Services, Inc.
- FTS International
- Basic Energy Services, Inc.
- RPC, Inc.
- Archer Well Company Inc.
Water-based Fluid Type Demand to grow substantially in the Forecast Period
Water-based fluid Type dominated the global market owing to its cost-effectiveness. It is also generally considered more environmentally friendly compared to oil-based fluids, as they have a lower carbon footprint and reduce the use of hazardous chemicals. With an increasing focus on sustainability and environmental regulations, operators are inclined to use water-based fluids to minimize their ecological impact.
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Sand is the Leading Proppant Type Segment
In terms of proppant type, sand is the leading segment due to its cost-effectiveness. In addition, sand proppants are compatible with a wide range of reservoir formations, including shale and tight formations. Their physical properties, such as size, shape, and conductivity, can be optimized to match the specific reservoir characteristics. The versatility and adaptability of sand proppants make them suitable for various geological conditions, contributing to their dominance in the market.
North America is the leading Market Due to Technological Advancements
Region-wise, North America is one of the largest growing markets due to its vast shale resources. The U.S. has experienced significant growth in shale gas and tight oil production, driven by advancements in hydraulic fracturing techniques. The region’s favourable regulatory environment, well-developed infrastructure, and access to advanced technologies have contributed to its dominance in the market.
A recent report thoroughly analyzes the major players operating within the Hydraulic Fracturing market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Hydraulic Fracturing.
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Key Developments in Hydraulic Fracturing Market
- In June 2023, NexTier Oilfield Solutions and Patterson-UTI Energy, Inc. declared their intention to merge through an all-stock merger of equals deal. The resulting entity is set to become a prominent provider of drilling and completions services in the highly active major U.S. basins.
Key Questions Answered in Hydraulic Fracturing Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you list the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market’s future growth?
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