The global Hydraulic Fracturing Market is projected to reach USD 34.8 billion in 2021, at a CAGR of 8.6% during the forecast to 2028.
Hydraulic fracturing is a technology in which the fluids are pumped into the well at a high injection level to breakdown the oil reservoirs. The fluid includes water, chemicals and sand. In oil and gas production, it is generally used to enhance the production of oil and gases reservoirs to keep the well sticky and also fracturing fluids are used in this technique to create a fracture of good width. This technique is also known as fracking. It is used to generate oil and gas from well. Fracking technique is provided by many oils and natural gas companies. It is also used in many applications such as crude oil, tight oil, shale oil etc.
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Recent Developments
In August 2021, NexTier Oilfield Solutions has acquired Alamo Pressure Pumping, LLC. With this acquisition, NexTier Oilfield Solutions will operate the third-largest base of active hydraulic horsepower across the US and the largest base of next-generation equipment in the Permian Basin.
In July 2021, Schlumberger and Vedanta Ltd’s subsidiary Cairn Oil & Gas have collaborated to start a project on the production of tight oil at Aishwariya Barmer Hill (ABH) in Rajasthan, India. The Aishwariya Barmer Hill is India’s largest lateral fracking program.
Key Players
· Schlumberger
· Halliburton
· Baker Hughes
· Calfrac Well Services
· FTS International
· Nabors Industries Ltd.
· Tacrom Services SRL
· Trican Well Services Limited
· United Oilfield Services
· Weatherford International Inc.
· Patterson-UTI Energy Inc. and More
Regional Analysis
North America is estimated to be the largest market from 2021 to 2028, driven by the growth in unconventional resources in the US and Canada.
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Increasing efforts by upstream companies to enhance the production from unconventional resources is the major factor that has supported long-term expansion for Hydraulic Fracturing Market.
Hydraulic Fracturing Market is segmented into technology, application, well type and region.
On the basis of Technology
· Plug & Perf
· Sliding Sleeve
On the basis of Application
· Shale Gas
· Tight Oil
· Tight Gas
On the basis of Well Type
· Horizontal Well
· Vertical Well
On the basis of Region
· Asia Pacific
· North America
· Europe
· South America
· Middle East & Africa
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