Hydraulic Fracturing Market Size – By Technology, By Well, By Application, Analysis, Share, Growth Forecast, 2025 - 2034

Hydraulic Fracturing Market Size

The global hydraulic fracturing market size was valued at USD 40.6 billion in 2024 and is estimated to grow at a CAGR of 7.4% from 2025 to 2034. Increasing energy requirements across industrial and commercial operations coupled with increasing focus on extracting unconventional oil and gas resources, positively influencing the industry growth. These resources, which include shale gas formations, coal bed methane deposits, and tight oil reserves, require advanced fracturing technologies for efficient extraction, complementing the business landscape.
 

Ongoing technological improvements in drilling and extraction methods enhance operational efficiency along with the continuous development of new extraction sites and the optimization of existing wells to meet rising energy demands will stimulate the business outlook. For instance, in July 2024, A new collaboration between Abu Dhabi's AIQ and Halliburton's Landmark division integrates advanced well control technology into cloud infrastructure.
 

The partnership incorporates RoboWell, an autonomous well control system, into Landmark's iEnergy hybrid cloud platform. This integration enables oil and gas operators worldwide to access AI-powered well control tools through the iEnergy system, which manages exploration and production applications across public and private cloud environments.
 

Hydraulic Fracturing Market Trends

Hydraulic fracturing industry is anticipated to witness significant momentum on account of the decline in production from existing conventional wells and the increasing number of mature fields. Foreign direct investment provisions across various regions and favorable policies toward development of existing conventional reserves is complementing the business landscape.
 

For instance, in January 2024, the Norwegian Offshore Directorate announced that advancements in hydraulic fracturing technology could enable the development of discoveries in tight reservoirs. The Directorate invited industry participants to explore the "Victoria" discovery in the Norwegian Sea, the region's most significant technical challenges. Rising demand for energy has intensified the exploration for oil and gas reserves and ongoing investments in advanced equipment for offshore operations, contributing to the industry growth.
 

Hydraulic Fracturing Market Analysis

Horizontal hydraulic fracturing segment is anticipated to reach USD 65 billion by 2034. Horizontal hydraulic fracturing techniques continue to expand in the oil and gas industry, primarily driven by their effectiveness in extracting hydrocarbons from unconventional reservoirs. This method allows operators to access larger areas of resource-rich formations through a single well, making it more efficient than traditional vertical drilling. The technology's adoption has increased significantly, particularly in shale development projects across various regions. The method's superior production rates and enhanced ability to tap into previously inaccessible natural gas deposits in hydrocarbon extraction operations will augment the business outlook.
 

The hydraulic fracturing market from Tight oil segment is anticipated to witness a CAGR of over 7.5% through 2034. The evolution of drilling and hydraulic fracturing methods, coupled with robust oil demand and elevated market prices, enables profitable tight oil extraction operations further augmenting the industry growth. Increasing investments in infrastructure development and growing emphasis on domestic energy independence has led to the ongoing expansion of tight oil production capabilities, positively influencing the industry outlook.
 

U.S. hydraulic fracturing market is set to surpass USD 38 billion by 2034. The rapid development of shale resources and discoveries of new oil and gas fields are driving the industry growth. Major oilfield service companies are investing in research and development to enhance their technical capabilities along with increased domestic production capacity, expanded export capabilities, and reduced reliance on Russian gas supplies have accelerated the technology adoption.
 

For instance, in June 2024, Chevron employs an integrated drilling system in the Permian Basin to enhance operational performance. The company's approach combines multiple horizontal wells on single pads with advanced fracturing techniques. This method reduces operational costs, shortens production timelines, and increases drilling output.
 

Hydraulic Fracturing Market Share

Major companies in the hydraulic fracturing industry are implementing strategic consolidation activities and allocate resources toward research and development initiatives to strengthen their competitive position. These approaches enable companies to enhance their market presence while developing innovative solutions that address evolving customer needs and technological requirements.
 

Hydraulic Fracturing Market Companies

Major players operating across the industry include:

• Baker Hughes
• Calfrac
• Evolution
• Halliburton
• Liberty
• National Energy Services
• NexTier
• NOV
• ProFrac
• Schlumberger
• Shell
• Tacrom
• TechnipFMC
• Trican
• Weatherford
   

Hydraulic Fracturing Industry News

• In June 2024, Hess Corporation introduced electric hydraulic fracturing in the Bakken field, marking a transition from traditional diesel-powered equipment. The system uses CNG from the company's Tioga Gas Plant to generate electricity for fracturing operations. This technological advancement reduces CO2 emissions by 35% and improves operational efficiency by 30% faster stage transitions. The modified Zeus 2.2 Electric Fracturing System, implemented in April 2024, features transportable modules that comply with North Dakota's transportation regulations. The system's design reduces maintenance requirements, minimizes equipment footprint, and enhances worker safety through improved spill prevention measures.
   
• In April 2024, ProPetro Holding Corp. and ExxonMobil established a three-year service agreement in April 2024 for electric hydraulic fracturing operations in the Permian Basin. The contract specifies the allocation of two FORCESM electric fracturing fleets and related services for initial deployment in early-to-mid 2024. The agreement also contains a provision for an optional third fleet implementation in 2025, complemented by wireline and pump-down services. This performance-based contract spans three years and incorporates specific incentive structures.
   

The hydraulic fracturing market research report includes in-depth coverage of the industry with estimates & forecast in terms of “USD Million” from 2021 to 2034, for the following segments:

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Market, By Technology

• Plug and Perforation
• Sliding Sleeves

Market, By Well

• Horizontal
• Vertical

Market, By Application

• Crude oil
• Shale gas
• Tight gas
• Tight oil
• Others

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • UK
  • Russia
  • Norway
• Asia Pacific
  • China
  • Brunei
  • Australia
  • Indonesia
• Middle East & Africa
  • Saudi Arabia
  • Oman
• Latin America
  • Argentina