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Hydraulic Fracturing Market Size

Report ID: GMI1122
Published Date: Dec 2024
Report Format: PDF

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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.

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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.

Hydraulic Fracturing Market Report Attributes
Report Attribute	Details
Base Year:	2024
Hydraulic Fracturing Market Size in 2024:	USD 40.6 Billion
Forecast Period:	2025 - 2034
Forecast Period 2025 - 2034 CAGR:	7.4%
2034 Value Projection:	USD 82.7 Billion
Historical Data for:	2021 - 2024
No. of Pages:	105
Tables, Charts & Figures:	34
Segments covered:	Technology, Well, Application and Region
Growth Drivers:	Increasing exploration of unconventional resources Shifting trends towards deepwater exploration Abundant availability of shale gas reserves
Pitfalls & Challenges:	Adverse environmental impact

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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.

Authors: Ankit Gupta, Divyendu Sharma

Frequently Asked Questions (FAQ) :

The market size of hydraulic fracturing reached USD 40.6 billion in 2024 and is set to grow at a 7.4% CAGR from 2025 to 2034, driven by increasing energy demands and the focus on unconventional resource extraction.

The tight oil segment is expected to grow at a CAGR of over 7.5% through 2034, supported by advancements in drilling technologies, robust oil demand, and investments in domestic energy independence.

The U.S. market is anticipated to surpass USD 38 billion by 2034, led by rapid shale resource development, new oil and gas field discoveries, and increased domestic production capacity.

Key players in the market include Baker Hughes, Calfrac, Evolution, Halliburton, Liberty, National Energy Services, NexTier, NOV, ProFrac, Schlumberger, Shell, Tacrom, TechnipFMC, Trican, and Weatherford.