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Hydraulic Fracturing Market Trends

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

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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.

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.