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Hydraulic Fracturing Market Size, Share & Industry Analysis, By Well Type (Horizontal and Vertical), By Technology (Plug & Perf and Sliding Sleeve), By Application (Onshore and Offshore), and Regional Forecast, 2025-2032

Last Updated: June 02, 2025 | Format: PDF | Report ID: FBI100419

 

Hydraulic Fracturing Market Size & Trends

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The global hydraulic fracturing market size was valued at USD 18.88 billion in 2024. The global market is projected to grow from USD 19.97 billion in 2025 and is expected to reach USD 29.57 billion by 2032, exhibiting a CAGR of 5.77% during the forecast period. Additionally, the U.S. Hydraulic Fracturing Market is predicted to grow significantly, reaching an estimated value of USD 23.02 billion by 2032.


Hydraulic fracturing is a well-stimulated technique where bedrock formations are fractured using a pressurized liquid for easy extraction of oil & gas reserves. The growing demand for oil, gas, and other petroleum products from the developing economies, coupled with increasing efforts to reduce the production cost of oil & gas, are driving the market growth.


Oilfield service plays a significant role in the upstream service industry, especially in offshore assets. The rising demand for oil & gas from offshore assets and increasing production and exploration of oil & gas is anticipated to drive the market growth during the projected period.


Halliburton is one of the major players in the market. The company provides a comprehensive one-stop solution for overall hydraulic fracturing requirements. Under its fracturing equipment solutions, the company offers a Q10 X fracture pump, an advanced pump design to reduce non-productive time during fracturing treatments, and an ExpressKinect System for reducing rig-up time and complexity.


MARKET DYNAMICS


MARKET DRIVERS


Enormous Potential of Untapped Reserves to Propel The Market Expansion


Unconventional gas reserves provide sufficient energy reserves to cater to the growing demand for energy and the high potential in the exploration and production of shale and tight gas. In 2008, the U.S. Geological Survey (USGS) introduced unconventional or tight reserves in a part of the high-volume Permian oil and gas basin that overlaps Western Texas and Southeastern New Mexico. Approximately one-third of the U.S. crude oil already comes from the Permian, which makes it the largest shale oil-producing region in the country. Several countries are in a transitional phase to fully develop the exploration and production of unconventional gas, which would help create energy security and jobs. Hence, the trending shift toward the development of more reliable, secure, and advanced methods for the acquisition of extensive amounts of oil and gas is projected to fuel the market growth.


Increasing Energy Demand and Shale Gas Boom to Drive Market Growth


Growing global energy demand is driving investments in unconventional oil and gas resources. Hydraulic fracturing enables access to shale gas and tight oil reserves, which is crucial for meeting energy needs. The availability of an abundance of shale gas reserves, mainly in regions, including North America, is a key market driving factor. This technique is an essential method to extract resources from these unconventional reserves. For instance, the U.S. has experienced a significant surge in shale gas production due to fracking. Thus, owing to aforementioned aspects, increasing energy demand and shale gas boom is expected to drive market growth.


MARKET RESTRAINTS


Stringent Regulations for Environmental Protection Along with Growing Trends for Renewable Energy to Hamper Market Growth


Stringent regulations and safety standards specified by national governments and regulatory bodies, which include the Environmental Protection Agency (EPA) and Registration, Evaluation, Authorization, and Restriction of Chemicals (REACH), have posed a challenge to the growth of this market. Additionally, the increasing awareness about environmental protection in developing and developed economies has also hindered market growth. The growing trend for the adoption of renewable energy as a clean source of energy is likely to hamper the hydrocarbon industry. Consequently, the ripple effects of regulatory guidelines is anticipated to impede the hydraulic fracturing market growth.


MARKET OPPORTUNITIES


Growing Demand for Conventional Fuel for Various Applications is an Opportunity for Market Growth


Over the years, oil & gas have been extensively used in power generation, manufacturing goods, transportation, and other end-use industries. However, the significant demand for conventional fuel on account of urbanization, globalization, and increasing energy demand is estimated to hold potential opportunities for investment in the production and exploration of oil & gas reserves. Offshore hydrocarbons are proven to be one of the most efficient and reliable sources of energy, which enables investment by key giant players in the oil & gas industry. Hence, the growing adoption of the fracturing process for exploration and production of shale gas formation, coalbed methane, and tight sands is expected to drive the hydraulic fracturing market growth in the upcoming years.


MARKET CHALLENGES


Environmental Concerns to Hinder Market Growth


Hydraulic fracturing operations release methane, a potent greenhouse gas, during extraction, contributing to climate change. Improper handling of fracturing fluids and wastewater can lead to contamination of underground water supplies. Further, the reinjection of wastewater into deep wells has been associated with minor earthquakes in regions with extensive fracking operations. Thus, these environmental impacts hamper the wide application of these operations across the globe.


HYDRAULIC FRACTURING MARKET TRENDS


Technological Advancements in Hydraulic Fracturing have Emerged as a Key Trend in the Market


Technological advancements have significantly enhanced the efficiency, safety, and cost-effectiveness of the process. For instance, multistage fracturing has improved the ability to create fractures at multiple depths within a well. This ensures better connectivity to the reservoir and maximizes the recovery of hydrocarbons. It is particularly useful in complex geological formations such as shale basins.


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IMPACT OF COVID-19


The outbreak of COVID-19 posed a number of challenges to the market. The oil and gas industry as a whole faced several challenges owing to stringent lockdown measures by governments, obstacles in business operations, and decreased demand, resulting in financial setbacks and hindering the anticipated market growth.


The COVID-19 pandemic negatively impacted the global market growth, as the number of production and exploration projects were halted, and many companies across regions have delayed major oil & gas projects and investments in the sector.


SEGMENTATION ANALYSIS


By Well Type


Potential to Extract Multiple Hydrocarbon Reserves Drives the dominance of Horizontal Segment


Based on the well type, this market is segmented into horizontal and vertical.


The horizontal well type segment is estimated to hold the largest hydraulic fracturing market share in the coming years as it has been used widely for the last couple of decades due to its advantageous features. Multiple hydrocarbon reserves can be explored and extracted from a single wellhead through horizontal drilling, thus avoiding unnecessary drilling. Horizontal wells not only reduce the overall production cost but also help mitigate rising carbon emissions.


A vertical well is a drilling technique that involves drilling vertically into the ground to access an underground reserve of oil or natural gas. Drilling wells vertically is a more traditional method of oil extraction than directional drilling, which is more modern. In vertical wells, Fracking enables the extraction of oil and gas reserves that are inaccessible via traditional drilling methods. This capability has extended the longevity of many oil and gas fields and allows once-unprofitable fields financially feasible.


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By Technology


Plug & Perf Technology to Dominate the Market Owing to Its Ease of Operation and Competitive Cost


Based on technology, the market is segmented into plug & perf and sliding sleeve.


The plug & perf segment is estimated to have significant growth in the industry and is expected to lead as it is the most commonly used technology due to its ease of operation and competitive cost. It delivers a higher performance of wells for production and cuts down production costs.


Sliding sleeves form the foundation for continuous pumping stimulation operations, which saves time by removing the necessity to deploy individual plugs and perforating systems for every zone. Continuous pumping can decrease operational expenses, along with risks and environmental effects, due to reduced needs for water, fracturing machinery, and staff. Thus, owing to the benefits associated with the use of sliding sleeves, the adoption of this technology is anticipated to grow and thus the segment is anticipated to grow at fastest CAGR.


By Application


Substantial Availability of Conventional and Unconventional Onshore Reserves to Fuel’s Onshore Segment Growth


Based on application, the global market is broadly categorized into onshore and offshore.


Onshore segment is anticipated to dominate the market growth. The onshore sector is expected to drive market expansion due to the availability of substantial capacity reservoirs on land in both conventional and unconventional reserves. Furthermore, the discovery of oil and extraction from established fields, such as shale reserves, also enhances the market dynamics of the segment favorably.


The offshore application sector is expected to experience significant growth due to intricate production, drilling, and completion methods. The physical handling of various equipment types is quite hazardous and difficult, which subsequently influences the offshore sector.


HYDRAULIC FRACTURING MARKET REGIONAL OUTLOOK


The market has been studied geographically across seven main regions: U.S., Canada, Argentina, Russia, China, Australia, and the Rest of the World.


U.S.


Growing Oil & Gas Industry to Propel Market Growth


The U.S. accounted for a 77.5% share of the market in 2024. The U.S. is one of the prominent and leading countries that holds huge potential for shale gas, tight gas reserves, and oil and natural gas production. The combination of industry standards, effective state, best practices, and supportive federal regulation is protecting communities and the environment. These regulations will fuel natural gas production, contributing toward the dominance of the U.S. in the market. Upcoming developments and continuous investments in unconventional gas extraction are also accelerating the market growth in the U.S.


China


Growing Need for Exploration & Production Activities to Drive Market Growth


Oil & gas players in China undertake initiatives to invest in unlocking natural gas from the shale rock formation, which in turn brings the application of fracturing for exploration of reserves. The government has committed the domestic national oil companies (NOCs) to increase domestic production and foreign participation in the exploration and production (E&P) industry, which signifies an increase in production and investments.


Other Countries


Several countries have been using fracturing techniques to explore a large number of energy reserves, such as Canada, Argentina, Russia, Australia, UAE, and Brazil. This technique is largely used in the U.S., followed by Canada and the other remaining countries. The policies, rules, regulations, and government initiatives in these countries are well-structured to support energy security, which, in turn, supports fracking activities.


Several community-based issues, such as lack of political willpower, agitations against the hydrocarbon industry, opposition from people, and more severely hamper the global outlook of the market. Fracking can be made available in banned countries only by integrating government bodies with locals through awareness programs.


COMPETITIVE LANDSCAPE


KEY INDUSTRY PLAYERS


Growing Need for Enhancing Oil Output By Key Market Players to Support Market Growth


Globally, Schlumberger Limited (SLB), Baker Hughes, and Weatherford are some of the key market players. SLB, under its well-completion products and services, offers frac plugs and frac sleeves. It also offers fracturing services for initial completions and hydraulic fracturing in new wells or restimulation and refrac campaigns in mature fields. In June 2024, Vista Energy, an oil drilling firm based in Argentina, entered into a contract with SLB to bring in a new fracking system in the latter half of 2024 to enhance oil output in the Vaca Muerta shale area.


List of Key Hydraulic Fracturing Companies Profiled



KEY INDUSTRY DEVELOPMENTS



  • In November 2024 - ProFrac Holding Corp. partnered with Prairie Operating Co. to deploy an electric frac fleet for activities in Colorado. The fleet will consist of 25 advanced 3,000 HHP single E-Pumps, allowing both hydraulic fracturing and pump-down operations to be fully electrified.

  • In September 2024 - Halliburton introduced the Octiv Auto Frac service. The Octiv platform automates and digitizes workflows, data, and equipment throughout every facet of fracture operations. It helps in enhancing operational consistency and boosts completion efficiency.

  • In December 2023 - Tamboran Resources Ltd entered into a strategic partnership and received a USD 10 million equity investment from Liberty Energy Inc. As part of the strategic partnership, Liberty intends to bring in a modern frac fleet to the Beetaloo Basin to aid the stimulation efforts for Tamboran’s planned 40 million cubic feet per day Shenandoah South Pilot Project.

  • In December 2022 - ProPetro Holding Corp. signed a contract with a prominent independent operator in the Permian for the utilization of ProPetro’s first electric-powered hydraulic fracturing fleet. According to the agreement, ProPetro will deliver dedicated services for three years after the e-fleet is delivered.

  • In July 2022 – Calfrac integrated Allison FracTran, a next-generation hydraulic fracturing transmission, into its field operations. Allison Transmission is a developer and manufacturer of propulsion solutions.


REPORT COVERAGE


The global hydraulic fracturing market report delivers a detailed insight into the market. It focuses on key aspects such as leading companies in Hydraulic Fracturing. Besides, the report offers insights into the market trends & technology and highlights key industry developments. In addition to the factors above, the report encompasses several factors and challenges that contributed to the growth and downfall of the market in recent years.


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Report Scope and Segmentation



















































ATTRIBUTE



DETAILS



Study Period



2019-2032



Base Year



2024



Estimated Year



2025



Forecast Period



2025-2032



Historical Period



2019-2023



Growth Rate



CAGR of 5.77% from 2025 to 2032



Unit



Value (USD Billion)



Segmentation



By Well Type



  • Horizontal

  • Vertical



By Technology



  • Plug & Perf

  • Sliding Sleeve



By Application



  • Onshore

  • Offshore



By Region



  • U.S. (By Well Type, By Technology, and By Application)

  • Canada (By Well Type, By Technology, and By Application)

  • Argentina (By Well Type, By Technology, and By Application)

  • Russia (By Well Type, By Technology, and By Application)

  • China (By Well Type, By Technology, and By Application)

  • Australia (By Well Type, By Technology, and By Application)

  • Rest of World (By Well Type, By Technology, and By Application)






Frequently Asked Questions

As per the Fortune Business Insights study, the market size was USD 18.88 billion in 2024.

The market is likely to grow at a CAGR of 5.77% over the forecast period.

The onshore segment is estimated to dominate the market in the forecast period.

The market size of the U.S. stood at USD 14.63 billion in 2024.

Enormous potential of untapped reserves and increasing energy demand and shale gas boom to encourage market expansion.

Some of the top players in the market include SLB, Baker Hughes, and Halliburton.

The global market size is projected to reach USD 29.57 billion by 2032.

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  • 2019-2032
  • 2024
  • 2019-2023
  • 180
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