Hydraulic Fracturing Market to Grow at a CAGR of 5.77% during the Forecast Period; Growing Demand for Energy and Shale Gas Awareness to Drive Market Expansion

The global hydraulic fracturing market size stood at USD 18.88 billion in 2024. The global market is expected to grow from USD 19.97 billion in 2025 to USD 29.57 billion by 2032, at a CAGR of 5.77% from 2025 to 2032.

Fortune Business Insights™ presents this information in its report titled, “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”. 

Hydraulic fracturing is a process that uses pressurized liquid to fracture the bedrock formations to extract oil & gas easily from the reserves. The increasing demand for gas, oil, and various other petroleum is driving the market growth. Moreover, the growing efforts to decrease the production cost of oil & gas is also contributing to this growth.

Additionally, advancements in technology have emerged as a trend in the market as they enhance the efficiency, safety, and cost efficiency of the hydraulic fracturing process. This includes multistage fracturing, which can create fractures at multiple depths with a well. This allows for better connectivity and enhances the recovery of hydrocarbons.

The COVID-19 pandemic halted the operations in oil & gas sector due to stringent lockdown measures by governments. This created a negative impact on the market as number of production and exploration projects were halted.

Profrac Holding Corp. Teamed Up With Prairie Operating Co. Electric Frac Fleet Integration

In November 2024, ProFrac Holding Corp. teamed up with Prairie Operating Co. to integrate an electric frac fleet and its concerned operations in Colorado. This fleet has around 25 advanced and 3,000 HHP single E-Pumps that electrify the hydraulic fracturing and the pump-down operations.

Rising Demand for Energy and Potential of Untapped Reserves to Augment Market Growth

As the demand for energy increases, investment opportunities in oil and gas resources also escalates. The access to shared gas and tight oil reserves enabled by hydraulic fracturing aids in meeting this need. Additionally, the presence of unconventional gas reserves enables sufficient energy reserves that cater to the need for energy and higher potential in the production and research of shale and tight gas. For instance, around one-third of the crude oil in the U.S. comes from Permian, making it the largest share oil producing area in the country.

However, strict regulations for environmental protection and the increasing inclination towards renewable energy hampers the hydraulic fracturing market growth.

Top Players Emphasize Product Innovation to Strengthen Their Market Presence

The market consists of various key players, including Bakes Hughes, Weatherford, and Schlumberger Limited (SLB). Among these, SLB, under its wide product and service portfolio, offers frac plugs and frac sleeves. It also offers different hydraulic fracturing services for new wells or refract campaigns in fields.

Notable Industry Development:

• September 2023: Patterson-UTI Energy, Inc. covered all of its stock mergers with NexTier Oilfield Solutions Inc., which has made it a top player that offers drilling and various other services in the U.S.

List of the Companies Profiled in the Report:

• SLB (U.S.)
• Halliburton (U.S.)
• Baker Hughes (U.S.)
• Weatherford (U.S.)
• Calfrac Well Services Ltd. (Canada)
• NexTier Completion Solutions (U.S.)
• Profrac (U.S.)
• Liberty Energy, Inc. (U.S.)
• ADNOC Drilling Company (UAE)
• Propetro Services (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/hydraulic-fracturing-market-100419

Further Report Findings

• The U.S. held the highest hydraulic fracturing market share, attributed to the effective practices, industry standards, and supportive governmental regulations to protect communities as well as the environment.
• Market growth in China is driven by the growing initiatives to invest in exploring natural gas from shale rocks. The Chinese government has dedicated the domestic national oil companies (NOCs) to raise domestic production and participation from foreign parties in the exploration and production industry.
• Based on the well type, the horizontal well dominates the market. This is highly preferred due to its numerous benefits. It allows the exploration of multiple hydrocarbon reserves to be extracted from a single wellhead through horizontal drilling, thus eradicating redundant drilling. It also reduces the production cost and mitigates carbon emissions.
• In terms of technology, the plug & perf segment dominates the market as it is widely used due to its ease of operation and affordability. This technology is also known for its high performance in well drilling.
• Based on application, the onshore segment is set to lead the market in the coming years. This is due to the presence of accurate capacity reservoirs on land in unconventional and conventional reserves. The exploration of oil and extracting it from share reserves also contributes toward segment dominance.

Table of Segmentation