Market Size of Hydraulic Fracturing Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 8.55 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Hydraulic Fracturing Market Analysis
The hydraulic fracturing market is expected to register a CAGR of greater than 8.55% during the forecast period of 2022 - 2027. The outbreak of the COVID-19 pandemic in Q1 of 2020 severely affected the hydraulic fracturing market. During the COVID-19 pandemic, the shale oil and gas sector suffered the most, which are among the largest sector where the different techniques of hydraulic fracturing are used. Also, the oil and gas demand slumped by more than 30 MMbbl/d in April 2020, which, in turn, affected the market. Factors, such as technological advancements with the introduction of better techniques, are likely to drive the hydraulic fracturing market during the forecast period. However, the volatility in crude oil prices is expected to restrain the growth of the hydraulic fracturing market in the coming years.
- The foam-based segment is expected to witness significant growth due to its increasing usage and rising exploration and development in global oil and gas operations.
- The advancement in hydraulic fracturing techniques and the increasing viability of vertical integration are expected to act as an opportunity for the market.
- With a significant number of oil and gas upstream projects that require hydraulic fracturing, North America is expected to dominate the market during the forecast period.
