Global Hydraulic Fracturing Services Industry Report: Analysis and Forecast 2022-2027
Regional Category Spend, Primary Demand, Price Analysis and Indicators, and Best Buying Practices of the Hydraulic Fracturing services Report
The hydraulic fracturing services industry was valued to be worth about USD 34.1 Billion in 2021. In the projection period of 2022-2027, the industry is expected to grow at a CAGR of around 5.5 percent, achieving a value of around USD 47.01 Billion by 2027.
The hydraulic fracturing services industry report broadly studies the industry, together with important segments, movements, drivers, constraints, the competitive landscape, and other critical market features.
The market is anticipated to grow over the forecast period because of technological advancements and the introduction of enhanced methodologies. North America is the biggest category spender by region, which is impelling the demand for the hydraulic fracturing services industry.
Hydraulic Fracturing Services: Industry Definition and Segmentation
By utilising a pressurised liquid to fracture rock layer developments, hydraulic fracturing is a well stimulation technique that allows for the trouble-free extraction of oil and gas assets. The market will advance more quickly due to the rising demand for oil and gas in developing nations and increased efforts to reduce the cost of producing oil and gas.
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The hydraulic fracturing services industry report comprises segments:
- By technology – plug and perforation and slide sleeving
- By type – shale gas, tight gases, tight oil, and CBM
- By region – the United States and Australia
Snapshot of the Report
The regional markets for the industry can be divided into the United States and Australia.
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The increasing demand for oil and gas from the developing economies and the efforts to decrease the investment in the manufacturing of oil and gas is leading to the development of the market.
In addition, the necessity for drilling, completion, fracturing, and workover services accounts for the primary share in the international market. This aspect is because of the rising demand for improved technology, devices, and equipment design to boost the exploration and fabrication activities in onshore and offshore fields.
Exploration works in high-level potential conventional and unconventional hydrocarbon stocks in several structures are likely to expand the industry’s progress. Unpredictability in oil prices, decrease in the cost of oilfield services, and growth in the production capacity are the prominent pillars that mainly add to the development of this market.
Category Insight by Region
The North American region is one of the prominent producers of crude oil and natural gas across the globe. The hydraulic fracturing market is projected to be powered by new well drilling and increasing production of the well base in the region. The market is mostly driven by growing drilling activities, new offshore ventures, and the restoration of matured fields in the United States.
The rising shale oil and gas production from the North Dakota basin, Montana’s Bakken formations, and Permian Basin, and the increasing shale advancements are accountable for the shale to surge in the United States, making it the biggest oil-manufacturing country globally. Moreover, the major surge in activity is likely to come from Canada’s primary crude oil and gas manufacturing region, Alberta, in the future years.
Best Procurement Practices
The global hydraulic fracturing services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by hydraulic fracturing services providing and utilising regions across the globe, such as contract terms, engagement models, and buyer and supplier negotiation levers, among others.
Category Management Studies
Hydraulic fracturing also known as ‘fracking’, is a procedure used for developing oil and gas wells that involves injecting high-pressure fluid into a bed of rock structure through the well. The hydraulic fracture process involves infusing fuel into a wellbore to develop the right amount of pressure to create and expand the size, extent, and connectivity of the existing cracks in the hard rock formations.
The fluid used to infuse into the well comprise a mixture of water, chemicals, and small particles of sand or ceramic materials. Furthermore, although the water and chemical fluid crack and open the rock bed with its high intensity of pressure, the solid particles, called proppant, remain in place and keep the ruptures open to accelerate a better flow of liquids or gases out of the well.
Key Supplier Profiles included in the Global Hydraulic Fracturing Services Industry Report
The key market players are Schlumberger Limited, Halliburton Company, Baker Hughes Company, Weatherford International Plc, and Superior Energy Services, Inc.
The report covers capacity additions, plant shutdowns, investments/divestments, mergers and acquisitions, and other latest developments in the market.
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