Hydraulic Fracturing Market Size (2024 - 2029)

Hydraulic Fracturing Market Size Summary

The hydraulic fracturing market is poised for significant growth, driven by technological advancements and the increasing adoption of innovative techniques. Despite the challenges posed by the COVID-19 pandemic, which severely impacted the shale oil and gas sector, the market is expected to recover and expand. The introduction of foam-based fracturing fluids, which require less water and are less damaging to water-sensitive formations, is anticipated to contribute to market growth. This technique is particularly beneficial in regions with limited water resources and is gaining traction in applications such as coalbed fracturing in Canada. The demand for these advanced methods is expected to rise, supporting the market's expansion during the forecast period.

North America is projected to lead the hydraulic fracturing market, bolstered by extensive oil and gas upstream projects and new well drilling activities. The United States and Canada are key contributors, with increased drilling in the Marcellus/Utica shale and Alberta regions driving production growth. The market's development is supported by investments in new offshore projects and the redevelopment of mature fields. However, the market remains moderately fragmented, with major players like Schlumberger Limited and Baker Hughes Co. actively participating. Regulatory developments and environmental considerations are also shaping the market, with a focus on cleaner fracturing methods to mitigate environmental impact.