With 9.5% CAGR, Hydraulic Fracturing Market Size to Surpass USD 28.93 Billion by 2028

Hydraulic Fracturing Market to Surge Rapidly; Increasing Demand for Advanced Hydraulic Equipment in Exploration Activities to Fuel Market Growth: Fortune Business Insights™

Pune, India, Feb. 02, 2023 (GLOBE NEWSWIRE) -- The global hydraulic fracturing market size is projected to touch USD 28.93 billion by 2028, exhibiting a CAGR of 9.5% during the forecast period. The rising demand for oil, gas, and other petroleum products and the rising demand for advanced hydraulic equipment for exploration may propel market growth. Fortune Business Insights™ provides this information in its report titled “Hydraulic Fracturing Market, 2021-2028.”

The rising demand for oil, gas, and other petroleum reserves from emerging countries is likely to boost its adoption. It uses a bunch of instruments and drilling techniques for the easy extraction of energy reserves.

Industry Development

December 2020: Schlumberger contributed its onshore fracturing business to Liberty Oilfield Services Inc. in Canada and the U.S. The contribution consisted of pump-down perforating, Permian frac sand business, and pressure pumping.

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Report Highlights:

Report Coverage


Forecast Period


Forecast Period 2021 to 2028 CAGR


2028 Value Projection

USD 28.93 billion

Base Year


Market Size in 2020

USD 11.74 billion

Historical Data for


No. of Pages


Segments covered

Fuel Type, By End-User, Application and Region

Growth Drivers

Rising Awareness Regarding the Potential of Untapped Energy Reserves to Foster Market Growth

Prominent Companies Announce Innovative Products to Enhance Brand Image

Drivers and Restraints

Rising Awareness Regarding the Potential of Untapped Energy Reserves to Foster Market Growth

The rising awareness regarding the potential and effectiveness of untapped reserves such as tight and shale gas is likely to boost hydraulic fracturing’s adoption. The rising demand for reliable and sustainable energy reserves is likely to facilitate unconventional gas exploration activities. Nearly one-third of U.S. crude oil is obtained from the Permian, which, in turn, may boost its extraction activities. Furthermore, a rising focus on the productivity of crude oils and other gas is likely to fuel the market development.

The deployment of advanced technologies for oil extraction is expected to enhance productivity and boost hydraulic fracturing’s adoption. According to the information provided by the American Petroleum Institute, approximately 95 percent of all-natural gas wells shall require hydraulic fracking techniques in the upcoming years.

Market Restraint

Sharp Fluctuations in Energy Demand amid COVID-19 Pandemic to Hamper Growth

Lockdowns and unprecedented economic downturn triggered by the COVID-19 pandemic have caused sharp fluctuations in the global energy demand. In its recent report, the IEA stated that energy demand in countries under full lockdown plummeted by 25% in mid-April, with the overall demand for 2020 expected to fall by 6%. Moreover, oil demand also declined noticeably, according to the IEA, dipping by 5% in the first quarter of 2020.

Impact of COVID-19

Fluctuating Oil Prices and Closure of Manufacturing Facilities to Hinder Market Progress

This market is expected to be negatively affected during the COVID-19 pandemic because of oil price fluctuations and the closure of several manufacturing industries. An alarming spike in COVID-19 infections provoked governments to impose strict lockdown restrictions on extraction and manufacturing. As a result, prices for natural resources such as oil, fuel, and other resources began fluctuating. Furthermore, the halt on manufacturing and transport led to a lack of raw materials and supply chain disruptions.

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By well type, the market is segmented into vertical and horizontal. As per technology, it is bifurcated into sliding sleeve and plug & perf. Based on application, it is classified into offshore and onshore. Geographically, it is grouped into the U.S., Canada, Argentina, Russia, China, Australia, and the rest of the world.

By Well Type


By Technology

Plug & Perf
Sliding Sleeve

By Application


Competitive Landscape

Prominent Companies Announce Innovative Products to Enhance Brand Image

The prominent companies operating in the market launch innovative products to provide effective extraction services and boost brand image. For example, Halliburton Company launched its Express Fiber optic solution in July 2021.

It is an extremely effective solution with a lower impact on existing exploration activities and routine cross-well monitoring. This launch may enable the company to provide effective solutions and boost its brand image globally. Further, the adoption of research and development activities may enable manufacturers to develop effective solutions that eliminate complications during oil and gas reserve exploration and speed up the process. This strategy may enable them to boost their market position.

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Key Players Profiled in the Hydraulic Fracturing Market Report

  • Schlumberger (U.S.)

  • Baker Hughes, a GE Company (U.S.)

  • Weatherford (U.S.)

  • Halliburton (U.S.)

  • FTS International (U.S.)

  • BJ Services (U.S.)

  • Cudd Energy Services (U.S.)

  • ProPetro Holding Corp. (U.S.)

  • Calfrac Well Services (Canada)

  • Liberty Oilfield Services (U.S.)

  • Trican Well Services Ltd. (Canada)

  • Basic Energy Services (U.S.)

  • Superior Energy Services (U.S.)

  • RockPile Energy Services (U.S.)

Regional Insights

Incorporation of Government Regulations and Mining Standards to Fuel Growth in the U.S.

The U.S. is expected to dominate the hydraulic fracturing market share because of industry standards and favorable federal regulations. The market in the U.S. stood at USD 9.12 billion in 2020 and is projected to grow positively in the upcoming years. Further, the huge potential for oil production, tight gas reserve, shale gas reserve, and natural gas is expected to boost hydraulic fracturing’s adoption. In addition, consistent investments and upcoming development are expected to boost market development in the U.S.

In China, oil & gas manufacturers actively work on the extraction of natural gas from shale rock formations, which, in turn, may boost hydraulic fracturing’s adoption. Governments encourage domestic national oil companies (NOCs) to boost their foreign and domestic contribution in the exploration and production (E&P) sector, which, in turn, may boost investments and production. These factors may propel the industry growth in the country.

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Table of Contents

  • Introduction

    • Research Scope

    • Market Segmentation

    • Research Methodology

    • Definitions & Assumptions

  • Executive Summary

  • Market Dynamics

    • Market Drivers

    • Market Restraints

    • Market Opportunities

  • Key Insights

    • Key Emerging Trends – For Major Countries

    • Latest Technological Advancement

    • Insight on Regulatory Landscape

    • Industry SWOT Analysis

    • Porter Five Forces Analysis

  • Qualitative Analysis – Impact of COVID-19

    • Impact of COVID-19 on the Hydraulic Fracturing Market

    • Steps Taken by the Government to Overcome the Impact

    • Key Developments in the Industry in Response to COVID-19

    • Potential Opportunities and Challenges due to COVID-19 Outbreak

  • Global Hydraulic Fracturing Market (USD Billion) Analysis, Insights, and Forecast, 2017-2028

    • Key Findings

    • Market Analysis, Insights and Forecast – By Well Type

      • Horizontal

      • Vertical

    • Market Analysis, Insights and Forecast – By Technology

      • Plug & Perf

      • Sliding Sleeve

    • Market Analysis, Insights and Forecast – By Application

      • Onshore

      • Offshore

    • Market Analysis, Insights and Forecast – By Country

      • US

      • Canada

      • Argentina

      • Russia

      • China

      • Australia

      • Rest of the World

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