New York , Nov. 08, 2023 (GLOBE NEWSWIRE) -- The global hydraulic fracturing market size is slated to expand at 7% CAGR between 2023 and 2035. The market is poised to garner a revenue of USD 62 billion by the end of 2035, up from a revenue of USD 35 billion in the year 2022. The growing demand for oil in the world is expected to drive the market growth. This is expected to counterbalance OPEC+ output declines, with the EIA projecting a 1.4 million b/d increase in 2023 and a 1.7 million b/d increase in 2024.
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Moreover, based on the Oil 2023 medium-term market assessment, taking into account current government policies and industry trends, the world's need for oil would climb by 6% during 2022 and 2028 to 105.7 million barrels per day (mb/d), fueled by strong demand from the petrochemical and aviation industries. Increased demand from economic development outweighed any negative effect on oil consumption from rising costs. Rising oil consumption reflects these countries' rapid economic growth. Existing and predicted levels of growth in the economy have a significant impact on global oil demand
Hydraulic Fracturing Market: Key Takeaways
- Market in North America region to propel the highest growth
- The Onshore segment to garner the highest growth
- Market in Asia Pacific region to grow at a highest rate
Rising Establishment of New Oil Refineries is to Boost the Growth of the Hydraulic Fracturing Market
The region with the most future petroleum refineries is Sia. As of 2021, there were a total of 88 new facilities in the planning or building stages. In comparison, North America will gain 10 new petroleum refineries. The volume of oil flowing into Asian refineries has expanded dramatically over the last three decades as demand for petroleum products has risen in developing countries such as China and India. China is on course to overtake the United States in terms of oil refinery throughput. Rising global demand for oil products has attracted investments from throughout the world in the refining and fuel distribution industries. Refiners are investing billions of dollars in capacity expansion to meet global demand.
Hydraulic Fracturing Industry: Regional Overview
The global hydraulic fracturing market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surging Demand for Energy to Boost the Market Growth in the North America Region
According to our Annual Energy Outlook 2023 (AEO2023), the overall consumption of energy in the United States will rise by 0% to 15% between 2022 and 2050. The effects of economic expansion, population growth, and greater travel are expected to offset further energy efficiency advances in the United States. Growing consumption of energy, better end-use and power sector technology and efficiency, and lower expenses for zero-carbon generation technologies all result in cheaper electricity, which supports increased electrification in end-use sectors. In percentage terms, energy consumption in the industrial and transportation sectors is the most reactive to shifts in assumptions between scenarios. Energy usage in the industrial sector rises by 5% to 32% between 2022 and 2050. Moreover, the consumption of energy in the transport industry varies between a 10% decline to an 8% increase between 2022 and 2050.
The Government’s Initiatives to Boost the Oil Sector is to Elevate Market Growth in the Asia-Pacific
India is expected to dominate new construction and expansion refinery projects in Asia, accounting for 45% of the region's planned crude oil refinery projects beginning between 2023 and 2027, spurred by increased demand for petroleum products. In addition to this, 35 prospective refinery projects in India are now under construction and are expected to begin operational between 2023 and 2027. Further 32 projects are at the approval stage, and 11 are in the commissioning stage. This will increase the production of oil and petroleum in the region. Furthermore, the vast transportation network in the region is also expected to boost the demand for oil and hence propel the need for hydraulic fracturing.
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Hydraulic Fracturing Segmentation by Well Type
- Vertical Well
- Horizontal Well
Hydraulic Fracturing Segmentation by Application
- Shale Gas
- Tight Gas
- Tight Oil
On the basis of application, the shale gas segment is expected to be responsible for significant market revenue over the forecast period. The growth of the segment is attributed to a growing dependency on the shale gas. Shale gas is a prospective energy resource and chemical base material for the shift to a sustainable economy, and it has the potential to be a long-term carbon source. Shale gas is natural gas extracted from sheetlike shale strata at depths over 1,500 meters (5,000 ft). Therefore, it employs hydraulic fracturing for its extraction. Because shale reserves are often dispersed horizontally rather than vertically, deep holes are bored into the shale rock, followed by horizontal drilling to obtain more of the gas.
Hydraulic Fracturing Segmentation by Well Sites
- Onshore
- Offshore
The onshore segment is to hold the largest share by the end of 2035. The hydraulic fracturing market growth is majorly attributed to the rising production of oil majorly from onshore fields. ONGC produced around 6 million tonnes of crude oil from its onshore fields, despite the fact that the majority of them are over 50 years old and in natural decline. Moreover, on the global level, by 2025, it is expected that just 28 percent of crude oil produced will be produced offshore, with the remaining 72 percent generated from onshore fields.
Hydraulic Fracturing Segmentation by Fluid Type
- Sick Water-Based
- Foam-Based
- Gel-Based
Hydraulic Fracturing Segmentation by Technology
- Plug & Perf
- Sliding Sleeve
A few of the well-known market leaders in the global hydraulic fracturing market that are profiled by Research Nester are Schlumberger Limited, Baker Hughes Co., Basic Energy Services, NexTier Oilfield Solutions, Inc., Calfrac Well Services Ltd., ProPetro Holding Corp., Profac Holding Corporation, Halliburton, Nabors Industries Ltd., and Reliance Industries Limited.
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Recent Developments in the Hydraulic Fracturing Market
- Reliance Industries and Brookfield Asset Management have reached a preliminary contract on looking into the possibility of creating green energy and carbon reductions equipment in Australia. Brookfield will work with Reliance to investigate opportunities for direct capital investment as well as fostering the growth of skills, knowledge, and expertise in Australia's renewable energy sector. This alliance intends to ease the country's transition to a net-zero future.
- ProPetro Holding PUMP recently revealed the agreement of a contract for the utilization of its first electric-powered hydraulic fracturing fleet (e-fleet) with a significant independent Permian operator. ProPetro's Tier IV dynamic natural gas blending dual-fuel equipment will be used originally by the unnamed operator. The Permian Basin's shift to an e-fleet is expected to be completed in the third quarter of 2023.
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