Hydraulic Fracturing Market Size, Share, Growth Analysis, By Well Type (Horizontal, Vertical), By Technology (Plug & Perf, Sliding Sleeve), By Application (Shale Gas, Tight Oil), By Region -Industry Forecast 2024-2031.

Global Hydraulic Fracturing Market size was valued at USD 49.20 billion in 2022 and is poised to grow from USD 52.89 billion in 2023 to USD 94.33 billion by 2031, growing at a CAGR of 7.50% during the forecast period (2024-2031). 

Hydraulic fracturing is a technology in which fluids are injected at high rates into wells in order to break down oil reservoirs; this fluid consists of chemicals, water, and sand. Furthermore, it is commonly used in the production of oil and gas to enhance the productivity of oil and gas reservoirs in order to maintain the well sticky in nature, and fracturing fluids are employed in this technique to create a fracture of greater width. One of the major factors driving product demand is increase in offshore and onshore oil and gas exploration activities. It is widely used in the refurbishment of well base expansion, oil fields, and the exploration of new offshore projects for crude oil and natural gas extraction. Furthermore, rising energy demand in both developed and emerging economies is propelling the market over the forecasting years, resulting in increasing the hydraulic fracturing market share. The health effects of fracking chemicals, as well as stringent national government rules governing the use of hydraulic fracturing, may pose obstacles.

US Hydraulic Fracturing Market is poised to grow at a sustainable CAGR for the next forecast year.