HYDRAULIC FRACTURING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


Hydraulic Fracturing Market Analysis:

The hydraulic fracturing market is projected to experience a compound annual growth rate (CAGR) exceeding 8.55% from 2022 to 2027. The outbreak of the COVID-19 pandemic in the first quarter of 2020 had a severe impact on the hydraulic fracturing market, particularly within the shale oil and gas sector, which heavily relies on various hydraulic fracturing techniques. Additionally, the market was negatively affected by a decline in oil and gas demand of over 30 MMbbl/d in April 2020. However, the market is expected to be driven by factors such as technological advancements and the introduction of improved techniques throughout the forecast period. It is important to note that the volatility in crude oil prices may hinder the growth of the hydraulic fracturing market in the coming years.

The foam-based segment is anticipated to witness substantial growth due to its increasing utilization and the rising exploration and development activities in global oil and gas operations. Furthermore, advancements in hydraulic fracturing techniques and the growing feasibility of vertical integration are expected to present opportunities for the market.

North America is expected to dominate the market during the forecast period, primarily due to a significant number of oil and gas upstream projects that require hydraulic fracturing.

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