Latest News - Frac Services Market: Plug-and-perforation is expected to lead the Technology segment during 2025-2029

The Frac Services Market is being driven by Rising demand for unconventional resources

The Frac Services Market is expected to grow at a CAGR of 6.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 21429.3 million. The frac services market is undergoing significant transformation due to technological advancements and automation. These innovations are enhancing operational efficiency, reducing costs, and addressing the increasing demand for precision, speed, and safety in hydraulic fracturing processes. A notable development is the automation of fracturing operations, which offers numerous benefits such as improved consistency, reduced human error, and minimal manual intervention. This trend is exemplified by Halliburton's recent launch of the OCTIV Auto Frac service on September 19, 2024. This advanced addition to Halliburton's OCTIV intelligent fracturing platform fully automates fracture operations using real-time data and customer inputs, optimizing well completions and minimizing operational downtime. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • Plug-and-perforation
  • Sliding sleeve
  • Others
• Application
  • Crude oil
  • Shale gas
  • Tight oil
  • Others
• Type
  • Onshore
  • Offshore
• Vessel Orientation
  • Horizontal
  • Verticle
• Geography
  • North America
    • US
    • Canada
    • Mexico
  • APAC
    • Australia
    • China
    • India
  • Europe
    • Russia
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising demand for unconventional resources
• Increased investments in shale plays
• Growth in oil and gas exploration and production

However, the market also witnesses some limitations, which are as follows:

• Increasing focus on adoption of renewable energy
• Water management and disposal concerns
• Volatility in oil and gas prices

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Market Scope in Frac Services Market Research Report

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Research Analysis Overview

In the realm of petroleum engineering, the Frac Services Market encompasses a range of advanced technologies and techniques. These include fracture modeling, micro-seismic monitoring, and fracture mapping for optimizing wellbore stability and understanding fracture complexity. Proppant placement and fracture geometry are crucial for enhancing reservoir productivity. Multi-stage fracturing methods, such as plug and perf and completion operations, are employed for efficient resource extraction. Downhole tools and Christmas trees are essential components of the fracking process. Seismic data and reservoir simulation aid in reservoir characterization. Aquifer protection, hydraulic fracturing chemicals with specific chemical compositions, and environmental remediation are integral for sustainable fracking practices. Fracking wastewater treatment, green completion, emission reduction, energy efficiency, automation technologies, remote operations, and autonomous systems are key initiatives for reducing environmental impact and improving operational efficiency.

Market Research Overview

The global oil and gas equipment and services market encompasses businesses involved in the production of equipment and provision of contracts for upstream exploration and production operations. This sector plays a significant role in catering to the needs of the oil and gas industry. According to Technavio, the global oil and gas equipment and services market is projected to expand at a moderate rate, fueled by escalating energy demand and the robust expansion of the power sector. The increasing energy demand worldwide and the power industry's strong growth trajectory are expected to significantly boost the sales of drilling equipment, thereby propelling the expansion of the global oil and gas equipment and services market. This market's size is determined by the consolidated revenue generated by the manufacturers and providers of equipment, supplies, and services. Hydraulic fracturing, frac sand, well stimulation, and horizontal drilling are essential techniques in reservoir stimulation, further driving the market's growth. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Website: www.technavio.com/