Market Leaders - Hydraulic Fracturing Market
The global hydraulic fracturing market is projected to reach USD 74.4 billion by 2028 from an estimated USD 52.1 billion in 2023, at a CAGR of 7.4% during the forecast period. Factors such as the growing demand for hydraulic fracturing technology with increasing requirements for energy are driving the growth of the hydraulic fracturing market.
The hydraulic fracturing market is served by many international players with a global operational presence and local players with a strong domestic supply network. Halliburton (US), SLB (US), Liberty Oilfield Services LLC (US), Baker Hughes (US), and NexTier Oilfield Solutions (US) are the market leaders in the global hydraulic fracturing market. These companies use strategies such as acquisitions, expansions, contracts, agreements, mergers, and investments, to increase their market share.
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Liberty Oilfield Services LLC operates as an oilfield service company that offers completion services and technologies for onshore oil and natural gas exploration and production. The company specializes in hydraulic fracturing, stimulation, and engineering services. The company’s operations are organized through a single business segment, which offers hydraulic fracturing services and related equipment.
The company’s hydraulic fracturing fleets consist of mobile hydraulic fracturing units and other auxiliary heavy equipment to perform fracturing services. The hydraulic fracturing units consist primarily of high-pressure hydraulic pumps, engines, transmissions, radiators, and other supporting equipment. It also offers units and other equipment, such as blenders, data vans, sand storage, tractors, manifolds, and high-pressure fracturing iron. The company has grown from one active hydraulic fracturing fleet in December 2011 to approximately 30 fleets in the first quarter of 2021, including the addition of active fleets as a result of the OneStim Acquisition. Further, the company also acquired PropX in October 2021, which positions Liberty Oilfield Services LLC higher as an integrated provider of completion services in North America.
The company provides its services primarily in the Permian Basin, Eagle Ford Shale, Denver-Julesburg Basin, Williston Basin, San Juan Basin, and Powder River Basin.
NexTier Oilfield Solutions is a global energy service provider for onshore well construction and intervention, well completion, support, and other supporting oilfield activities carried out by exploration and production companies operating in the oil & gas industry. In October 2019, Keane Group and C&J Energy Services merged to form a new company named NexTier Oilfield Solutions. The company operates through two business segments, i.e., Completion Services and Well Construction and Intervention Services. It offers hydraulic fracturing services through its Completion Services segment.
The Completion Services segment offers hydraulic fracturing services, cased-hole wireline and pumping services, and completion support services. In addition, it is a leading provider of perforating, pump-down, pipe recovery, pressure pumping, and well site make-up and pressure testing services.
The company operates its business in North America, the Middle East, and North Africa and across all onshore sites in the US. The major competitors of the company in this market are Halliburton (US), Schlumberger (US), BJ Services (US), RPC (US), FTS International (US), Basic Energy Services (US), Superior Energy Services (US), and Calfrac Well Services (Canada).
Baker Hughes Company is an energy company with a portfolio of technologies and services catering to the energy and industrial value chain. Baker Hughes Holdings LLC (BHH LLC) was formed in July 2017 as the result of a merger between Baker Hughes Incorporated (BHI) and General Electric (GE) Oil & Gas. In September 2019, General Electric (GE) sold its stake in Baker Hughes to below 50.0%. In July 2020, General Electric (GE) launched a program to fully divest its ownership in Baker Hughes. As a result, the company changed its name in October 2019 to Baker Hughes Company and began trading on New York Stock Exchange under the symbol “BKR.”
Baker Hughes Company is a leading US-based provider of systems, products, and oilfield-related services for the oil & gas industry. The company operates business through two segments, namely, Oilfield Services & Equipment and Industrial & Energy Technology. It offers hydraulic fracturing solutions through its Oilfield Services & Equipment business segment. The Oilfield Services & Equipment segment offers products and services such as drill bits, drilling fluids, and drilling services, including directional drilling, measurement-while-drilling, and logging while drilling. Additionally, it offers wireline services; completion tools, systems, and fluids; pressure pumping, well intervention; artificial lift systems; oilfield and industrial chemicals; and integrated well services.
The company conducts operations through affiliates, subsidiaries, alliances, and ventures and operates in more than 120 countries globally. Its competitors in the Oilfield Services segment are Schlumberger (US), Halliburton (US), and ChampionX (US). The customer base of the Oilfield Services segment includes large, integrated major and super-major oil and natural gas companies, US-based and international independent oil and natural gas companies, and national or state-owned oil companies, as well as oilfield service providers.
Related Reports:
Hydraulic Fracturing Market by Well Type (Horizontal Well, and Vertical Well), Technology (Plug and Perf, and Sliding Sleeve), Application (Shale gas, Tight Oil, and Tight gas) and Region - Global Trends and Forecast to 2028
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