Halliburton (US) and Schlumberger (US) are the Key Players in the Hydraulic Fracturing Market
The hydraulic fracturing market is expected to grow from an estimated USD 34.8 billion in 2021 to USD 50.2 billion by 2026, at a CAGR of 7.6% during the forecast period. The growing energy demand has led to technological developments in horizontal drilling, shale oil and gas reserves, production from oil sand, and deepwater drilling.
A few major players that have a wide regional presence dominate the hydraulic fracturing market. The leading players in the hydraulic fracturing market include Halliburton (US), Schlumberger (US), Baker Hughes (US), NexTier Oilfield Solutions (US), and Calfrac Well Services(Canada).
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The major strategies adopted by these players include contracts & agreements, investments & expansions, mergers & acquisitions, new product launches and developments, joint ventures, and partnerships & collaborations. Contracts & agreements and mergers & acquisitions were the two most commonly adopted strategies from 2017 to 2021.
Halliburton is one of the leading service providers and product suppliers in the upstream sector of the oil & gas industry. The company operates through two business divisions, namely, Completion and Production and Drilling and Evaluation. It offers hydraulic fracturing services through Completion and Production segment business divisions. The Completion and Production segment offers production enhancement solutions, including stimulation services, pressure pumping services, chemical solutions for hydraulic fracturing and acidizing, and sand control services. In addition, the segment offers cementing solutions and casing equipment, completion tools, artificial lifts, pipeline & process services, and production solutions, such as coiled tubing, hydraulic workover units, downhole tools, pumping services, and nitrogen services. The company has operations in more than 80 countries globally in regions such as North America, South America, Europe/Africa/the Commonwealth of Independent States (CIS), and the Middle East/Asia. Halliburton has major manufacturing and corporate facilities located in India, the US, Saudi Arabia, the UAE, Malaysia, the UK, Russia, Panama, Singapore, and Norway. The company has a strong focus on new product launches and developments. For instance, in April 2021, Halliburton has launched StrataXaminer, a wireline logging service that provides images of the reservoir structure to identify bedding, fracture patterns, fault zones, and potential flow barriers.
Schlumberger is one of the leading providers of products, services, technology, information solutions, and integrated project management solutions for the global oil & gas exploration and production industry. The company conducts its operations through four business segments, namely, Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. It offers hydraulic fracturing solutions through its Reservoir Performance segments. Schlumberger’s Reservoir Performance segment offers wireline services (wireline logging and perforating), testing services for formation and fluid characterization, and stimulation services such as pressure pumping, well stimulation, reservoir monitoring, and downhole data acquisition. The company has a global presence across North America, Latin America, Europe/Africa/Commonwealth of Independent States (CIS), and the Middle East & Asia. The company has executive offices in Paris, Houston, London, and the Hague. It has more than 90 technology centers across the globe and conducts business in more than 120 countries worldwide. The company has a strong focus on contract and agreements. For instance, in July 2021, Schlumberger and Vedanta Ltd’s subsidiary Cairn Oil & Gas have collaborated to start a project on the production of tight oil at Aishwariya Barmer Hill (ABH) in Rajasthan, India. The Aishwariya Barmer Hill is India’s largest lateral fracking program.
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 2026
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