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According to a latest research, 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. Hydraulic fracturing, also known as fracking, is one of the most efficient techniques used to recover unconventional oil and gas resources. It is an underground petroleum extraction process in which water, sand, and chemicals are injected under high pressure into a bedrock formation through the well. The injection pressure of the pumped fluid creates fractures that cause gas and fluid flow, and the sand or other coarse materials help in holding the fractures. The increasing supply-demand gap for primary energy sources is one of the leading factors driving the growth of the hydraulic fracturing market, as the demand for oil and gas is constantly growing, and the production capacities of the related reserves are limited. The capability of foams to provide waterless fracking presents promising opportunities for the hydraulic fracturing market. However, the risks associated with growing concerns regarding seismic activities due to hydraulic fracturing has hindered the growth of the market in recent years and is expected to restrain the market's growth during the forecast period.

Chicago, Aug. 08, 2024 (GLOBE NEWSWIRE) -- The global Hydrogen Compressors Market size is expected to grow from USD 2.1 billion in 2023 to USD 2.6 billion by 2028, at a Compound Annual Growth Rate (CAGR) of 4.5% according to a new report by MarketsandMarkets™. The growth of the Hydrogen Compressors Market is propelled by various factors. A significant driver is the rising demand for hydrogen across diverse sectors, including energy generation, transportation, petrochemicals, and chemicals. This demand surge is a pivotal force behind the market's expansion. The push for clean energy solutions and the establishment of more hydrogen production plants and pipelines further contribute to the market's upward trajectory. Additionally, advancements in technology and the emergence of innovative hydrogen production methods, such as electrolysis using solar and wind power, present growth opportunities for the market. The Asia Pacific region is anticipated to take a leading role in the Hydrogen Compressor Market, driven by substantial demand from countries like China, India, and Japan. Despite the initial high costs associated with compressors, the increasing global demand for hydrogen and the ongoing development of hydrogen technology are key factors propelling the market's growth.

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Our investment will result in increased supply for our customers throughout the region as we continue to see the growth of their own production capabilities," said Dr. Samir Serhan, president, Global Hydrogen at Praxair. "We are committed to serving this accelerating marketplace by expanding our network.

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