Global shale gas market was valued at US$ 69.8 Bn in 2018 and is anticipated to grow at a CAGR of 8.5% to reach US$ 133.9 Bn in 2027 over the forecast period. Rise in the production of shale gas around the world is anticipated to create good opportunities for multiple end-use industries over the forecast period. Rise in demand for energy and inclination of businesses and people towards cleaner alternatives of energy have inflated the demand for natural gas. With limited availability of conventional natural gas resources to cater this rising demand, unconventional natural gas resources including coal based methane, tight gas, shale gas among others pose a potential to close the gap between demand and supply of energy. For instance, the National Institution for Transforming India (NITI) Aayog of Government of India has anticipated that global demand for gas is likely to go up by 50.0% in 2035 compared to that of 2010 and one third of this demand is likely to come from unconventional natural gas sources. Shale gas is a type of unconventional natural gas which is trapped within sedimentary shale rocks and is generally harnessed by hydraulic fracking or horizontal drilling technologies.
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The growing advances in these technologies have led to a new global energy landscape as it has facilitated large increase in production of shale gas and making trillions of cubic feet of shale gas available which was once inaccessible. For instance, the U.S. Energy Information Administration stated that proved reserves of natural gas from shale increased from 66.0% of the total U.S. gas proved reserves in 2017 to 68.0% of the total U.S. gas reserves at the end of 2018. The agency also mentioned in their International Energy Outlook 2016 that shale gas production is anticipated to grow from 42.0 Billion cubic feet per day in 2015 to 168.0 Billion cubic feet per day by 2040. Rise in production of shale gas is expected to eliminate uncertainty of fossil fuel supply chain and establish a reliable source of energy thus promoting its use especially in power generation. For instance, considering the availability of shale gas, the U.S government has planned an ambitious project of 300 fracked gas power plants across 45 states. Thus, increase in proven reserves of shale gas coupled with rise in its production capacity is anticipated to boost the growth of global shale gas market over forecast years.
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Abundant supply of shale gas has caused economic availability of shale gas for households and business, thus, posing potential rise in demand from these users over forecast period. However, the on-going crude oil war has weakened the prices of oil barrel in global market which has negatively impacted the prices of natural gas thus, forcing many rigs to shutdown. Rise in outbreak of global pandemic COVID-19 has further decrease the demand for shale gas as countries have implemented total or partial shutdown to inhibit the spread of these infectious disease. These factors are posing challenges in the global shale gas market. The study analyses the market in terms of revenue across all the major regions, which have been bifurcated into countries.
The detailed research study provides qualitative and quantitative analysis of shale gas market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
Key Findings of the Report:
- Rising awareness for environmental friendly alternatives including shale gas over conventional energy sources are expected to rise over forecast period.
- Based on technology, hydraulic fracturing held significant share of global shale gas market in 2018 owing to the early adoption and growing maturity in the technology.
- Power generation held notable share of global shale gas market in 2018 due to the efforts of energy producers to reduce their carbon footprint from switching coal based electricity generation to gas based.
- North America held the highest market share in global shale gas market in 2018. Asia Pacific is expected to register the highest compound annual growth rate (CAGR) over the period of next eight years owing to the government initiatives to promote the exploration of shale gas.
- Some of the players operating in the shale gas market are Anadarko Petroleum Corporation, Antero Resources Corporation, Ascent Resources, Chevron Corporation, China National Petroleum Corporation, Comstock Resources, Inc., EQT, Exxon Mobil Corporation, Gulfport Energy Corporation, Range Resources Corporation, Santos Ltd, Shell and Total amongst others.
Global Shale Gas Market:
- By Technology
- Horizontal Drilling
- Hydraulic Fracturing
- By Application
- Power Generation
- By Region
- North America
- Rest of North America
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
- North America
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