Global Shale Gas Market Size
Which stated that the global shale gas production was 10,138.2 Bcf in 2012 and is expected to reach 17,201.6 Bcf by 2019, growing at a CAGR of 7.9% from 2013 to 2019.
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Shale gas is a type of unconventional gas that is trapped within organic-rich shale formations. It is extracted through a combination of hydraulic fracturing and horizontal drilling techniques that allows a large volume of shale gas to be produced. The global demand for shale gas is constantly increasing due to the rising depleting energy reserves all over the world. The world’s focus is now on unconventional sources of energy that are cost-effective and more on the natural side. Shale gas is the best illustration in this revolution.
The wide economical production of shale gas has bolstered immense growth in the natural gas industry in the U.S. Currently, the U.S. dominates the shale gas market in terms of production, as well as revenue, but contamination of surface water and cost of production are expected to hinder the growth in this market in the near future. Shale gas in the U.S. accounts for 36 percent of total natural gas production in the country.
The market study in this report focuses on estimates and forecasts of the global shale gas market in terms of volume (Bcf) and revenue (USD billion) from 2013 to 2019. The report analyzes value chain components at each stage and discusses the major driving and restraining factors for the shale gas market and emerging opportunities in the near future.
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The shale gas market in the U.S. is segmented into five sectors based on end-user: Power Generation Sector, Industrial Sector, Residential Sector, Commercial Sector, and Transportation Sector. The progressive growth of shale gas in North America has motivated other countries such as China to invest in this industry. Also, abundant availability of technically recoverable reserves and rapid development of shale gas seen in North America is turning out to be extremely advantageous for petrochemical producers in the country. This aspect helps them to bring down their raw material and energy costs reducing reliance on natural resources.
Similar to conventional natural gas usage, shale gas is also used in various applications such as industrial, power generation, commercial, residential, and transportation. Such a pressing demand for shale gas from all the above applications and places in the world drives the production of shale to achieve higher growth in the global market. Another significant factor that primarily drives the growth of shale gas is the focus on decreasing the dependability on conventional gas sources. Over the years, there have been high investments made by Asian companies and collaborations with foreign players in the field of shale that have propelled high growth in this market.
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Under this market segment, the unconventional gas accounted for 44% of the total technically recoverable gas until 2012, whereas shale gas represented two-third of the unconventional sources. Nevertheless, there is still a large chunk of the world’s technically recoverable unconventional gas zone remaining to be discovered in places like the U.S. and China. While, the two major countries such as the Eastern Europe and Eurasia accounted for over 60% of conventional gas resources and nearly 16.5% was accounted for the unconventional gas sources, the shale gas market has experienced a few technological advancements in this process. For instance, hydraulic fracturing and soaring gas prices have enhanced the growth of unconventional gases in North America. Based on this, there is a global energy supply shift to be expected in the near future. A few countries such as Algeria, Mexico, and Argentina also hold large shale gas potential.
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