The global market for shale gas
is expected to reach USD 67.02 billion by 2020, according to a new study by
Grand View Research, Inc. Depleting conventional energy reserves across the
globe has prompted the industry to shift focus towards developing alternative
energy sources which is expected to remain a key driving factor for shale gas
demand over the next six years. In addition, regulatory support for developing
unconventional gases including shale gas is also expected to enhance
commercialization over the forecast period. However, environmental concern,
especially excessive usage and contamination of water during shale gas
production process is expected to be a key challenge for industry participants
over the next six years.
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Power generation emerged as the
leading application market for shale gas and accounted for 30.4% of total
market volume in 2013. Environmental concerns regarding power generation via
conventional energy coupled with regulatory support for development of
unconventional energy sourcesfor power generation is expected to remain a key
driving factor over the forecast period. However, transportation is expected to
be the fastest growing application market for shale gas at an estimated CAGR of
10.8% from 2014 to 2020. Growing demand for alternative fuels such as
compressed natural gas (CNG) and autogas (LPG) is expected to drive the demand
for shale gas in transportation industry over the next six years.
Further Key findings from the study suggest:
- The global shale gas production was 10,826.6 bcf in 2013 and is expected to reach 18,211.3 bcf by 2020, growing at a CAGR of 8.3% from 2014 to 2020.
- U.S emerged as the leading shale gas producing country and accounted for 91.8% of total market volume in 2013. The U.S. shale boom has changed the overall energy scenario of the nation, prior to shale gas development; the U.S. was a net importer of natural gas. However, due to rapid exploration and production activities of shale gas, U.S. for the first time in many years emerged as a net exporter of natural gas in 2012. However, Asia Pacific is expected to be the fastest growing producer for shale gas at an estimated CAGR of 66.7% from 2015 to 2020. The Chinese government has also been providing substantial support in form of financial incentives and tax benefits to companies operating in shale gas market in China which is expected to drive the market over the forecast period.
- The global market for shale gas is highly competitive in nature and is led by top multinational oil & gas conglomerates which are present across the value chain. Conventional oil & gas companies coupled with companies focusing only on alternative energy forms the mix of the market. Shift in focus towards developing shale gas basins in China is expected to remain a key strategy for the market participants. Some of the leading companies in the global shale gas market include Anadarko Petroleum Corporation, Antero Resources, BHP Billiton, Cabot Oil & Gas, Chesapeake Energy Corporation, Devon Energy, Encana Corporation, Exxon Mobil Corporation, Reliance Industries Limited, Royal Dutch Shell, SM Energy, Statoil, Talisman Energy Inc. and Total SA among some other companies.
For the purpose of this study, Grand View Research has
segmented the global shale gas market on the basis of application and region:
About Grand View
Research
Grand View Research, Inc. is a U.S. based market research and
consulting company, registered in the State of California and headquartered in
San Francisco. The company provides syndicated research reports, customized
research reports, and consulting services. To help clients make informed
business decisions, the company offers market intelligence studies ensuring
relevant and fact-based research across a range of industries including
technology, chemicals, materials, healthcare and energy.
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