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.
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.
Full research report on shale gas market:http://www.grandviewresearch.com/industry-analysis/shale-gas-industry
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.
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- 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.
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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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