According to a research report “ Shale Gas Market” by Technology (Horizontal fracking, Vertical fracking, Rotary fracking) Application (Industrial, Buildings, Transportation) Geography (APAC, North America, Europe, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 20.36 billion, at a CAGR of 5.31% during the forecast period. In the context of global economic growth and increasing energy demand, carbon dioxide emissions have become a significant concern. To mitigate this environmental challenge, many nations are transitioning towards decarbonizing their power mix by integrating renewable energy sources. However, for sectors where renewable energy is not yet feasible, natural gas emerges as a viable alternative. As a cleaner burning fuel compared to traditional fossil fuels like diesel, gasoline, and oil, natural gas is gaining traction in various applications. In the transportation sector, natural gas is utilized in its compressed or liquefied form as a fuel for vehicles. Furthermore, natural gas plays a crucial role as a feedstock in industries, particularly in the chemical sector. Additionally, natural gas-fired power generation offers several advantages over conventional heating fuels in commercial, residential, and industrial settings..
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By Technology, the Horizontal fracking segment is projected to dominate the market size in 2024
In the context of the shale gas market, horizontal drilling plays a pivotal role in maximizing the extraction of shale gas resources. By increasing the contact area between the wellbore and the shale rock, this technique enhances gas recovery and production rates, making it economically viable despite higher initial drilling and fracturing costs. Horizontal wells enable operators to access and extract gas from a larger portion of the shale formation, effectively offsetting the challenges associated with extensive and low-permeability shale rock formations. This strategic approach has significantly contributed to the economic success of the shale gas industry.
By Application, Industrial segment is expected to hold the largest market size for the year 2024
In the industrial sector, natural gas is a preferred energy source due to its versatility and environmental advantages. It is utilized extensively in various industries such as rubber, chemical, metal, plastics, milk production, and as a feedstock, owing to its ability to rapidly heat to high temperatures. Natural gas is also an efficient fuel for high-pressure steam generation. Furthermore, in the power generation sector, natural gas is increasingly being used in natural gas-fired power plants to produce electricity, as it is considered a cleaner-burning alternative to coal. Key industries, including chemicals and power, rely on natural gas as a fuel source for heating and electricity generation.
APAC is forecasted to hold the largest market size by region in 2024
The APAC shale gas market is poised for expansion due to the vast untapped resources in the region, particularly in countries such as China, India, Australia, and Indonesia. These nations possess substantial shale formations, which present a significant opportunity for exploration and production. The increasing energy demand in APAC, driven by population growth and economic development, necessitates the need for additional energy sources. Shale gas can be a viable solution to meet this growing demand. Moreover, the escalating price of crude oil has incited increased investments from industry players in the oil and gas exploration and production sector to secure lucrative profits.
The Shale Gas Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
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Research Analysis Overview
The Shale Gas market is a significant player in the global energy sector, with an estimated trillion cubic feet of proved reserves in the United States alone. The primary sources of shale gas are unconventional hydrocarbons found in shale deposits, which are extracted through hydraulic fracturing and horizontal drilling production techniques. Ethylene volumes derived from shale gas have surged due to its low cost and abundance, making it a preferred feedstock for the production of plastics and other chemicals. However, concerns over water contamination from the extraction process have raised environmental concerns. The petroleum demand for shale gas has been impacted by various factors such as economic downturns, lockdown measures, and mild winters, which have reduced the demand for cooking, domestic heating, and electricity generated from hydrocarbon gases like methane and hydrogen. Alternative energy sources like biofuels, nuclear power, piped natural gas, green hydrogen, and conventional gas are gaining popularity due to their lower carbon footprint. The source of these energy sources varies, from renewable sources like wind and solar to nuclear power and conventional gas. The extraction process of shale gas involves drilling through the cap rock and reservoir to reach the shale deposits, which can be a complex and costly process. Despite these challenges, the shale gas industry continues to evolve, with ongoing research and development in production techniques to increase efficiency and reduce environmental impact.
Market Research Overview
Shale gas, a type of unconventional hydrocarbon, has become a major focus in the energy sector, particularly in regions like the Permian Basin in West Texas and Quebec's shale formations. However, the extraction process, which involves hydraulic fracturing or fracking, has raised concerns over unstable reservoirs leading to earthquakes and water shortage. The drilling process uses large volumes of chemically treated water, which can contaminate water supplies if incorrectly disposed. Methane gas leakages and carbon dioxide emissions are also burning issues. Major drivers of shale gas exploration include increasing petroleum demand, trillion cubic feet of proved reserves, and regulations. Despite these challenges, shale gas remains a significant source of hydrocarbon gases for cooking, domestic heating, electricity generation, industrial, commercial, and residential use. The drilling technology employs rotary fracking, horizontal fracking, and vertical fracking to extract unconventional hydrocarbons from source rocks. However, the extraction process can lead to greenhouse gas emissions, making it essential to consider carbon neutral alternatives like piped natural gas, green hydrogen, and biofuels. Exploration activities have faced challenges due to economic downturns, lockdown measures, and mild winters, leading to bankruptcies and transportation issues. Regulations continue to evolve, addressing concerns over water contamination, drilling technology, and cap rock integrity. The shale gas market remains a complex and dynamic industry, requiring long-term investment timescales and export facilities to meet hydrocarbon demand.
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