- The shale gas market is estimated to surpass USD 76 billion by 2020. Reducing conventional gas reserves and rising energy demand have increased focus on the decrease of reliance on conventional natural gas. This has driven the demand for coal bed methane, gas hydrates, and tight gas, which are conventional gases. Shale gas is generated from reserves made up of shale with low medium permeability.
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Augmented demand for substitute fuels like autogas and compressed natural gas is anticipated to steer the market forward. This will affect shale gas demand in the transportation industry over the forecast period. Major applications of the shale gas market are residential, transportation, industrial, power generation, and commercial. Enhanced demand for shale gas across the aforementioned applications would also drive market demand.
The leading application is power generation. It contributed over 30% of the market volume in 2013.Transportation will remain the fastest growing application from 2014 to 2020 with a CAGR over 10%. The shale gas market for commercial applications is estimated to be over USD 9 billion by 2020. Canada and U.S. witness majority of shale gas production. In 2013, U.S. contributed over 91.5% of the market volume.
This was mainly due to increasing manufacturing activities and shale gas explorations in the region. Following the U.S., Canada contributed over 8% of the shale gas generated in 2013. With maximum recoverable shale gas reservoirs, China would experience significant growth in the future. Several companies are heavily investing to produce and explore shale gas in this nation. Substantial support from the Chinese government will also fuel the global market.
Due to the aforementioned factors, the Asian Pacific shale gas market is likely to undergo swiftest expansion over the forecast period. This region will grow at a CAGR over 66% from 2015 to 2020. The global market is very competitive. Switch in concentration towards the growth of shale gas basins in China would remain a vital strategy for market players.
Some of the leading players include Cabot Oil & Gas, SM Energy, Reliance Industries Limited, Anadarko Petroleum Corporation, and EnCana Corporation. Talisman Energy, BHP Billiton, Chesapeake Energy Corporation and Statoil, Talisman Energy Inc., and Total SA are the other market players.
Information Source: Grand View Research
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