- The worldwide shale gas processing equipment market will undergo significant growth in the upcoming years. This is due to initiatives and investments by governments and energy companies towards the production and exploration of natural gas. Growing energy demand has led these companies towards discovering unconventional fuel reserves. A large number of unconventional reserves still remain unexplored.
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Since the past few years, U.S. has been dominating the global market. This is owing to rising shale gas production and exploration operations in the nation. The nation would help the market grow over the forecast period. Quality features like higher calorific value and low carbon ejections in comparison to gasoline and coal will also aid the market.
Inclination towards natural gas is encouraging energy firms. This is likely to increase their production efforts and fossil fuel exploration operations in the years to come. Shift in consumer preferences will also assist the growth of the shale gas processing equipment market.
Pipeline projects due to varied distribution of unconventional fuel reserves are also predicted to assist the market. Rising professional proficiency has resulted in cost-effective and efficient unconventional drilling procedures. These procedures will balance the market over the forecast period.
Governments and agencies have issued stringent environmental regulations concerning hydraulic fracturing. This is to safeguard public interests and may hamper the market in the future. Prices of volatile natural gas will negatively impact the profitability of the shale gas processing equipment market over the next six years.
Shale gas production requires large amounts of water. Water scarcity globally is a hindrance in such a production. Problems linked with ground water contamination and water availability are also expected to hinder the market.
The market is divided on the basis of processing components, and geographies. Processing components include measuring and controlling devices, electrical machinery, compressors and pumps, heat exchangers, and internal combustion engines.
The geographies shale gas processing equipment market consists of four regions. These are North America, Asia Pacific, rest of the world, and Europe. Favorable regulatory frameworks and technological advancements in North America have resulted in the robust development of this region. The United States of America has occupied most of the shares in the North American market.
Information Source: Grand View Research
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