Gas produced due to shale formation is called as Shale gas. Shale gas is one of the most sought after renewable energy sources. There are large number of shale gas reserves across the globe with South America having 1430 tcf & North America holding 1685 tcf of shale gas. Europe has 470 tcf, Africa & Middle East together account for 1393 tcf and the developing countries in Asia-Pacific account for 1170 tcf of shale gas. Abundant presence of shale gas reserves across many regions would decrease the dependence on fossil fuels. The use of clean and renewable source of energy would work towards the economic stability of the many regions.
Big Market Research adds a new report titled, “Global Shale Gas Market (Technology, Application, Geography) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2020.” The report contains well analysed statistics and deep market insights on the shale gas market across the globe. As per the report, the global shale gas market is expected to reach $104.1 billion by 2020, growing at CAGR of 9.3% during the year 2014 to 2020."Shale gas, as potent alternative source of natural gas, is expected to shake up the global energy market in the coming years. The availability of large number of shale plays, which is estimated at 6,148 tcf in total, is presenting opportunity for marketer", state AMR analysts Apurva Sale and Guru Mallick. "Technological advancements vis-à-vis the exploration and extraction of shale gas are enabling corporations to gain strategically advantageous positions in the competitive market", add the analysts.
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Despite of the availability of large number of shale gas reserves in countries all over the world, the high extraction cost and the huge amount of water usage during the extraction process poses a great challenge for the global shale gas market. Government regulations against the extraction of shale gas is due to scarcity of water in many regions of UK. However, the use of horizontal drilling and hydraulic fracturing technology for shale gas extraction is adding to the production of shale gas in various geographical regions.
There are wide range of applications of shale gas in various segments, which includes industrial usage, power generation, transportation and residential & commercial utility. The usage of shale gas in power generation would lead to reduced costs in electricity bills; thus, becoming the most profitable sector in the application segment. The advancement in the extraction technology and an average number of shale gas reserves in the Asia-Pacific region would help the region to be most profitable during the forecast period. Global players have a golden opportunity in China, Algeria and Argentina to explore and use the potential of shale gas reserves.
Report profiles the following key players from the global market-
- Baker Hughes Incorporation
- Anadarko Petroleum Corporation
- BHP Billiton Limited
- Royal Dutch Shell
- ConcoPhillips
- ExxonMobil & Chesapeake Energy Corporation
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