Wilmington, Delaware, United States, Dec. 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global unconventional gas market is projected to flourish at a CAGR of 8.6% from 2022 to 2031. As per the report published by TMR, a valuation of US$ 374.3 billion is anticipated for the market in 2031. As of 2023, the demand for unconventional gas is expected to close at US$ 193.5 billion.
The global unconventional gas market is being propelled by the increased adoption of unconventional gases across various sectors including industrial, power generation, residential, commercial, and transportation industries.
Increasing emphasis on reducing environmental impact drives innovations toward more sustainable and eco-friendly extraction methods and technologies, aiming to minimize water usage, methane emissions, and surface disturbance.
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Rising global energy demands have pushed the exploration and extraction of unconventional gas, such as shale gas and tight gas, as they offer an additional supply to meet these needs. Unconventional gas sources often become economically viable due to fluctuating conventional gas prices. When conventional gas prices rise, unconventional sources become more competitive.
Significant investments in infrastructure, pipelines, and facilities for the processing and distribution of unconventional gas have facilitated its market growth. The emergence of liquefied natural gas (LNG) technology has enabled the global trade of natural gas, including unconventional sources, expanding market opportunities.
Supportive policies, tax incentives, and regulations promoting the development and use of unconventional gas have significantly influenced market growth. The regulatory changes or restrictions could impact the pace of growth.
Natural gas derived from unconventional sources is finding diverse applications beyond power generation, including transportation, petrochemicals, and industrial use, driving market expansion.
Competitive Landscape
A dominant market share is held by a few major vendors, while numerous manufacturers and smaller firms are investing heavily in research and development to create eco-friendly offerings. Key players are relying on strategies like launching new products and engaging in mergers and acquisitions to maintain their competitive edge.
- GE
- Royal Dutch Shell Plc.
- Chevron Corporation
- BP plc.
- Total S.A.
- ExxonMobil Corporation
- Weatherford International Plc.
- National Oilwell Varco
- Emerson Automation Solutions
- TechnipFMC plc
- Baker Hughes, a GE company (BHGE)
- Schlumberger Limited
- Halliburton
- Others
Key Takeaways from the Market Study
- As of 2022, the unconventional gas market was valued at US$ 178.2 billion.
- In terms of type, the shale gas segment held a prominent share of the global unconventional gas market in 2021.
Unconventional Gas Market: Key Trends and Opportunistic Frontiers
- Ongoing advancements in drilling techniques, including hydraulic fracturing and horizontal drilling, continue to enhance efficiency and extraction rates, unlocking previously inaccessible reserves.
- Advancements in digital technologies, automation, and data analytics play a pivotal role in optimizing operations, reducing costs, and ensuring safety and environmental compliance in unconventional gas extraction.
- Increasing emphasis on reducing environmental impact drives innovations toward more sustainable and eco-friendly extraction methods and technologies, aiming to minimize water usage, methane emissions, and surface disturbance.
- Growing international demand for natural gas, including unconventional sources, fuels global trade expansion, particularly in liquefied natural gas (LNG), creating new market opportunities and supply chains.
- Companies are increasingly focused on demonstrating a commitment to sustainability, not only in production methods but also in the overall lifecycle of unconventional gas, from extraction to consumption. Companies are exploring ways to integrate renewable energy sources and cleaner technologies into their unconventional gas operations.
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Unconventional Gas Market: Regional Analysis
- North America is expected to hold a dominant share of the global unconventional gas market North America stands out as a major consumer of both coalbed methane and shale gas, cementing its pivotal role in shaping the market landscape. The abundance of shale formations, technological advancements, and a favorable regulatory environment have contributed to the growth of this market.
- Europe remains another prominent consumers of unconventional gas. European countries, including the UK, Poland, and Ukraine, have shown interest in exploring their unconventional gas potential, primarily shale gas.
Key Developments in Unconventional Gas Market
- ExxonMobil is known for its vast resources and expertise in unconventional gas, ExxonMobil has been actively involved in shale gas exploration and production in North America, focusing on improving extraction techniques and operational efficiencies.
- Royal Dutch Shell has made significant investments in unconventional gas, particularly in the United States and Argentina, leveraging technology to enhance production and reduce environmental impact. They have also shown interest in exploring new markets for unconventional gas.
- Chevron has been involved in the development of unconventional gas resources, primarily in North America. They have focused on optimizing drilling techniques and increasing operational efficiency to extract maximum value from these reserves.
Unconventional Gas Market – Key Segments
Type
- Shale Gas
- Tight Gas
- Coalbed Methane (CBM)
Application
- Industrial
- Power Generation
- Residential
- Commercial
- Transportation
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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