Albany NY, United States, May 30, 2022 (GLOBE NEWSWIRE) -- Analysts at TMR project the unconventional gas market to expand at a CAGR of 8.6% for the forecast period from 2022 to 2031. Need to complement conventional gas resources for the exploding demand in industrial, commercial, and residential sectors is fueling the growth of unconventional gas market. Unconventional gas is used in power generation for a clean burning fuel, energy source in the residential sector, and for space heating, cooling, and water heating in the commercial sector.
Growing preference for unconventional gas extraction methods in a bid for affordable alternatives and lower carbon emissions is gaining ground in the unconventional gas market.
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Increasing public-private partnership for unconventional gas exploration is another key factor fueling the growth of unconventional gas market. For instance, the U.S. government is promoting investments for unconventional gas exploration undertaken via public-private partnerships. Unconventional gas can be used to produce intermediate distillates such as jet fuel, kerosene, and diesel fuel that have substantial applications.
Presence of several regulatory bodies around the world govern exploration and associated activities of unconventional gas in the interest of preserving the environment. For example, the National Oil Spill Detection and Response Agency is responsible for timely, effective, and appropriate response to oil spills, and to ensure clean up and remediation of all impacted sites to the best possible extent.
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Unconventional Gas Market – Key Findings of the Report
- Need to mitigate air and water pollution associated with unconventional gas extraction requires collaboration between oil & gas industries and governments. This is to introduce innovative technologies and formulate policies to minimize environmental damage associated with extraction of unconventional gas
- Recent discovery of new natural gas reserves in the U.S., Argentina, China, and Canada is anticipated to create significant opportunities in the global market for unconventional gas.
- Growing competition among unconventional gas manufacturers to produce low or zero carbon emission fuel is anticipated to stimulate the unconventional gas market
- Growth prospects of unconventional gas market receives stimulus from increasing shale gas exploration activities that is attracting several countries to monitor the utilization of their unconventional gas resources. Initiatives for utilization of shale gas is gathering attention due to its low carbon and cleaner environmental footprint than other fossil fuels.
- Shale gas segment held the leading share of 54.3% of unconventional gas market in 2021. The segment is projected to expand at a significant growth rate during the forecast period.
- Industrial application segment held the leading more than 34% share of unconventional gas market in 2017.
- North America led the unconventional gas market in 2017. High volume of shale gas production in the U.S. which constitutes 47% of gas production and is estimated to increase to 50% by 2030 accounts for large share of North America in unconventional gas market.
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Unconventional Gas Market – Growth Drivers
- Increasing demand for shale gas due to its low carbon footprint and properties of cleaner burning fuel than other fossil fuels underscores growth in unconventional gas market
- Rising investments for exploration and production of offshore oil and gas creates growth opportunities in unconventional gas market
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Unconventional Gas Market – Key Players
Some of the key players operating in the unconventional gas market are;
- Baker Hughes
- Royal Dutch Shell plc
- ExxonMobil Corporation
- Halliburton Inc.
- National Oilwell Varco
- Emerson Automation Solutions
- Schlumberger Limited
- Chevron Corporation
- Total S.A.
- Weatherford International Plc.
- BP plc
- Technip FMC plc.
The unconventional gas market is segmented as follows;
Global Unconventional Gas Market, by Type
- Shale Gas
- Tight Gas
- Coalbed Methane
Global Unconventional Gas Market, by Application
- Industrial
- Power Generation
- Residential
- Commercial
- Transportation
Global Unconventional Gas Market, by Region
- North America
- U.S.
- Canada
- Europe
- Germany
- Russia
- U.K.
- Rest of Europe
- Asia Pacific
- China
- Australia
- Rest of Asia Pacific
- Rest of the World
- Argentina
- Others
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