LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global shale gas market to grow at a CAGR of more than 5% during the period 2018-2022, according to their latest report.
Supercritical carbon dioxide in shale gas fracking is one of the major trends being witnessed in the market. Hydraulic fracturing injects significant volumes of water, sand, and chemicals into a well to break the rock. Hydraulic fracturing is a well stimulation process, which uses water and chemicals to open the pores of rock formation. This creates a path for crude oil and natural gas to flow into the well. Hydraulic fracturing has been extensively used as it increases the productivity of wells. It fractures rocks using a pressurized liquid. A large amount of freshwater is required to carry out hydraulic fracturing in wells. Shale gas formations require fracking of the sedimentary rock to release natural gas to the well.
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In this report, Technavio analysts highlight the advantages associated with shale gas as a key factor contributing to the growth of the global shale gas market:
Advantages associated with shale gas
The growing economic activity around the world has increased the emission of carbon dioxide. Many countries are decarbonizing their power mix by shifting to renewable energy that has controlled carbon dioxide emissions. Fuels such as natural gas and biomethane are considered as potential alternatives to fossil fuels to reduce the environmental impact of transportation. Natural gas is a clean and affordable alternative to fossil fuels such as diesel, gasoline, and oil. It is used in vehicles in a compressed or liquefied form. Natural gas is a key feedstock for many industries such as the chemical industry. The use of natural gas to generate electricity provides several benefits when compared with conventional heating fuels in the commercial, residential, and the industrial sectors.
According to a senior analyst at Technavio for oil and gas, “Shale gas is one of the cleanest burning fossil fuel because it has the lowest carbon content among all fossil fuels. It burns with lower sulfur emissions, metal compounds, and carbon dioxide. The use of clean fuels such as natural gas is increasing owing to increasing awareness about the environment. The exploration, drilling, and production of shale gas on land reduce the additional operating cost associated with offshore drilling.”
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Global shale gas market segmentation
This market research report segments the global shale gas market into the following end-users (industrial, buildings, and transportation) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the three major end-users, the industrial segment held the largest market share in 2017, accounting for more than 63% of the market. This segment is anticipated to post steady growth during the forecast period.
The Americas was the leading region for the global shale gas market in 2017, accounting for a market share of over 93%. The market share of this region is expected to decrease by almost 6% by 2022. However, the Americas will dominate the market throughout the forecast period.
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