IMARC Group, a leading market research company, has recently releases report titled “Unconventional Gas Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global unconventional gas market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Unconventional Gas Market?
The global unconventional gas market size reached US$ 190.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 292.0 Billion by 2028, exhibiting a growth rate (CAGR) of 7.2% during 2023-2028.
What is unconventional gas?
Unconventional gas refers to natural gas resources that are extracted from reservoirs with distinctive geological characteristics, setting them apart from conventional gas reservoirs. Unlike conventional gas, which is typically found in permeable rock formations with high porosity, unconventional gas is trapped in low-permeability rocks, such as shale, coal, or tight sandstone. The key defining characteristic of unconventional gas is its limited ability to flow freely through these reservoirs, requiring specialized extraction techniques to access the trapped gas. They often require hydraulic fracturing, or “fracking,” which involves injecting high-pressure fluids into the rock to create fractures and release the gas.
This process is known for its controversial environmental implications, including concerns about water contamination and seismic activity. Moreover, unconventional gas plays a pivotal role in diversifying energy sources and reducing dependence on traditional fossil fuels.
What are the growth prospects and trends in the unconventional gas industry?
The surge in energy demand worldwide is a primary driver for the growth of the unconventional gas market. Additionally, the quest for energy security and the desire to reduce dependence on imported energy are pushing to explore domestic unconventional gas resources. The environmental concerns associated with conventional fossil fuels are also leading to increased interest in unconventional gas, which is a cleaner alternative. Moreover, supportive government policies and incentives aimed at boosting domestic energy production are playing a crucial role in the market expansion.
The development of infrastructure for the transport and processing of unconventional gas, along with partnerships between energy companies and technology providers, is facilitating market growth. The exploration of untapped reserves in various regions is opening new opportunities for market players, contributing to the global expansion of the unconventional gas market.
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Who are the key players operating in the industry?
The report covers the major market players including:
- Chevron Corporation
- Emerson Electric Co.
- Equinor ASA
- ExxonMobil Corporation
- Oil and Natural Gas Corporation Limited
- Schlumberger Limited
- Shell plc
What is included in market segmentation?
The report has segmented the market into the following categories:
- Shale Gas
- Tight Gas
- Coal Bed Methane (CBM)
- Power Generation
Breakup by Region:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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