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The Global Unconventional Gas Market Was Valued At US$ XX Bn In 2019, And Expanding At A CAGR Of 20.2% Over The Forecast Period
The global unconventional gas market is majorly driven by environmental degradation and reduction of conventional fossil fuels across the globe. Unconventional gas such as natural gas which requires advanced production methods. The surge in extraction technologies is another major factor projected to drive the global unconventional gas market. The surge in demand for natural gas in numerous industries is one of the prominent factors for market growth in years to come.
The use of natural gas as a clean energy source owing to less carbon emission compared to coal coupled with the competitive price of unconventional gas are some other major factors projected to drive the global market during the forecast period. The global gas consumption has increased from 1.5% in 2010-2017 to 3.7% in 2018, which is further projected to enhance the global unconventional gas market growth in years to come.
Moreover, the global unconventional gas production was estimated at around 900 bcm in 2019 and estimated to expand at a growth rate of nearly 5% annually. The increased demand from emerging economies (such as China, India, Brazil, and others) coupled with growing government investments to fulfill the gas demand worldwide are some other major growth factors projected to drive the global unconventional gas market throughout the forecast period.
Shale Gas accounted for the largest share of XX% in the Global Unconventional Gas Market in 2019.
Based on type the global unconventional gas market was segmented into shale gas, tight gas, CBM and others (Gas Hydrate, Synthetic Natural Gas, etc.). The shale gas segment had a major share in the global market owing to increased production of shale gas and growing use of shale gas in numerous industries such as power generation, residential, commercial, transportation, industrial and others. The global shale gas production was stood at nearly 600.3 bcm in 2019. The low price of shale gas in some regions is another major factor for the segment growth during the forecast period. The substantial surge in the number of shale gas reserves is one of the prominent factors estimated to enhance the segment growth in years to come.
In addition, proved profusion for shale gas resources across the world coupled with improved supply and distribution infrastructure are some other factors anticipated to drive the segment growth in years to come. Therefore, the shale gas segment is presumed to continue its dominant position in the global unconventional gas market throughout the forecast period. However, usage issues along with water contamination are projected to hinder the segment growth during the forecast period.
Growth prospects of Unconventional Gas are high in Asia Pacific
Asia Pacific is estimated to expand at a rapid pace over the forecast period. The growing need for unconventional gas resources in Asia Pacific coupled with growing shale gas production in China are the major factors for regional growth during the forecast period. The shale gas production rose in China rose by more than 75% in 2016 to reach 7.9 bcm. Rising government investments for shale gas production in the region is another major factor for the regional growth in years to come. According to the Chinese Land and Resources Ministry, in 2016, over US$ 1.3 Bn had spent for shale gas production.
In 2019, North America dominated the global unconventional gas market owing to the major share in the production of shale gas. In 2019, the U.S. had a major share in the North America unconventional gas market. According to the United States geological survey, 20 Bn barrels of natural gas and nearly 280 Tn cubic feet of gas are trap in low permeability rock. The presence of major market players such as Chevron Corporation, ConocoPhillips and others in the country is another major factor for the dominant position in the global unconventional gas market.
The Global Unconventional Gas Market is consolidated with key players holding major share. Key Players operating in the market are Total SA, Royal Dutch Shell Plc, Arrow Energy, Exxon Mobil Corporation, ConcoPhillips, Chevron Corporation, PetroChina Company Limited, SINOPEC/Shs, China National Petroleum Corporation (CNPC), BG Group Plc, Pioneer Natural Resources, Weatherford International Plc, National Oilwell Varco, Emerson Automation Solutions, TechnipFMC Plc, Baker Hughes (GE Company), Schlumberger Limited, and Halliburton. The market players are doing strategic collaborations coupled with mergers & acquisitions to increase their market share as well as to enhance their geographic presence.
- Shale Gas
- Tight Gas
- Others (Gas Hydrate, Synthetic Natural Gas, etc.)
By End Use Type:
- North America
- Latin America
- Asia Pacific
- Middle East and Africa