IMARC Group has recently released a new research study titled “Unconventional Gas Market by Type (Shale Gas, Tight Gas, Coal Bed Methane (CBM), and Others), Application (Industrial, Power Generation, Residential, Commercial, Transportation), and Region 2024-2032”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends and competitive landscape to understand the current and future market scenarios.
The global unconventional gas market size reached US$ 204.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 370.0 Billion by 2032, exhibiting a growth rate (CAGR) of 6.6% during 2024-2032.
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Factors Affecting the Growth of the Unconventional Gas Industry:
- Government Policies and Incentives:
Government policies and incentives are crucial drivers of the unconventional gas market. Many governments, recognizing the strategic importance of energy independence and the economic benefits of domestic energy production, have implemented policies to support the development of unconventional gas resources. These policies often include tax incentives, subsidies, and regulatory frameworks that encourage exploration and production.
Additionally, governments are actively promoting the development of their unconventional gas resources as part of their broader energy strategies. These policies not only make unconventional gas projects more economically viable but also attract investment from both domestic and international companies. Furthermore, governments are increasingly focusing on environmental regulations that favor natural gas over more carbon-intensive fuels like coal.
- Rising Energy Demand:
The rising global demand for energy is a primary driver of growth in the unconventional gas market. As populations grow and economies expand, the need for reliable and affordable energy sources is becoming more critical. Unconventional gas, with its abundant reserves, has emerged as a key component of the global energy mix, providing a stable supply to meet this increasing demand.
In emerging economies, where rapid industrialization and urbanization are fueling energy consumption, unconventional gas is seen as a strategic resource to ensure energy security and support economic development. Additionally, the growing demand for electricity, driven by the proliferation of electronic devices and the push towards electrification in various sectors, further boosts the need for natural gas as a fuel for power generation.
- Technological Advancements:
The growth of the unconventional gas market is heavily driven by significant technological advancements, particularly in hydraulic fracturing (fracking) and horizontal drilling. These technologies have revolutionized the extraction process, making it possible to tap into vast reserves of unconventional gas that were previously inaccessible or uneconomical to develop.
Hydraulic fracturing involves injecting high-pressure fluid into rock formations to create fractures, allowing gas to flow more freely. This method, combined with horizontal drilling, which enables drilling wells that extend horizontally through gas-rich formations, has drastically increased the efficiency of gas extraction. These innovations have not only reduced the cost of production but also enhanced the rate of recovery, making unconventional gas a more attractive investment for energy companies.
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Unconventional Gas Market Report Segmentation:
By Type:
- Shale Gas
- Tight Gas
- Coal Bed Methane (CBM)
- Others
Shale gas holds the majority of the market share due to its abundant reserves, advanced extraction technologies, and significant production levels.
By Application:
- Industrial
- Power Generation
- Residential
- Commercial
- Transportation
Power generation represented the largest segment due to its lower emissions compared to coal and its ability to provide a reliable energy supply.
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America’s dominance in the market is attributed to its vast shale gas reserves, supportive government policies, and the region’s leading role in the global natural gas industry.
Global Unconventional Gas Market Trends:
The heightened energy security concerns, prompting countries to look for unconventional gas to reduce dependence on imported energy, are driving the market growth. Additionally, the implementation of stricter environmental regulations, driving the shift from coal to cleaner energy sources like natural gas, including unconventional gas, which has a lower carbon footprint, is boosting the market growth. Furthermore, the development of unconventional gas resources, which contributes to economic growth through job creation, infrastructure development, and increased tax revenues, is catalyzing the market growth. Besides this, the expansion and modernization of pipelines, storage facilities, and processing plants, which have facilitated the efficient transportation and distribution of unconventional gas, is catalyzing the market growth.
Top Companies Operated in Unconventional Gas Industry:
- Chevron Corporation
- Emerson Electric Co.
- Equinor ASA
- ExxonMobil Corporation
- Oil and Natural Gas Corporation Limited
- Schlumberger Limited
- Shell plc
Key Highlights of the Report:
- Market Performance (2018–2023)
- Market Outlook (2024–2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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