A new Transparency Market Research report states that the unconventional gas market stood at $93.9 bn in 2012 and is predicted to reach $126.9 bn by 2019. It is predicted to expand at a CAGR of 4.70% from 2013 to 2019. The title of the report is “Unconventional Gas Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019”.As per the report, the market for unconventional gas is fuelled by the rising focus on reducing dependence on conventional sources of gas. In addition, the supportive regulations to raise the unconventional gases’ production have also created a positive impact on the market. Furthermore, the increasing foreign investments by Asian companies is also boosting the market for unconventional gas. The presence of a large number of reserves globally is a prime opportunity in the market for unconventional gas. On the other hand, the increasing contamination and utilization of water in the process of production and the soaring cost of production in comparison to the production done using conventional gas are amongst the chief factors that may restrain the growth of the market in the coming years.
On the basis of type of unconventional gas, the market is segmented into tight gas, shale gas, and coal bed methane (CBM). Amongst these, the tight gas segment emerged as the largest segment and constituted a share of over 44% in the market in 2012. On the other hand, the segment of shale gas is the most swiftly growing segment and is predicted to expand at a 7.0% CAGR between 2013 and 2019. This segment is predicted to represent a share of 47% in the market by 2019. This is owing the technological advancement along with the presence of a number of shale gas reserves that are technically recoverable. On the other hand, the segment of CBM will also grow exponentially and is predicted to exceed a production of 4,256.8 bn cubic feet by the end of 2019.
On the basis of application, the market is segmented into power generation, industrial, residential, commercial, and transportation. Amongst these, shale gas is industrially utilized extensively within Canada and accounted for approximately 318 bn cubic feet by 2012. On the other hand, residential applications are predicted to constitute a share of more than 18% in the market by 2019. The transportation segment is anticipated to be the most swiftly developing segment and is predicted to expand at a 5.80% CAGR between 2013 and 2019.
Geographically, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). Amongst these, within North America, the U.S. is the largest unconventional gas producer owing to technological development and the presence of huge reserves. On the other hand, Asia Pacific is predicted to be the most rapidly growing shale gas market and is expected to rise at a whopping CAGR of 69.60% between 2015 and 2019. In Europe, the unconventional gas production was more than 750 bn cubic feet in 2012 but is anticipated to expand at a slow rate in the forthcoming years.As stated in the report, the key players dominant in the market are Arrow Energy, Anadarko, BG Group, BHP Billiton, BP, Devon Energy, Chesapeake Energy, ExxonMobil, Total, and Shell, among others.
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