According to the latest report by IMARC Group, 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 2023-2028,” the global unconventional gas market size reached US$ 190.3 Billion in 2022. Unconventional gas refers to natural gas, such as shale gas, tight gas, and coalbed methane, obtained from unconventional sources. Shale gas is extracted from shale rock, while tight gas is found in low-permeability sandstone or limestone rock formations. On the other hand, coalbed methane is produced during the coal formation process and stored within coal seams. Unlike conventional natural gas, which can be easily extracted using traditional drilling methods, these gases require specialized techniques, such as hydraulic fracturing or "fracking", that involve injecting water, sand, and chemicals into the rock formations at high pressure to release the gas. They are a cleaner, more secure, and economically viable alternative to traditional fossil fuels. As a result, these gases are used for power generation in residential, commercial, and industrial sectors.
Global Unconventional Gas Market Trends:
The exponentially rising demand for power generation to meet the expanding energy needs across the globe is the key factor driving the unconventional gas market growth. In line with this, escalating environmental concerns among consumers, in confluence with the depletion of fossil fuels and their rising prices, are strengthening the market growth. Moreover, the implementation of several government policies and regulations promoting the use of unconventional gas as a substitute for fossil fuels and their widespread adoption in various end-use sectors to meet sustainability goals is presenting remunerative growth opportunities for the market. In addition to this, innovative technological advancements in drilling techniques, the discovery of new natural gas reserves, increased economic activity, and a shift away from traditional forms of energy are creating a positive outlook for the market. Furthermore, increasing collaborations among leading market players to spearhead numerous unconventional gas exploration projects and burgeoning investments in various research and development (R&D) activities focused on the easier extraction and low-cost production of unconventional gas are aiding in market expansion. Looking forward, the market value is projected to reach US$ 292.0 Billion by 2028, expanding at a CAGR of 7.2% during 2023-2028.
- On the basis of the type, the market has been segregated into shale gas, tight gas, coal bed methane (CBM), and others. Among these, shale gas is the largest market segment.
- Based on application, the market is categorized into industrial, power generation, residential, commercial, and transportation. Currently, power generation holds the largest share.
- On the basis of the region, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Currently, North America represents the biggest market for unconventional gas.
- The competitive landscape of the market has also been examined, with some of the key players being Chevron Corporation, Emerson Electric Co., Equinor ASA, ExxonMobil Corporation, Oil and Natural Gas Corporation Limited, Schlumberger Limited, Shell plc, etc.
|Base Year of the Analysis
||Shale Gas, Tight Gas, Coal Bed Methane (CBM),Others
||Industrial, Power Generation, Residential, Commercial, Transportation
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Chevron Corporation, Emerson Electric Co., Equinor ASA, ExxonMobil Corporation, Oil and Natural Gas Corporation Limited, Schlumberger Limited, Shell plc, etc.
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