New York, March 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Shale Gas Global Market Report 2022" - https://www.reportlinker.com/p06247580/?utm_source=GNW
The global shale gas market is expected to grow from $61.51 billion in 2021 to $68.61 billion in 2022 at a compound annual growth rate (CAGR) of 11.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $111.65 billion in 2026 at a CAGR of 12.9%.
The shale gas market consists of sales of shale gas by entities (organizations, sole traders and partnerships) that carry out the exploration, development and production of shale gas by using pumping technologies and systems. Shale gas is trapped within shale formations.
The main types of technologies used to extract shale gas are exploration and drilling and fracturing fluid.Fracturing fluids are typically water-based fluids with a small portion of additives or chemicals that are used to treat the geological formation in order to accelerate the flow of oil or natural gas.
The various types of wells used for the extraction of shale gas are horizontal and directional and vertical wells. Shale gas has its applications in power generation, industrial, residential, commercial and transportation sectors.
The rapid pace of advancements in the shale gas exploration and drilling technologies is boosting production volumes and reducing production costs and thereby contributing to the growth of the market.Technological advances are allowing companies to enhance shale gas recovery rates and considerably reduce production costs.
For instance, 3D seismic technology is being used to optimize exploration and drilling processes to enhance natural gas production levels and cut down costs associated with exploration, drilling and refining.Other areas of rapid technological advances in the crude oil and gas market include hydraulic fracturing and horizontal drilling.
Thus, advancements and innovation in exploration and drilling technologies are expected to drive the shale gas market.
Modular production systems in the gas industry are becoming popular as it’s cost effective, can extract gas within a short period and profitable than conventional methods.Modular system is an integrated field facility with prefabricated equipment, piping, instrumentation and others installed between the well and the pipeline for gas processing applications.
This system helps in shortening the project timeline, providing cost-effective fabrication, better quality and improved safety.For instance, PROPAK, a Canada-based company specializes in gas production packages using modularized processing plants.
SIIRTEC NIGI, an Italy based engineering and contracting company, utilizes design and supply of skid-mounted and modular packages for gas processing, sulphur recovery and others. Honeywell UOP, a company creating modular systems for shale gas retrieval states that modular systems can be ready for startup in around 10 months whereas conventional stick-built, permanent wells, require 21 months to be startup-ready.
In October 2020, Noble Energy, Inc., an oil and natural gas exploration and production firm, was acquired by Chevron Corporation for a disclosed amount. The Noble Energy, Inc. acquisition would provide Chevron Corporation with low-cost, proven reserves and desirable undeveloped oil and natural gas resources. Furthermore, it will improve the role of Chevron in the Eastern Mediterranean region and the U.S.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The countries covered in the shale gas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.
Read the full report: https://www.reportlinker.com/p06247580/?utm_source=GNW
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