New York, April 03, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Shale Gas Global Market Report 2023" - https://www.reportlinker.com/p06247580/?utm_source=GNW
The global shale gas market grew from $68.98 billion in 2022 to $77.88 billion in 2023 at a compound annual growth rate (CAGR) of 12.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The shale gas market is expected to grow to $126.98 billion in 2027 at a CAGR of 13.0%.
The shale gas market consists of sales of shale gas extracted through hydraulic fracturing and vertical drilling.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Shale gas is a natural gas trapped within the shales.Shales are fine-grained sedimentary rocks.
Shale gases are used for generating electricity and domestic heating and cooking.
Asia-Pacific was the largest region in the shale gas market in 2022.North America was the second-largest region in the shale gas market.
The regions covered in the shale gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of technologies used to extract shale gas are exploration and drilling and fracturing fluid. Shale gas has its applications in power generation, industrial, residential, commercial and transportation sectors.
The rapid pace of advancements in 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 innovations 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.A 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, is a Canada-based company that specializes in gas production packages using modularized processing plants.
SIIRTEC NIGI, an Italy-based engineering and contracting company, utilizes the 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 a 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 countries covered in the shale gas market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The shale gas market research report is one of a series of new reports that provides shale gas market statistics, including shale gas industry global market size, regional shares, competitors with a shale gas market share, detailed shale gas market segments, market trends and opportunities, and any further data you may need to thrive in the shale gas industry. This shale gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
Read the full report: https://www.reportlinker.com/p06247580/?utm_source=GNW
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