Shale gas is a natural gas that is found trapped in shale formations. Shale gas has become an increasingly prominent source of natural gas in the world. The combination of horizontal drilling and hydraulic fracturing has majorly enabled access to vast capacities of shale gas that were before uneconomical to produce. The Shale Gas Market is anticipated to grow at the rate of 8.5% CAGR by 2027. The advantages associated with shale gas, including lesser natural gas prices, a cleaner environmental footprint than some other fossil fuels, which include coal, fuel oil or natural gas, intensified energy security & the availability of energy fuels, and local economic development are significant factors which are primarily driving the growth of the global shale gas market.
The rising awareness about the environment elevates the utilization of clean fuels, including natural gas, which is surging demand for shale gas. However, the production of shale gas can be economically not feasible at times and negatively impact the environment, which are the key factors limiting the shale gas market growth.
Based on technology, the shale gas market is divided into exploration & drilling and fracturing fluid. The fracturing fluid segment is projected to witness a higher CAGR rate over the forecasted period. The segment’s growth is ascribed to the rising popularity of fracturing technology because of its outstanding cost-efficiency and great hydrocarbon recovery technique for extraction. In addition, the adoption of hydraulic fracturing with horizontal drilling for piercing ultra-hard shale deep underground reserves and the use of watery fluids such as gel, brines, water, and acid as the base fluid in the abstraction of shale gas is further enhancing the growth of the market.
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As per the market-based application, the shale gas market is categorized into power generation, industrial, residential, commercial, and transportation. The power generation segment is likely to hold the highest share in the shale gas market. The highest share is credited to the rising use of natural gas in power generation, coupled with the lower price and minimum carbon emission of shale gas. The rising demand for power among industrial verticals and the rising inclination towards cleaner combustion quality of shale gas when compared to other fossil fuels further augment the market growth over the forecast period.
In terms of geographical analysis, the regions are divided accordingly, such as North America, Europe, Asia Pacific, and the rest of the world. Among them, North America is expected to hold a substantial market share. This is majorly due to the enormous of technically regained shale reserves, along with the active commercial production of shale in the region are the key factors.