Global Unconventional Gas Market 2020-2024 | Technology Development in Hydraulic Fracturing Process to Boost the Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 26, 2019--
The global unconventional gas market is expected to grow by USD 41.76 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global unconventional gas market 2020-2024 (Graphic: Business Wire)
Unconventional energy sources have received substantial impetus in the past decade, mainly due to the continuously depleting conventional resources including natural gas and crude oil. Also, unconventional resources are abundant across many economies including the US, Canada, China, and Argentina. Furthermore, these economies are offering subsidies for the domestic production of unconventional gases. Thus, the abundance of unconventional gas resources is likely to remain intact even with increased production, in turn, boosting the unconventional gas production output at a substantial rate during the forecast period.
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As per Technavio, technology development in the hydraulic fracturing process will have a positive impact on market growth over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Unconventional Gas Market: Technology Development in Hydraulic Fracturing Process
Technological developments in the hydraulic fracturing process are supporting the exploration and production of oil and gas from shale plays. Hydraulic fracturing has been incorporating sensors and software for monitoring the water quality and the condition of equipment for improving the efficiency of the hydraulic fracturing process. Also, the integration of the Internet of Things (IoT) for data acquisition, as well as the use of data analytics and machine learning is further expected to support the efficiency of the tools used in the hydraulic fracturing process. Thus, technological improvements are leading to an increase in the recovery output of gas from unconventional reserves, in turn, contributing to the growth of the global unconventional gas market during the forecast period.
“Innovation at frac sites to reduce wastage, commoditization of LNG, growing demand for natural gas, and rising investments in E&P activities of unconventional gas are other factors expected to boost the unconventional gas market growth during the forecast period, ” says a senior analyst at Technavio.
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Unconventional Gas Market: Segmentation Analysis
This market research report segments the unconventional gas market by type (shale gas, tight gas, and coalbed methane) and end-users (power generation, residential and commercial, industrial, and others) and geography (APAC, EMEA, and the Americas).
America led the market in 2019, followed by APAC and EMEA, respectively, due to the increased unconventional gas production output in the US, Canada, and Argentina. High exploration and production activities in unconventional sources of natural gas such as shale gas in the region are responsible for increase in the overall production of natural gas in the Americas. Furthermore, supporting initiatives from the governments in economies including Argentina for oil and gas production are expected to boost the unconventional gas market growth in Americas during the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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SOURCE: Technavio Research
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PUB: 11/26/2019 01:30 PM/DISC: 11/26/2019 01:30 PM