Growth opportunities in the tight gas market look promising over the next six years. This is mainly due to the favourable government strategies, funds and aids for the gas production and the development of sophisticated technology.
Tight Gas Market Dynamics (including market size, share, trends, forecast, growth, forecast, and industry analysis)
Key Drivers
One of the prominent drivers responsible for the growth of the global tight gas market includes the augmenting demand for million barrels each day. In accordance with the U.S. Energy Information Administration, the demand of the barrels from 2016 Q1 to 2017 Q1 augmented from 1 million in 2016 to more than 2 million in 2017, and the same trend is anticipated in the future, which will change the perspective of the market, thereby fulfilling the market demand. Also, the emergence of low-cost gas supplies from different sources will change over the chauffeurs of natural gas in two ways, one of which is the demand for both electric power and the industrial sector will increase, and the other includes the supply of gas which will unlock an entirely new export sector for North America, promoting the market growth.
Moreover, the prevalence of more than 48 players and production houses in America has strengthened the tight gas market size. Furthermore, government endowment, funds, and favorable policies concerned with gas production in the U.S. have impelled the market growth. The development of modern techniques in the United States will further accelerate market growth. However, the low porousness of these reservoirs slumps their response to all pressures, thus curbing the market growth.
Application Segment Drivers
Based on the application, industrial is projected to expand at a faster CAGR in the market over the forecast period. This is mainly attributed to the swift boost in industries which includes pharmaceuticals and chemicals, and fertilizers. For example, it is used as a raw material to manufacture chemicals, fertilizers, and other commodities. This trend has engendered many opportunities for gas-rich countries to use this resource and extend their industrial output.
Regional Drivers
Based on the regional coverage, North America is predicted to witness a higher CAGR in the market over the forecast period. This is owing to the exploitation of advanced drilling machinery, coupled with the existence of gas reserves across the Niobrara, Permian Basin, Anadarko, and Bakken field. In addition, the prevalence of leading players, including Chevron Corporation, ConocoPhillip, and Exxon Mobil Corporation, has assisted in the market development.
Tight Gas Market’s leading Manufacturers:
- Southwestern Energy Company
- Repsol SA
- PetroChina Company Limited
- ConocoPhillips
- Chevron Corporation
- Sinopec Oilfield Service Corporation
- Equinor ASA.
- Exxon Mobil Corporation
- Royal Dutch Shell PLC
Tight Gas Market Segmentation:
Segmentation by Application
- Residential
- Commercial
- Industrial
- Power Generation
- Transportation
Segmentation by End-User
- Power
- Others
Segmentation by Region:
- North America
- United States of America
- Canada
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- RoW
- Brazil
- South Africa
- Saudi Arabia
- UAE
- Rest of the world (remaining countries of the LAMEA region)
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