Albany, NY -- (SBWIRE) -- 05/04/2016 -- According to a recent market study published by Transparency Market Research, the global shale gas market will rise at a CAGR of 7.9% from 2013 to 2019. The report projects shale gas production to rise from 10,138.2 bcf (billion cubic feet) in 2012 to 17,201.6 bcf by 2019. The complete analysis of the market's progression is explained in the report, titled "Global Shale Gas Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019."
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Shale gas refers to natural gas confined inside shale crevices. Shale is a sedimentary rock that is composed of calcite and quartz while oil shale holds kerogen, from which shale oil can be derived. Since the start of the 20th century, shale gas has emerged as a vital source of natural gas in the U.S. and the country is exhibiting an interest in shale gas reserves in other parts of the world.
The report states the various reasons for the expeditious growth of the shale gas market over the past few years. First and foremost, increasing foreign investments for the exploration of shale gas reserves and regulatory support for shale gas exploration undertakings are supporting the growth of this market. Shale gas extracted by means of horizontal drilling and hydraulic fracturing finds application in several industries such as power generation and industrial, residential, and commercial transportation.
Shale gas is extensively used in industrial applications and power generation. In 2012, industrial applications held a share of more than 30% in the global market; the application segment is expected to hold a share close to 33-35% by 2019 in the overall market. Power generation also accounts for a major share in the overall shale gas market. However, the segment is expected to display diminished growth until the end of the forecast period. The residential application segment will exhibit an increased market share by 2019 as the use of environmentally sustainable energy sources is on the rise. The commercial sector is also expected to display an increased share in the global shale gas market by 2019. Due to soaring crude oil prices, the use of CNG in transportation is steadily rising, thereby bolstering the growth of the shale gas market.
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Region-wise, the report segments the global shale gas market into North America and Asia Pacific. In 2012, North America stood as the only shale gas producing region; the U.S. and Canada were the only two countries that catered to the demand for commercial shale gas production until recently. Many of the shale gas reserves in other parts of the world have been unutilized, holding tremendous potential to meet the energy demand in the coming years. According to the U.S. Energy Information Administration (EIA), a total of 7,299.0 tcf (trillion cubic feet) of recoverable shale gas is available in reserves around the world.
China is expected to emerge as one of the rapidly expanding markets for shale gas. On the other hand, the shale gas market in Europe will display slow growth until 2019 due to public opposition and environmental issues.
The global shale gas market is segmented as follows:
Shale Gas Market: Technology Analysis
Water Usage Issue
Shale Gas Market: Application Analysis
Shale Gas Market: Regional Analysis
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