The global tight gas market demand is expected to reach 15,452.3 billion cubic feet (BCF) by 2027, ascending at a CAGR of 5.02% from 2020 to 2027, according to a new report by Grand View Research, Inc. The rise in government policies for clean fuel production, along with the deployment of advanced drilling technologies across several countries, is likely to drive the market over the forecast period.
Tight
gas, a form of natural gas, is regarded as a reliable energy source for power
generation and occupies the second-largest share of energy supply in the global
electricity generation after coal. The share of tight gas is bound to increase
over the coming years in response to the environmental and economic limits of
coal generation, at least in countries where natural gas is a viable
alternative. This heavy end-use application is expected to positively influence
the tight gas industry landscape.
The
tight gas supply chain includes production and processing, gas transmission and
storage, and distribution to large volume customers, residential customers, and
commercial customers. The convergence of multi-stage hydraulic fracturing and
horizontal drilling has enabled the industry participants to produce natural
gas from tight formations in an economic manner. The development of these
advanced techniques is expected to strengthen the upstream segment of the
supply chain.
Stable
regulatory and fiscal policies, adoption of advanced technologies, decreasing
drilling and well completion costs, along with growing investments from
international market players, are among the key factors for sustaining the
competitiveness of the tight gas industry. Moreover, the profitable production
of tight gas depends on the accessible demand markets for it, such as
electricity generation, industrial thermal sector, building thermal sector, and
others.
Full Research Report On Tight Gas Market Visit Here: https://www.grandviewresearch.com/industry-analysis/tight-gas-industry
Tight Gas Market
Report Highlights
- The industrial application
segment accounted for the largest market share in 2019 owing to
utilization of tight gas in various applications in industries such as for
production of fertilizers, chemical plants, iron and steel plants, and in
various other industries
- The power generation
application segment is expected to expand at the fastest growth rate in
the forecast period owing to rise in environmental concerns regarding
coal-based power generation plants, coupled with major countries around
the world switching towards natural gas-based power generation plants
- North America occupied a
dominant market position in 2019, with the U.S. being touted as the major
contributor across the region. Development of advanced drilling
technology, along with the presence of abundant tight gas reserves, is
anticipated to propel the market growth over the forecast period in the
region
- The rest of the world is
expected to witness the fastest growth over the forecast period. Countries
such as China and Argentina are expected to dominate the region over the
forecast period owing to the presence of favorable policies and financial
support from the government for tight gas development
- The transportation
application segment is estimated to expand at a significant CAGR over the
forecast period owing to rise in environmental concerns regarding the
usage of diesel and gasoline fuel, coupled with a rise in the adoption of
compressed natural gas (CNG) fueled vehicles in major countries around the
world.
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Tight Gas Market
Segmentation
Grand View Research has segmented
the global tight gas market on the basis of application and region:
Tight Gas
Application Outlook (Volume, BCF; Revenue, USD Billion, 2016 - 2027)
- Industrial
- Power Generation
- Residential
- Commercial
- Transportation
Tight Gas Regional
Outlook (Volume, BCF; Revenue, USD Billion, 2016 - 2027)
- North America
- The U.S.
- Canada
- RoW
- China
- Argentina
- Australia
List of Key Players
of Tight Gas Market
- Chevron Corporation
- Royal Dutch Shell PLC
- ConocoPhillips
- Exxon Mobil Corporation
- PetroChina Company Limited
- Equinor ASA.
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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