Albany, NY, Nov. 6, 2014 (GLOBE NEWSWIRE) -- According to the report titled 'Global Shale Gas Market - Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019', the global shale gas market will grow at a 7.9% CAGR during the forecast period of 2013 to 2019.
The worldwide market for shale gas can be segmented on the basis of technology, application, and geography. The major technologies involved in the production of shale gas are hydraulic fracturing, horizontal drilling, and water usage issue. Shale gas finds applications in numerous operational areas such as residential, industrial, commercial, power generation, and transportation. Geographically, the global shale gas market can be divided into North America (Canada and the U.S.) and Asia-Pacific (China).
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The North American shale gas market is the most successful regional segment, with the U.S. dominating the global shale gas industry in terms of revenue and production. Shale gas can be applied in multiple industries, as a result of which there has been increased demand for the same in Canada and the U.S. Petrochemical producers across the globe have benefitted from the rapid exploration and development of shale gas as well as growing availability of technically recoverable reserves in the North American region. In addition to this, use of advanced shale gas technologies such as horizontal drilling and hydraulic fracturing, and soaring gas prices have led to increased efforts of switching to unconventional sources of energy such as shale gas in North America. On the other hand, surface water contamination and high cost of production are expected to hamper the growth of the regional as well as global shale gas market.
Europe has a considerable reserve of shale gas, which gives it an opportunity for substantial growth. However, stringent regulations and public opposition has stalled the switch from conventional to unconventional gases. In Eastern Europe and Eurasia only 16.5% unconventional gas resources such as shale gas were being utilized while nearly 60% was accounted for by conventional gas resources.
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There has been increasing number of investments from Asian companies in the shale gas market, and their collaboration with large foreign industry leaders is projected to fuel the growth of the sector. The success of shale gas in North America has inspired countries such as China to invest in it, leading to rising import of technology and gas from the region. Other emerging shale gas markets include Argentina, Mexico, and Algeria.
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The global shale gas market has numerous small and big companies operating in the industry. Some of the leading shale gas market players include BHP Billiton Limited, Devon Energy Corporation, Cabot Oil and Gas, Statoil ASA, Chesapeake Energy Corporation, ConocoPhillips, Royal Dutch Shell plc, and Anadarko Petroleum Corporation.
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