Unconventional Gas Market to Reach $374.3 Billion by 2031

Author: Ghansham Shendge

Transparency Market Research Inc., a global market research and management consulting company, published a report on, " Unconventional Gas Market (Type: Shale Gas, Tight Gas, and Coalbed Methane [CBM]) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2022-2031". According to the report, the Unconventional Gas Market size is estimated to grow by USD 374.3 billion by 2031 from USD 178.3 billion in 2023 and is projected to witness a CAGR of 8.6% during the period 2022-2031.

The global unconventional gas market is being propelled by the increased adoption of unconventional gases across various sectors including industrial, power generation, residential, commercial, and transportation industries.

Increasing emphasis on reducing environmental impact drives innovations toward more sustainable and eco-friendly extraction methods and technologies, aiming to minimize water usage, methane emissions, and surface disturbance.

Top Key Players –

  • GE
  • Royal Dutch Shell Plc.
  • Chevron Corporation
  • BP plc.
  • Total S.A.
  • ExxonMobil Corporation
  • Weatherford International Plc.
  • National Oilwell Varco
  • Emerson Automation Solutions
  • TechnipFMC plc
  • Baker Hughes, a GE company (BHGE)
  • Schlumberger Limited
  • Halliburton
  • Others

Rising global energy demands have pushed the exploration and extraction of unconventional gas, such as shale gas and tight gas, as they offer an additional supply to meet these needs. Unconventional gas sources often become economically viable due to fluctuating conventional gas prices. When conventional gas prices rise, unconventional sources become more competitive.

Market Segmentation

Significant investments in infrastructure, pipelines, and facilities for the processing and distribution of unconventional gas have facilitated its market growth. The emergence of liquefied natural gas (LNG) technology has enabled the global trade of natural gas, including unconventional sources, expanding market opportunities.

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Unconventional Gas Market: Regional Analysis

  • North America is expected to hold a dominant share of the global unconventional gas market North America stands out as a major consumer of both coalbed methane and shale gas, cementing its pivotal role in shaping the market landscape. The abundance of shale formations, technological advancements, and a favorable regulatory environment have contributed to the growth of this market.
  • Europe remains another prominent consumers of unconventional gas. European countries, including the UK, Poland, and Ukraine, have shown interest in exploring their unconventional gas potential, primarily shale gas.

Supportive policies, tax incentives, and regulations promoting the development and use of unconventional gas have significantly influenced market growth. The regulatory changes or restrictions could impact the pace of growth.

Natural gas derived from unconventional sources is finding diverse applications beyond power generation, including transportation, petrochemicals, and industrial use, driving market expansion.