The income of the worldwide tight gas market is estimated to be about USD 59.3 billion by 2020. It is predicted to increase at about 3.4 percent CAGR during 2014 to 2020. The mentioned period marks the forecast phase. Tight gas plays a vital function in the delivery of natural gas in North America, mainly in the United States. China is projected to rise as a dominating region for the tight gas market.
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This is with regard to comprehensive drilling tight gas withdrawal operations in the country. Reducing resources of conventional natural gas around the world has encouraged the industry to develop alternative reserves. This has also caused further demand for the tight gas market. Moreover, governmental initiatives in the form of tax holidays and fiscal incentives are also anticipated to drive the market through the forecast period.
Governmental proposals to boost tight gas manufacture and China’s supportive authoritarian scene are projected to steer the sales of the tight gas market. Conversely, high expenditures in the completion and drilling of tight gas resources and rising environmental apprehensions owing to hydraulic fracturing are anticipated to be an important obstacle for the market in the future.
With an aim to ramp up tight gas manufacture, the government of China has been enthusiastically spending in infrastructural building. This factor is estimated to be vital for the further development of the tight gas market in the coming six years. Moreover, escalating drilling operations in Oman and Argentina have also been aiding the production of the worldwide market.
The tight gas market has been fragmented, taking into consideration two categories. These include applications and geographical regions. The applications market is divided further into industrial, power production, commercial, residential and transportation.
Rising demand for tight gas across these sectors is also predicted to drive increased demand for the tight gas market. The geographical regions market is segmented into four. It encompasses Europe, rest of the world, North America and Asia Pacific.
The applications tight gas market was dominated by power production in 2013. Power production captured near about 33 percent of the total tight gas generated across the world. It was the biggest sector and is also likely to develop the swiftest. Power production is predicted to increase at about 6 percent CAGR during the forecast period from 2014 to 2020.
North America leaded the tight gas market in 2013. Both Canada and United States jointly occupied in excess of 75 percent of the total tight gas generated. The United States leaded the tight gas market in North America in 2013. The nation collected an income of about 26 billion in 2013. It is likely to grow at around 3 percent CAGR during 2014 to 2020.
However, governmental aid to boost the manufacture of tight gas in China is estimated to turn Asia Pacific into the most rapidly expanding tight gas market. Asia Pacific is projected to rise at around 13.5 percent CAGR during 2014 to 2020.
Absence of drilling establishments in Western Europe and Australia to meet the economies of scale has been hindering the pace of tight gas generation.
Information Source: Grand View Research