Albany, New York, USA (PRWEB) November 28, 2013
According to a new market report published by Transparency Market Research "Unconventional Gas (Shale Gas, Tight Gas and Coal Bed Methane) Market for Industrial, Power Generation, Residential, Commercial and Transportation Applications - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," global unconventional gas market was valued at USD 93.95 billion in 2012 and is expected to reach USD 126.93 billion by 2019, growing at a CAGR of 4.7% from 2013 to 2019. In terms of volume, global production was 23.48 trillion cubic feet (tcf) in 2012 and is expected to reach 34.12 tcf by 2019, growing at a CAGR of 5.8% from 2013 to 2019.
Browse the Full Report With Complete TOC at http://www.transparencymarketresearch.com/unconventional-gas.html
Depleting conventional gas reserves coupled with fluctuating natural gas prices has led to increasing preference towards unconventional gases. In addition, abundant availability of technically recoverable unconventional gas reserves backed by technological advancement in the U.S. is further expected to boost the market growth.
Tight gas was the largest produced unconventional gas and accounted for over 44% of the total market in 2012. Shale gas is expected to be the fastest growing gas type at an estimated CAGR of 7% from 2013 to 2019. Shale gas success in U.S. has led other countries such as China to shift their focus towards developing shale gas. Global CBM production is expected to reach 4,256.8 bcf by 2019, U.S. and Canada CBM markets are nearing saturation and are expected to grow at a sluggish rate. However, CBM production in Asia Pacific, especially in Australia and Indonesia is expected to drive the overall market. Australia, owing to its huge CBM deposits, is expected to become one of the major CBM producers over the next six years.
U.S. emerged as the leading producer of unconventional gas and accounted for more than 70% of the total production in 2012. Large amount of shale gas reserves in the U.S. coupled with advanced production techniques adopted is expected to shift the U.S. from a net gas importer to a net gas exporter. Asia Pacific is expected to be fastest growing market at an estimated CAGR of 20.8% between 2013 and 2019. China has substantial technically recoverable shale gas reserves but presently there is no shale gas production and it is expected to commence by 2015.
Unconventional gases are being used in power generation and industrial application. Industrial application accounted for nearly 30% of the total unconventional gas produced in 2012. Power generation is expected to be the fastest growing application due to increasing energy demand growing at a CAGR of 7.1% from 2013 to 2019. The production of unconventional gases for residential application was nearly 4800 bcf in 2012. Transportation industry is expected to generate revenue worth USD 4.85 billion by 2019.
Related Report: Shale Gas Market
The global unconventional gas market was highly fragmented with no clear leader. In 2012, Chesapeake Energy, Exxon Mobil and Devon Energy emerged as top three manufacturers of shale gas. BG Group, Arrow Energy and Dart Energy were top three CBM manufacturers and accounted for over 60% of the total CBM production in 2012. Anadarko, AGL Energy, BHP Billiton, BG Group, BP, Chevron, EXCO Resources, Great Eastern Energy, Origin Energy, PetroChina, Shell and Total are some of the key industry participants in the unconventional gas market.