San Francisco, California (PRWEB) March 18, 2014
The global market for shale gas is expected to reach USD 67.02 billion by 2020, according to a new study by Grand View Research, Inc. Depleting conventional energy reserves across the globe has prompted the industry to shift focus towards developing alternative energy sources which is expected to remain a key driving factor for shale gas demand over the next six years. In addition, regulatory support for developing unconventional gases including shale gas is also expected to enhance commercialization over the forecast period. However, environmental concern, especially excessive usage and contamination of water during shale gas production process is expected to be a key challenge for industry participants over the next six years.
The report “Shale Gas Market Analysis and Segment Forecasts to 2020,” is available now to Grand View Research customers and can also be purchased directly at http://www.grandviewresearch.com/industry-analysis/shale-gas-industry
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Power generation emerged as the leading application market for shale gas and accounted for 30.4% of total market volume in 2013. Environmental concerns regarding power generation via conventional energy coupled with regulatory support for development of unconventional energy sourcesfor power generation is expected to remain a key driving factor over the forecast period. However, transportation is expected to be the fastest growing application market for shale gas at an estimated CAGR of 10.8% from 2014 to 2020. Growing demand for alternative fuels such as compressed natural gas (CNG) and autogas (LPG) is expected to drive the demand for shale gas in transportation industry over the next six years.
Further Key findings from the study suggest:
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For the purpose of this study, Grand View Research has segmented the global shale gas market on the basis of application and region:
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