IMARC Group, a leading market research company, has recently releases report titled “Tight Gas Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The study provides a detailed analysis of the industry, including the global tight gas market size, share, trends, and growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How big is the tight gas market?
The global tight gas market size reached US$ 36.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 51.4 Billion by 2028, exhibiting a growth rate (CAGR) of 6.0% during 2023-2028.
What is Tight Gas?
Tight gas is a form of natural gas trapped in reservoirs with low permeability, such as shale, limestone, or sandstone formations. Unlike conventional natural gas deposits, which can easily flow through porous rocks, tight gas is more challenging to extract due to the low permeability of the rock formations that contain it. Specialized extraction techniques, such as hydraulic fracturing (fracking) and horizontal drilling, are often employed to economically recover this type of natural gas. Tight gas is an important energy resource, especially as conventional natural gas reserves become increasingly depleted. However, its extraction often raises environmental and safety concerns, including water contamination and seismic activity. Despite these challenges, tight gas remains a significant component of the global energy landscape.
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What are the growth prospects and trends in the tight gas industry?
Progress in drilling technologies like hydraulic fracturing and horizontal drilling are making it economically feasible to extract tight gas, which represents one of the key factors driving the growth of the market across the globe. As conventional natural gas reserves are becoming increasingly scarce, the focus is shifting towards unconventional sources like tight gas. Countries are looking to diversify their energy portfolios and reduce dependence on imports as tight gas offers a domestic source of energy, which is contributing to national energy security. Global energy consumption is on an upward trajectory due to industrialization and population growth. Tight gas serves as a supplementary energy source to meet this escalating demand. In some regions, governments are providing tax incentives and favorable regulatory frameworks to encourage tight gas exploration and production. Despite the challenges in extraction, tight gas reservoirs often contain large volumes of gas, which makes them lucrative for long-term energy production, thus facilitating the growth of the market across the globe.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Type:
- Processed Tight Gas
- Unprocessed Tight Gas
Breakup by Application:
- Industrial
- Power Generation
- Residential
- Commercial
- Transportation
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- Chevron Corporation
- China Petrochemical Corporation
- Equinor ASA
- Exxon Mobil Corporation
- Shell plc
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