Future Market Insights assesses the shale gas hydraulic fracturing market in the U.S, Canada, and China in its newly published report titled, “Shale Gas Hydraulic Fracturing Market: Canada, US, and China Industry Analysis 2012–2016 and Opportunity Assessment 2017–2027.” According to the report, the US market production value is anticipated to expand from 18,059 BCF (2017) at a 9.8% CAGR, Canadian market’s production volume of 213.3 BCF in 2017 will possibly thrive at a CAGR of 8.4%, whereas Chinese market will witness the highest CAGR of 21.2%, up from the production volume of 317.6 BCF in 2017.
US Possesses the Maximum Number of Recoverable Reserves All the three regions are expected to witness robust growth over the forecast period and will remain the key regions for shale gas production in the next decade. However, the US market will reportedly maintain the top position owing to introduction of various technological innovations since the past few years. In addition, the country is inclining more towards using cheaper energy resources, which include shale gas; which further creates promising scenario for market growth within the US market over the 10-year forecast period.
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“The market performance is highly dependent on the presence of natural gas reserves, precisely the number of recoverable shale gas reserves in a particular region,” states a research analyst (Energy, Mining, Oil & Gas domain). The major Marcellus (the largest) Shale producers are Range Resources, EQT, Rice Energy, Chevron, CONSOL Energy; the Niobrara shale include producers such as Anadarko Petroleum, Noble Energy, Devon Energy, EOG Resources, and Whiting Petroleum.
The US thus will continue to win over other markets owing to the presence of maximum recoverable reserves of natural gas. Furthermore, frequent technological innovations particularly in the US market for shale gas production are also said to provide this region with a major thrust. The Future Market Insights’ report indicates that the US will remain dominant in terms of technology, exploration, development, production, and export of shale gas, the US will be the global leader throughout 2017-2027. Production of shale gas through hydraulic fracturing is expected to remain the most popularly used, profitable process to produce shale gas.
US Market Taxonomy – Overview Based on the technology used for shale gas extraction in US industry, plug and perforation segment registered more than 70% share of the total production volume attained by US market. In terms of technology and profit, plug and perforation technology has brought in several advantages to the US shale gas industry. This segment is apprehended to maintain dominance through to 2027 with a robust CAGR of over 10%, followed by the second segment – sliding sleeve technology. By end-use application, power generation is currently the largest segment with around 40% share of the US production volume, followed by industrial segment. Over the forecast period, the volume shares of transportation, residential, and industrial segments are foreseen to increase at significant CAGR values owing to increasing applications.
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Rather than descending natural gas prices over the past few years, a Future Market Insights’ analyst finds out that greater convenience of the fracturing process plays a crucial role in increasing adoption of hydraulic fracturing process for extraction of shale gas. On the flipside, there are certain barriers to growth of US shale gas hydraulic fracturing market, which may hamper the growth in near future. A few of them include hefty water consumption levels during hydraulic fracturing process and emission of a wide range of hazardous pollutants in underground water, both of which are apparently not acceptable by the environmental point of view.