The Global Tight Gas Market assessed at USD 12 billion in 2019, is expected to grow at CAGR of 5% and cross the mark of USD 20 billion by 2027. Tight gas is natural gas with low absorbency. It originates in rock, usually in limestone or sandstone. It is a different source of energy produced through hydraulic fracturing. It is one of the green fossil fuels having low carbon content and releases lesser sulfur, metal compounds, and carbon dioxide while burning.
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The production process of Tight Gas passes through the stages of Seismic examination, Drilling, Production Stimulation, Hydraulic splitting, Acidizing, and De-liquefaction. The advent of tight gas as an unconventional energy source has transformed the background of energy safety in many countries. Many Tight gas investments face the barrier of freshwater stress level as the production process uses freshwater rigorously. Hence, the accessibility of freshwater is a vital factor affecting the development of the market.
Rising energy demand because of the ever-increasing populace is the primary factor driving the market over the foreseeable period. With the increasing shift toward unconventional natural gases as sources of energy, the global tight gas market is likely to witness significant development over the projected period. Its surging usage in housing, transportation, commercial, power generation, and industrial sectors will provide momentum to its market growth. Growing Tight gas demand in the industrial market assures a favorable trend in the worldwide market shortly. Increasing R&D, commercialization, and exploration activity are expected to strengthen the market further over the coming six years.
Growing oil prices worldwide has directed towards the discovery and usage of different sources of energy. The focus toward unconventional natural gases is likely to develop the market during the forthcoming period. The strict government guidelines related to shale gas exploration will divert waves in favor of Tight gas markets, giving it needed support and force.
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North America has dominated the global Tight gas market until now. But the Asia Pacific is another critical region as the emerging Tight gas market. The disposable income of customers has been growing at an accelerated rate in the Asia Pacific, rising GDP of the region. It results in more demand for energy in the region. China, India, and Indonesia are the prime countries in the region, producing electricity and attracting more electricity consumption request. While only China and Australia are the major countries in the Asia Pacific in terms of unconventional gas production. So, there is a demand needed to be met.
Occidental Petroleum Corporation; BP p.l.c.; Canadian Natural; Chevron Corporation; Total; Exxon Mobil Corporation; Petro China Company Limited; Royal Dutch Shell; China Petrochemical Corporation; YPF; Marathon Oil Company; Ensign Natural Resources; Devon Energy Corporation; EOG Resources, Inc. are the prominent players in this market.
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