Global tight gas market is expected to experience significant growth over the forecast period owing to shift in focus toward unconventional gases. Tight gas is an unconventional gas explored through hydraulic fracturing with low permeability. Global tight gas market is expected to experience momentous growth over the next six years owing to increasing usage in residential, commercial, power generation, transportation, and industrial. Growing energy demand on account of increasing population is expected to be the major factor driving the market over the foreseeable period.
Increasing tight gas demand in industrial market is projected to have positive impact on global market in near future. China is expected to be the leading regional market on account of increasing drilling activities across the region. Chinese government provide subsidiaries and tax benefits for the tight gas exploration in the region. This trend is projected to drive the tight gas market over the forecast period. Increasing R&D, commercialization, and exploration activity is further expected to complement the market over the next six years. Technological advancement has led to an ease of extraction of tight gas.
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This advantageous factor is anticipated to have positive impact on the market over the next six years. Increasing oil prices across the globe has led to think of alternate source of energy. This shift in focus toward unconventional gases is expected to drive the market over the foreseeable period. Shale gas exploration in U.S. may pose threat to the market participants in this region. However, stringent government regulation regarding shale gas exploration is likely to propel the tight gas market over the next six years. Increasing drilling activity in Oman and Argentina is expected to support the tight gas exploration in near future.
Power generation is the leading application segment of tight gas. Growing energy demand across the globe has been the major factor driving the shale gas market over the recent past, and expected to continue over the next six years. Reduced oil level in reservoir and necessity to find alternate source of energy is likely to fuel the market growth over the forecast period. Transportation is the major application segment of tight gas market. Increasing natural gas usage in transportation as an alternate source of energy is expected to complement the market growth.
North America was the leading regional market in 2012. However, shale gas emerged as an alternate form of natural gas over the recent past, and is likely to hamper the tight gas market in near future. Environmental concern regarding shale gas exploration coupled with stringent government regulation is expected to have positive impact on tight gas market in Europe. Growing automotive industry in Europe coupled with shift in focus toward unconventional gases is expected to be the major factor driving the market in this region.
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Large number of untapped reserves to be explored in China is likely to create an opportunity for the market participants in Asia Pacific. Foreign companies are investing heavily to enhance technique for tight gas exploration. This initiation is expected to drive the market in Asia Pacific region over the forecast period. With an aim to ramp up tight gas, Chinese government is investing heavily in building infrastructure. This movement is expected to drive the Asia pacific market over the forecast period. Increasing drilling activities in Middle East and Africa is likely to complement the market growth in RoW region.
Global tight gas market is competitive in nature and highly dominated by top players. Major players such as shell and Total AS are actively involved in tight gas exploration. Some key players operating in the global market include shell, Total SA, Sinopec, PetroChina, British Petroleum, ExxonMobil, and Anadarko among others.
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