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"The Demand of the Shale Gas Market is expected to Exhibit a CAGR of 14.1 % to reach US$ 9.6 Bn by 2028."
The prices of Natural gas prices are declining in few regions, and are frequently fluctuating continuously, thus shale gas prices are also dropping. Oil and gas generation through the traditional sources steadily decline due to the rise in the number of fields that are maturing, because of a demand for natural gas increases the prices of natural gas are also in rise. Thus it is expected to be vital in the investment decisions for exploration and production of shale gas.
The environmental challenges related to shale gas generation are being under research, thus various shale gas producers do meet tough competition from the organizations that are NGOs and environmental study firms depended on health and safety concerns in consideration of hydraulic fracturing technology and water application.
Shale gas has a lesser carbon footprint in contrast to coal; thus, it could be used as a cleaner energy option for many countries that are presently depending on coal, as an energy source. Numerous shale reserves worldwide with competitive prices of shale gas are driving factors, which supports in the rise of the shale gas market.
The major drivers encountered for the shale gas market are proved profusion of shale gas resources across the globe, a decline in natural gas prices, improving supply and distribution infrastructure, as well as improvements in drilling technology of shale gas exploration. The water contamination and usage issues associated with shale gas hinder the market. The extraction and use of shale gas can affect the environment through the leakage of extraction of chemicals and waste into water supplies. Leakage of greenhouse gases during extraction, and the pollution caused by the improper processing of natural gas is also responsible for raising environmental issues.
By Application, the Power Generation Segment is expected to grow in Demand during the Forecast Period.
Power generation segment has a higher market share in contrast to others including residential and industrial and transportation applications. The segment accounted for one third of the share in the power generation having a substantial usage in various modes of power generation. The increase in the demand for shale gas is observed due to the lesser carbon footprint by the usage of shale gas. Government regulations are also one of the factors boosting the demand for shale gas usage in the power generation among other resources that could be utilized in power generation. Because of such forces, the market is favourable for the shale gas offerings that are offered by large players in the market. Companies are putting greater investments into the extraction of shale gas as result customers are increasingly demanding these offerings.
The Shale Gas Market in the European Region Accounted for a Healthy Share in 2019 and is Expected to Grow during the Forecast Period.
In the European region, there is a high demand for shale gas in oil & gas industries. In this region, the agenda of importing these gases are reduced since 2010 but shall be stimulated from 2020 as per the world energy outlook. Thus the price rise for shale gas in the European region contributes to the development of exploration facilities that could be economic to the organizations that are investing in these production activities.
The shale gas market is led by the most prominent players in the industry hence there is a good competition in this industry. The entry and exit barriers are also high in this industry for exploring shale gas due to heavy investments but have been backed by the governments across some regions.
Key players in exploring shale gas are listed as follows: Anadarko Petroleum Corporation, Antero Resources, BHP Billiton, Cabot Oil & Gas, Chesapeake Energy Corporation, Devon Energy, Encana Corporation, Exxon Mobil Corporation, Reliance Industries Limited, Royal Dutch Shell, SM Energy, Statoil, Talisman Energy Inc. and Total SA among some other companies.
Key segment of Shale gas Market
- Power Generation
- North America
- Asia pacific
- Middle East and Africa
- Latin America