The global shale gas market is forecast to reach $104.1bn by 2020, driven by a number of factors including increasing energy needs and the advent of more efficient exploration technologies.
That’s according to a new market research report by Allied Market Research (AMR), titled ‘Global Shale Gas Market (Technology, Application and Geography) – Industry Analysis, Trends, Share, Opportunities and Forecast, 2013 – 2020’.
The report forecasts the market to reach $104.1bn by 2020, registering a compound annual growth rate (CAGR) of 9.3% during the forecast period (2014-2020). The corresponding volume consumption will reach 19,619.4 bcf in the same year.
AMR notes that the advent of hydraulic fracturing and horizontal drilling techniques has nearly doubled the efficiency of shale gas retrieval from plays, revolutionising the shale gas market. China is a major Asian country to propel the demand, it says, aided by insatiable energy needs and increasing dependence on natural gas.
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