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Shale Gas Market Report 2024: Unlocking Energy Potential
Shale Gas Market Research
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According to The Business Research Company's, The shale gas market size has grown rapidly in recent years. It will grow from $77.04 billion in 2023 to $88.27 billion in 2024 at a compound annual growth rate (CAGR) of 14.6%. The growth in the historic period can be attributed to energy security concerns, economic benefits, policy and regulatory support, global energy demand.
The shale gas market size is expected to see rapid growth in the next few years. It will grow to $142.53 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%. The growth in the forecast period can be attributed to increasing global energy consumption, environmental concerns, infrastructure development, market liberalization. Major trends in the forecast period include innovation and research, technological advancements, infrastructure investments, international collaboration.
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Market Drivers and Trends:
The rapid pace of advancements in shale gas exploration and drilling technologies is boosting production volumes and reducing production costs and thereby contributing to the growth of the market. Technological advances are allowing companies to enhance shale gas recovery rates and considerably reduce production costs. For instance, 3D seismic technology is being used to optimize exploration and drilling processes to enhance natural gas production levels and cut down costs associated with exploration, drilling and refining. Other areas of rapid technological advances in the crude oil and gas market include hydraulic fracturing and horizontal drilling. Thus, advancements and innovations in exploration and drilling technologies are expected to drive the shale gas market.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Royal Shell PLC, Exxon Mobil Corporation, PetroChina Company Limited, ConocoPhillips Company, Cabot Oil & Gas Corporation, Antero Resources Corporation, Anadarko Petroleum Corporation, Baker Hughes Incorporation, Equinor ASA, Repsol S. A., China Petroleum & Chemical Corporation (SINOPEC), Range Resources Corporation, Chevron Corporation, Pioneer Natural Resources Company, Reliance Industries Limited, SM Energy, Southwestern Energy, Chesapeake Energy Corporation, Marathon Oil Corporation, Continental Resources Inc., Noble Energy Inc., Encana Corporation, Apache Corporation, Gulfport Energy Corporation, Rice Energy Inc., Whiting Petroleum Corporation, Matador Resources Company, Qep Resources Inc., Devon energy Corporation, EOG Resources Inc.
Shale Gas Market 2024 Key Insights:
• The shale gas market size is expected to see rapid growth in the next few years. It will grow to $142.53 billion in 2028 at a compound annual growth rate (CAGR) of 12.7%.
• Technological Breakthroughs Propel Shale Gas Industry Growth
• Revolutionizing Gas Production The Rise Of Modular Systems
• Asia-Pacific was the largest region in the shale gas market in 2023
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