The Tight Gas Market Size was valued at USD 12763.79 billion cubic feet in 2023 and is expected to reach USD 19002.09 billion cubic feet by 2031 and grow at a CAGR of 5.1% over the forecast period 2024-2031. Tight gas refers to a type of unconventional gas that is trapped within a low-permeability source rock deep underground, such as sandstone or limestone. Unlike freely flowing gas, tight gas requires specialized techniques like fracking or hydraulic fracturing, which involve injecting high-pressure water to fracture the source rock and extract the gas. The depletion of conventional gas reserves, coupled with the ever-increasing energy demand, has prompted a significant shift towards unconventional natural gas reserves, including tight gas, shale gas, and coal bed methane. Furthermore, the combustion of tight gas is considered cleaner compared to other fossil fuels like coal and petroleum products. This cleaner combustion is expected to have a positive impact in the years to come. Overall, the extraction and utilization of tight gas present a promising solution to meet the rising energy needs while minimizing environmental impact..
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The tight gas market is primarily driven by its lower extraction, processing, and commercialization costs, which are expected to significantly boost market growth. Furthermore, innovations in the extraction process, particularly hydraulic fracturing, are anticipated to further propel market expansion. Additionally, the increasing expenditure on the expansion of the oil and gas industry is poised to drive market growth. However, the presence of various harmful chemicals in the gas extraction process is expected to hinder market growth. Formaldehyde, asbestos, mercury, and hazardous/toxic air pollutants are among the harmful chemicals found in the extraction process. Moreover, the availability of alternative options like shale gas will also impact the market's growth trajectory.
Drivers
Rising global demand for energy
The increasing global demand for energy has led to a surge in the exploration and production of unconventional gas resources, including tight gas. This rising demand, coupled with advancements in drilling and extraction technologies, has created a favorable environment for the expansion of the tight gas market.
Environmental benefits associated with natural gas
The environmental benefits associated with natural gas, such as lower carbon emissions compared to other fossil fuels, have also contributed to the market's growth. As governments and organizations worldwide strive to reduce their carbon footprint, the demand for cleaner energy sources like natural gas continues to rise.
Restraint
High cost of extraction and production of tight gas
One significant challenge is the high cost of extraction and production. Unlike conventional gas reserves, tight gas requires specialized drilling techniques, such as hydraulic fracturing, which can be expensive and complex. These costs can limit the profitability and viability of tight gas projects, especially in regions with limited infrastructure and access to markets.
Regulatory and environmental concerns associated with hydraulic fracturing
The extraction process has faced criticism due to its potential impact on water resources and the environment. These concerns have led to stricter regulations and public opposition, which can hinder the growth of the tight gas market in certain regions.
Opportunities
The increasing demand for natural gas, driven by its environmental advantages and the need for cleaner energy sources
Challenges
Availability of another alternative source such as shale gas reservoirs
As the world's third-largest oil producer (and second-largest exporter of crude oil) and the second-largest natural gas producer (and largest exporter), Russia plays a significant role in supplying nearly one-sixth of the global oil and gas demand. The dominance of Russia in this sector is particularly evident in Europe, where it provides over 20% of the continent's oil and more than 30% of its gas. Notably, several European countries, including Austria, Finland, Poland, Slovakia, and Hungary, heavily rely on Russia for 50% to 100% of their oil and gas imports. Russia's position as a major player in the global energy market cannot be understated. With its vast reserves and efficient production capabilities, the country has established itself as a crucial supplier to meet the ever-growing energy needs of the world. Its influence extends far beyond its borders, shaping the energy landscape in Europe and beyond. In Europe, Russia's impact is particularly pronounced. The continent heavily depends on Russian oil and gas to fuel its industries, power its homes, and sustain its economies. Countries like Austria, Finland, Poland, Slovakia, and Hungary find themselves in a precarious position, relying heavily on Russia for their energy needs. These nations, to varying degrees, are at the mercy of Russia's energy policies and pricing strategies, which can have far-reaching consequences for their economic stability and national security. The reliance on Russia for such a significant portion of oil and gas imports raises concerns about the vulnerability of these European countries. It exposes them to potential disruptions in supply, geopolitical tensions, and fluctuations in global energy markets. Diversification of energy sources and the development of alternative energy solutions become imperative for these nations to reduce their dependence on a single supplier.
The economic downturn has affected the demand for tight gas in various industries. As businesses faced financial challenges, they have reduced their energy consumption, including the use of natural gas. This has further contributed to the decline in demand for tight gas. Moreover, the economic downturn has impacted the global energy market as a whole, leading to a shift in energy sources. With the decline in natural gas prices, other energy sources such as coal and renewables have become more competitive. This has resulted in a decrease in the market share of tight gas and a shift towards alternative energy sources. In conclusion, the economic downturn has had a profound effect on the tight gas market. It has caused a decline in demand, a decrease in investment, and a shift towards alternative energy sources. As the global economy recovers, it will be crucial for the tight gas industry to adapt and innovate to regain its position in the energy market.
By Type
Processed Tight Gas
Unprocessed Tight Gas
By Application
Residential
Commercial
Industrial
Power Generation
Transportation
Others
The industrial segment led the tight gas market, accounting for 35% of the total volume in 2022. This growth is attributed to the increasing utilization of tight gas for various value-added outputs required in the industrial sector. For example, it is used as a feedstock for the manufacturing of fertilizers, chemicals, and other commodities. This trend has created numerous opportunities for countries rich in tight gas resources to enhance their industrial output in the coming years. Furthermore, the power generation segment is projected to experience the fastest growth in terms of volume over the forecast period. This is attributed to the global trend of transitioning from coal to gas in power plants. Tight gas combustion produces lower carbon emissions compared to other fossil fuels, making it an attractive option for several nations looking to reduce their environmental impact. As a result, the share of tight gas in the energy mix of these countries is expected to increase significantly.
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North America dominated the Tight Gas Market with the highest revenue share of about 60% in 2022. The region boasts vast reserves of tight gas, particularly in the United States and Canada. These abundant resources provide a solid foundation for North America's market dominance. Furthermore, the implementation of innovative drilling techniques, including horizontal drilling and multi-stage fracking, has significantly enhanced the efficiency and productivity of tight gas extraction. These technological advancements have allowed North American companies to tap into previously inaccessible reserves, thereby bolstering their revenue share. Another crucial factor contributing to North America's tight gas market dominance is its robust demand. The region's growing population, coupled with its heavy reliance on natural gas for power generation, industrial processes, and residential consumption, has created a consistent and substantial market for tight gas. The United States plays a significant role in driving revenue growth in this region, due to the deployment of advanced drilling technologies and the presence of abundant tight gas reserves in areas like the Permian Basin, Anadarko, Niobrara, and Bakken fields.
Asia Pacific is anticipated to grow with the highest CAGR in the tight gas market during the forecast period. Asia Pacific region boasts abundant reserves of tight gas, which has become an increasingly attractive energy source due to the depletion of conventional gas reserves. These vast reserves provide a solid foundation for the region's growth in the tight gas market. Moreover, the Asia Pacific region has witnessed a surge in energy demand, driven by rapid industrialization, urbanization, and population growth. As a result, there is a pressing need for alternative energy sources to meet this escalating demand. Tight gas, with its vast reserves and potential for extraction, has emerged as a viable solution to bridge the energy gap in the region. Additionally, advancements in drilling and extraction technologies have significantly improved the feasibility and cost-effectiveness of extracting tight gas. This has further incentivized companies to invest in the Asia Pacific region, driving market growth. China is the leading country in the Asia Pacific region. The country is focused on increasing domestic natural gas production and improving energy security in the region. However, the majority of China's tight gas resources are located in mountainous regions, which significantly increases drilling costs. This factor poses a challenge to market growth in China.
REGIONAL COVERAGE:
North America
US
Canada
Mexico
Europe
Eastern Europe
Poland
Romania
Hungary
Turkey
Rest of Eastern Europe
Western Europe
Germany
France
UK
Italy
Spain
Netherlands
Switzerland
Austria
Rest of Western Europe
Asia Pacific
China
India
Japan
South Korea
Vietnam
Singapore
Australia
Rest of Asia Pacific
Middle East & Africa
Middle East
UAE
Egypt
Saudi Arabia
Qatar
Rest of the Middle East
Africa
Nigeria
South Africa
Rest of Africa
Latin America
Brazil
Argentina
Colombia
Rest of Latin America
Royal Dutch Shell, Sinopec, Marathon Oil, Pioneer Natural Resources, EOG Resources, British petroleum, Exxon Mobil and Chesapeake Energy Total SA, PetroChina, Anadarko Petroleum Co., Devon Energy, and other players.
Recent Development:
In Aug 2023, Sinopec Corp obtained certification for an additional 30.55 billion cubic meters of proven geological reserves in a deep natural gas reservoir located in the Bazhong gasfield of the Sichuan basin.
In November 2022, Marathon Oil Corporation announced its definitive purchase agreement to acquire the Eagle Ford assets of Ensign Natural Resources for a total cash consideration of $3.0 billion. The transaction is subject to customary terms and conditions, including closing adjustments, and is anticipated to be finalized by the end of 2022.
| Report Attributes | Details |
|---|---|
| Market Size in 2023 | US$ 12763.79 Billion |
| Market Size by 2031 | US$ 19002.09 Billion |
| CAGR | CAGR of 5.1% From 2024 to 2031 |
| Base Year | 2022 |
| Forecast Period | 2024-2031 |
| Historical Data | 2020-2022 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Processed Tight Gas, Unprocessed Tight Gas) • By Application (Residential, Commercial, Industrial, Power Generation, Transportation, Others) |
| Regional Analysis/Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America) |
| Company Profiles | Royal Dutch Shell, Sinopec, Marathon Oil, Pioneer Natural Resources, EOG Resources, British petroleum, Exxon Mobil and Chesapeake Energy Total SA, PetroChina and Anadarko Petroleum Co., Devon Energy, and other players. |
| DRIVERS | • Rising global demand for energy. • Environmental benefits associated with natural gas |
| Restraints | • High cost of extraction and production of tight gas. • Regulatory and environmental concerns associated with hydraulic fracturing. |
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: The North American area had the biggest market share of 80.5 percent, and this is expected to continue in the future years.
Ans: Following the emergence of COVID-19, the tight gas demand has dramatically decreased. Due to the lockdown, there has been a shortage in the number of labourers, significantly hampering gas output. Furthermore, imposing lockdown has a direct impact on transportation services all over the world. Due to the scarcity of tight gas, power generation has become a big challenge. This has resulted in an upsurge in power outages in rural areas. Furthermore, the tight gas industry is experiencing daily losses as output declines. Furthermore, the implementation of lockdown has had an impact on the global import and export of tight gas.
Ans: Strict policies to protect the environment, Prolonged stages of government evaluation and Licence issuance are the restraints for Tight Gas Market.
Ans: The Tight Gas Market Size was valued at USD 12763.79 billion cubic feet in 2023 and is expected to reach USD 19002.09 billion cubic feet by 2031 and grow at a CAGR of 5.1% over the forecast period 2024-2031.
TABLE OF CONTENT
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 Impact of Russia-Ukraine War
4.2 Impact of Economic Slowdown
4.2.1 Introduction
4.2.2 Impact on major economies
4.2.2.1 US
4.2.2.2 Canada
4.2.2.3 Germany
4.2.2.4 France
4.2.2.5 United Kingdom
4.2.2.6 China
4.2.2.7 Japan
4.2.2.8 South Korea
4.2.2.9 India
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Tight Gas Market Segmentation, By Type
8.1 Introduction
8.2 Trend Analysis
8.3 Processed Tight Gas
8.4 Unprocessed Tight Gas
9. Tight Gas Market Segmentation, By Application
9.1 Introduction
9.2 Trend Analysis
9.3 Residential
9.4 Commercial
9.5 Industrial
9.6 Power Generation
9.7 Transportation
9.8 Others
10. Regional Analysis
10.1 Introduction
10.2 North America
10.2.1 Trend Analysis
10.2.2 North America Tight Gas Market by Country
10.2.3 North America Tight Gas Market By Type
10.2.4 North America Tight Gas Market By Application
10.2.5 USA
10.2.5.1 USA Tight Gas Market By Type
10.2.5.2 USA Tight Gas Market By Application
10.2.6 Canada
10.2.6.1 Canada Tight Gas Market By Type
10.2.6.2 Canada Tight Gas Market By Application
10.2.7 Mexico
10.2.7.1 Mexico Tight Gas Market By Type
10.2.7.2 Mexico Tight Gas Market By Application
10.3 Europe
10.3.1 Trend Analysis
10.3.2 Eastern Europe
10.3.2.1 Eastern Europe Tight Gas Market by Country
10.3.2.2 Eastern Europe Tight Gas Market By Type
10.3.2.3 Eastern Europe Tight Gas Market By Application
10.3.2.4 Poland
10.3.2.4.1 Poland Tight Gas Market By Type
10.3.2.4.2 Poland Tight Gas Market By Application
10.3.2.5 Romania
10.3.2.5.1 Romania Tight Gas Market By Type
10.3.2.5.2 Romania Tight Gas Market By Application
10.3.2.6 Hungary
10.3.2.6.1 Hungary Tight Gas Market By Type
10.3.2.6.2 Hungary Tight Gas Market By Application
10.3.2.7 Turkey
10.3.2.7.1 Turkey Tight Gas Market By Type
10.3.2.7.2 Turkey Tight Gas Market By Application
10.3.2.8 Rest of Eastern Europe
10.3.2.8.1 Rest of Eastern Europe Tight Gas Market By Type
10.3.2.8.2 Rest of Eastern Europe Tight Gas Market By Application
10.3.3 Western Europe
10.3.3.1 Western Europe Tight Gas Market by Country
10.3.3.2 Western Europe Tight Gas Market By Type
10.3.3.3 Western Europe Tight Gas Market By Application
10.3.3.4 Germany
10.3.3.4.1 Germany Tight Gas Market By Type
10.3.3.4.2 Germany Tight Gas Market By Application
10.3.3.5 France
10.3.3.5.1 France Tight Gas Market By Type
10.3.3.5.2 France Tight Gas Market By Application
10.3.3.6 UK
10.3.3.6.1 UK Tight Gas Market By Type
10.3.3.6.2 UK Tight Gas Market By Application
10.3.3.7 Italy
10.3.3.7.1 Italy Tight Gas Market By Type
10.3.3.7.2 Italy Tight Gas Market By Application
10.3.3.8 Spain
10.3.3.8.1 Spain Tight Gas Market By Type
10.3.3.8.2 Spain Tight Gas Market By Application
10.3.3.9 Netherlands
10.3.3.9.1 Netherlands Tight Gas Market By Type
10.3.3.9.2 Netherlands Tight Gas Market By Application
10.3.3.10 Switzerland
10.3.3.10.1 Switzerland Tight Gas Market By Type
10.3.3.10.2 Switzerland Tight Gas Market By Application
10.3.3.11 Austria
10.3.3.11.1 Austria Tight Gas Market By Type
10.3.3.11.2 Austria Tight Gas Market By Application
10.3.3.12 Rest of Western Europe
10.3.3.12.1 Rest of Western Europe Tight Gas Market By Type
10.3.2.12.2 Rest of Western Europe Tight Gas Market By Application
10.4 Asia-Pacific
10.4.1 Trend Analysis
10.4.2 Asia Pacific Tight Gas Market by Country
10.4.3 Asia Pacific Tight Gas Market By Application
10.4.4 Asia Pacific Tight Gas Market By Type
10.4.5 China
10.4.5.1 China Tight Gas Market By Type
10.4.5.2 China Tight Gas Market By Application
10.4.6 India
10.4.6.1 India Tight Gas Market By Type
10.4.6.2 India Tight Gas Market By Application
10.4.7 Japan
10.4.7.1 Japan Tight Gas Market By Type
10.4.7.2 Japan Tight Gas Market By Application
10.4.8 South Korea
10.4.8.1 South Korea Tight Gas Market By Type
10.4.8.2 South Korea Tight Gas Market By Application
10.4.9 Vietnam
10.4.9.1 Vietnam Tight Gas Market By Type
10.4.9.2 Vietnam Tight Gas Market By Application
10.4.10 Singapore
10.4.10.1 Singapore Tight Gas Market By Type
10.4.10.2 Singapore Tight Gas Market By Application
10.4.11 Australia
10.4.11.1 Australia Tight Gas Market By Type
10.4.11.2 Australia Tight Gas Market By Application
10.4.12 Rest of Asia-Pacific
10.4.12.1 Rest of Asia-Pacific Tight Gas Market By Type
10.4.12.2 Rest of Asia-Pacific Tight Gas Market By Application
10.5 Middle East & Africa
10.5.1 Trend Analysis
10.5.2 Middle East
10.5.2.1 Middle East Tight Gas Market by Country
10.5.2.2 Middle East Tight Gas Market By Type
10.5.2.3 Middle East Tight Gas Market By Application
10.5.2.4 UAE
10.5.2.4.1 UAE Tight Gas Market By Type
10.5.2.4.2 UAE Tight Gas Market By Application
10.5.2.5 Egypt
10.5.2.5.1 Egypt Tight Gas Market By Type
10.5.2.5.2 Egypt Tight Gas Market By Application
10.5.2.6 Saudi Arabia
10.5.2.6.1 Saudi Arabia Tight Gas Market By Type
10.5.2.6.2 Saudi Arabia Tight Gas Market By Application
10.5.2.7 Qatar
10.5.2.7.1 Qatar Tight Gas Market By Type
10.5.2.7.2 Qatar Tight Gas Market By Application
10.5.2.8 Rest of Middle East
10.5.2.8.1 Rest of Middle East Tight Gas Market By Type
10.5.2.8.2 Rest of Middle East Tight Gas Market By Application
10.5.3 Africa
10.5.3.1 Africa Tight Gas Market by Country
10.5.3.2 Africa Tight Gas Market By Type
10.5.3.3 Africa Tight Gas Market By Application
10.5.3.4 Nigeria
10.5.3.4.1 Nigeria Tight Gas Market By Type
10.5.3.4.2 Nigeria Tight Gas Market By Application
10.5.3.5 South Africa
10.5.3.5.1 South Africa Tight Gas Market By Type
10.5.3.5.2 South Africa Tight Gas Market By Application
10.5.3.6 Rest of Africa
10.5.3.6.1 Rest of Africa Tight Gas Market By Type
10.5.3.6.2 Rest of Africa Tight Gas Market By Application
10.6 Latin America
10.6.1 Trend Analysis
10.6.2 Latin America Tight Gas Market by Country
10.6.3 Latin America Tight Gas Market By Type
10.6.4 Latin America Tight Gas Market By Application
10.6.5 Brazil
10.6.5.1 Brazil Tight Gas Market By Type
10.6.5.2 Brazil Tight Gas Market By Application
10.6.6 Argentina
10.6.6.1 Argentina Tight Gas Market By Type
10.6.6.2 Argentina Tight Gas Market By Application
10.6.7 Colombia
10.6.7.1 Colombia Tight Gas Market By Type
10.6.7.2 Colombia Tight Gas Market By Application
10.6.8 Rest of Latin America
10.6.8.1 Rest of Latin America Tight Gas Market By Type
10.6.8.2 Rest of Latin America Tight Gas Market By Application
11. Company Profile
11.1 Royal Dutch Shell
11.1.1 Company Overview
11.1.2 Financials
11.1.3 Product/ Services Offered
11.1.4 SWOT Analysis
11.1.5 The SNS View
11.2 Sinopec
11.2.1 Company Overview
11.2.2 Financials
11.2.3 Product/ Services Offered
11.2.4 SWOT Analysis
11.2.5 The SNS View
11.3 Marathon Oil
11.3.1 Company Overview
11.3.2 Financials
11.3.3 Product/ Services Offered
11.3.4 SWOT Analysis
11.3.5 The SNS View
11.4 Pioneer Natural Resources
11.4 Company Overview
11.4.2 Financials
11.4.3 Product/ Services Offered
11.4.4 SWOT Analysis
11.4.5 The SNS View
11.5 EOG Resources
11.5.1 Company Overview
11.5.2 Financials
11.5.3 Product/ Services Offered
11.5.4 SWOT Analysis
11.5.5 The SNS View
11.6 British Petroleum
11.6.1 Company Overview
11.6.2 Financials
11.6.3 Product/ Services Offered
11.6.4 SWOT Analysis
11.6.5 The SNS View
11.7 Exxon Mobil
11.7.1 Company Overview
11.7.2 Financials
11.7.3 Product/ Services Offered
11.7.4 SWOT Analysis
11.7.5 The SNS View
11.8 Chesapeake Energy, , ,.,
11.8.1 Company Overview
11.8.2 Financials
11.8.3 Product/ Services Offered
11.8.4 SWOT Analysis
11.8.5 The SNS View
11.9 Total SA
11.9.1 Company Overview
11.9.2 Financials
11.9.3 Product/ Services Offered
11.9.4 SWOT Analysis
11.9.5 The SNS View
11.10 PetroChina
11.10.1 Company Overview
11.10.2 Financials
11.10.3 Product/ Services Offered
11.10.4 SWOT Analysis
11.10.5 The SNS View
11.11 Anadarko Petroleum Co.
11.11.1 Company Overview
11.11.2 Financials
11.11.3 Product/ Services Offered
11.11.4 SWOT Analysis
11.11.5 The SNS View
11.12 Devon Energy
11.12.1 Company Overview
11.12.2 Financials
11.12.3 Product/ Services Offered
11.12.4 SWOT Analysis
11.12.5 The SNS View
12. Competitive Landscape
12.1 Competitive Benchmarking
12.2 Market Share Analysis
12.3 Recent Developments
12.3.1 Industry News
12.3.2 Company News
12.3.3 Mergers & Acquisitions
13. USE Cases and Best Practices
14. Conclusion
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