Global tight gas market is expected to experience significant growth during the forecast period, owing to shift in focus toward unconventional gases. Tight gas is a type of natural gas with low penetrability that is produced from reservoir rocks. Massive hydraulic fracturing is required to produce the well for tight gas due to low matrix permeability of less than 0.1 millidarcy (mD). Tight gas is one of the cleanest burning fossil fuels, as it has low carbon content and burns with lower sulfur emissions, metal compounds, and carbon dioxide. Tight gas refers to natural gas reservoirs locked in impermeable, hard rock, making the underground formation extremely tight. In addition, tight gas can be trapped in sandstone or limestone formations that are atypically impermeable or nonporous.
COVID-19 scenario analysis
With the outbreak of COVID-19, the tight gas demand is experiencing considerable decrease. Owing to the lockdown, dearth has been observed in the number of labors, which is further disrupting the production of gas. Furthermore, the imposition of lockdown is directly affecting the transportation services all around the world. Power generation has become a major issue due to unavailability of tight gas. This has further led to increase in issues of power cut in rural areas. Moreover, the tight gas industry is facing daily losses with decline in production. In addition, enforcement of lockdown has affected the import and export of tight gas across the globe.
Top impacting factors: market scenario analysis, trends, drivers, and impact analysis
Tight gas has several applications that makes it an essential resource, which is expected to create potential growth opportunities for the growth of the global tight gas market. Numerous countries are decarbonizing their power mix by shifting to renewable energy that has controlled carbon dioxide emissions. Fuels such as natural gas and bio-methane are considered as potential alternatives to fossil fuels to reduce the environmental impact of transportation. Environment issues, manpower limitations, and access to drilling locations are some of the constraints of this market.
Surge in usage in tight gas applications
Applications in the natural gas industry have been growing considerably. Flammable gas is utilized as a vitality fuel in transportation and local areas. The transportation division has supported the gaseous petrol showcase, with ascend in arrangement of CNG vehicles. In excess of 24 million flammable gas vehicles (NGVs) were operational across the globe in 2017. Petroleum gas can be utilized in all classes of vehicles, for example, cruisers, vehicles, vans, light & hard core trucks, transports, lift trucks, and trains. Thus, all these factors collectively contribute toward the growth of the global market.
Key benefits of the report
- This study presents the analytical depiction of the global tight gas industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global market share.
- The current market is quantitatively analyzed from 2020 to 2027 to highlight the market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed market analysis depending on the competitive intensity and how the competition will take shape in coming years.
Tight Gas Market Report Highlights
Key Market Players
British petroleum, Marathon Oil, Royal Dutch Shell, EOG Resources, PetroChina and Anadarko Petroleum Co., Exxon Mobil and Chesapeake Energy Total SA, Pioneer Natural Resources, Sinopec, Devon Energy