Shale Gas Market Size Worth $131.1 Billion By 2027

The global shale gas market size is expected to reach USD 131.1 billion by 2027, ascending at a CAGR of 8.5% over the forecast period, according to a new report by Grand View Research, Inc. Rising demand for cleaner combustion energy sources in several end-use applications is likely to drive the market over the forecast period.

Profitable production of shale gas, a natural gas trapped in shale formations, relies on accessible demand for it. It has technical characteristics that make it a very useful and flexible fuel, where the delivery infrastructure exists, and it has found uses in the building thermal sector, industrial thermal sector, and power generation. Recent macroeconomic shifts along with fuel supply competitive dynamics have caused the proportions to favor shale gas usage in power generation more and industrial usage less.

Shale gas contributes substantial energy to electricity generation and second only to coal in terms of the share of energy supply in global electricity generation. This share is expected to grow over the next few decades in response to the economic and environmental limits of coal generation, at least where natural gas is a viable alternative. This end-use application is expected to drive the market over the forecast period.

The shale gas supply chain includes production and processing, gas transmission and storage, and distribution to city gate, large volume customers, residential customers, and commercial customers. Development of hydraulic fracturing technology along with horizontal drilling technique is expected to boost economical production of shale gas, thereby strengthening the upstream segment of the supply chain.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/shale-gas-industry

Further key findings from the study suggest:

North America occupied the largest market revenue share in 2019, with U.S. being the major contributor to the regional market. Abundant shale gas reserves along with development of advanced drilling technology are among the key factors influencing industry growth
Potential shale gas resources in China are attracting huge investments from major market players all over the world in order to extract and produce unconventional gas from the reserves
The power generation segment occupied the largest market share of 36.1% in 2019 owing to growing demand of natural gas in coal-to-gas electricity generation plants
The transportation sector is estimated to witness a significant CAGR owing to increasing number of Compressed Natural Gas (CNG) fueled vehicles across the automotive industry.

Gas Turbine Services Market Worth $55.1 Billion By 2027

The global gas turbine services market size is expected to reach USD 55.1 billion by 2027, according to a new report by Grand View Research, Inc., registering a CAGR of 9.8% over the forecast period. Increasing adoption of gas turbines on account of their ability to produce low exhaust gas pollution is expected to drive market growth. These systems are increasingly being used owing to its tremendous energy producing capacity and multiple fuel capability. They also have the capacity to operate continuously at base load for numerous hours. Furthermore, low operational cost and high efficiency and durability offered by these systems is expected to drive gas turbine service market growth.

Rapid industrialization and population growth have resulted in a high demand for power globally. The energy sector is shifting from conventional systems toward clean power sources resulting in an increase in gas turbines installations. Furthermore, key countries plan to enhance the deployment of gas-based power plants in the future. Major equipment manufacturers are also signing multiyear contracts during the installation of these plants.

The heavy duty segment dominated the global market in 2019 as these equipment offer cost-effective conversion of fuel to electricity and advanced systems provide improvement in terms of output and efficiency. Rise in new gas-based power plants for power generation has resulted in an increase in deployment of heavy-duty systems which are preferred due to their higher power generating capacity as compared to its counterparts. These systems also find application in chemical plants, refineries, and power utilities.

Maintenance and repair is projected to be the fastest-growing segment over the forecast period. Major vendors in the market are providing long-term service contracts to power plant owners which cover periodic and preventive maintenance under its scope. Long-term contracts are also considered as a more economical solution in the long term. Repairs solutions help eliminate steps and cost and increases the overall performance, thereby increasing the life-cycle of these systems. This is projected to drive the maintenance and repair segment in the coming years.

Click the link below:
https://www.grandviewresearch.com/industry-analysis/gas-turbine-services-market

Further key findings from the report suggest:

Asia Pacific held the largest gas turbine services market share in 2019 and is projected to register a CAGR of 13.5% from 2020 to 2027 on account of increasing demand for power from China, India, and Southeast Asian countries who are opting for cleaner sources of power generation for baseload supply
The heavy duty segment held a major market share in 2019 due to its application in the power generation sector
Spare parts supply was the largest service type segment in 2019 as the components of gas turbines have a limited lifespan after which it requires replacement
>200 MW emerged as the major contributing segment on the basis of capacity in 2019. The demand in this segment is primarily driven by an increase in power generation activities across the globe
Some of the significant industry participants are Siemens AG, General Electric, Mitsubishi Hitachi Power Systems, Ltd., and Kawasaki Heavy Industries, Ltd. These companies focus on R&D in order to enhance their position in the market.

MPD Services Market Size To Reach USD 5.06 Billion By 2024

The global managed pressure drilling (MPD) services market is expected to reach USD 5.06 billion by 2024, according to a new report by Grand View Research, Inc. Factors such as rising hydrocarbon production cost coupled with depleting extraction rates in conventional onshore wells have led to increasing offshore exploration activities. This is likely to have a significant impact on the managed pressure drilling market. The success of these extraction techniques in areas which were previously considered to be uneconomical has stimulated the market growth.

MPD techniques do not provide any surface return; this restricts the sampling sources for geologists. A significant amount of drill fluids required and variation in MPD techniques is likely to limit the market growth during the forecast period. Technological advancements along with coupling MPD techniques with horizontal drilling in tight formations is anticipated to create new avenues for industry participants in the near future.

Constant bottom hole pressure (CBHP) emerged as the leading technology segment and accounted for 43.3% of the global revenue in 2015. This technique facilitates better safety of the sites by controlling the pressure and detecting early fluid losses. Mud cap drilling (MCD) technique is likely to lose share to CBHP and dual gradient drilling (DGD) technologies owing to the high cost associated with this technology.

Click the link below:
http://www.grandviewresearch.com/industry-analysis/managed-pressure-drilling-mpd-services-market

Further key findings from the report suggest:

Onshore oilfields were the leading application segment and accounted for over 58% of the total industry revenue in 2015. Offshore operations are expected to witness the highest growth of 4.0% over the forecast period.
The U.S. offshore MPD services industry is estimated to witness the fastest growth over the next eight years to reach a net worth of USD 585 million by 2024. Significant development of offshore oil & gas wells in the Gulf of Mexico along with extremely complicated formations in the region is anticipated to drive managed pressure drilling services demand.
North America dominated the global demand accounting for 37.3% of total market revenue in 2015. Technological advancements along with deployment of advanced drilling techniques in complex formations such as tar sands, tight oil, etc. in the U.S. and Canada are key factors for high industry penetration in the region.
Africa is estimated to grow at a CAGR of 4.9% from 2016 to 2024 on account of increasing offshore activities in regions of Angola, and Mozambique. Algeria MDP services industry is estimated to reach a net worth of USD 110 million by 2024, at a CAGR of 5.4%.
Key market players include operating in the global managed pressure drilling services market include Archer Well services, Baker Hughes, Halliburton, Weatherford International, Schlumberger Limited.