Rise in number of in shale gas reserves, its growing production at commercial scale, and technological evolution of heat exchangers are the major factors propelling the growth of the global shale gas processing equipment market
PORTLAND, Oregon, Nov. 19, 2019 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Shale Gas Processing Equipment Market by Component (Compressors & Pumps, Electrical Machinery, Heat Exchangers, Internal Combustion Engines, Measuring & Controlling Devices, And Others): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global shale gas processing equipment industry was estimated at $4.51 billion in 2018 and is expected to reach $13.56 billion by 2026, registering a CAGR of 14.8% during the forecast period.
Drivers, restraints and opportunities
Increase in number of shale gas reserves, its growing production at commercial scale, and technological evolution of heat exchangers fuel the growth of the global shale gas processing equipment market. On the other hand, adverse effects caused by shale gas production through hydraulic fracturing curbs the growth some extent. However, increase in efforts of government to commercially exploit shale reserves is expected to create a number of opportunities for the key players in the industry.
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The compressors and pumps segment to lead the trail by 2026
Based on component, the compressors and pumps segment contributed to nearly one-third of the global shale gas processing equipment market share in 2018 and is expected to retain its dominance throughout 2019-2026. Gas processing capacity has expanded in most of the plants located in the U.S. and therefore, demand for compressors has also increased in the region, which has affected the global contribution too. The heat exchangers segment, on the other hand, would register the fastest CAGR of 15.4% during the study period. Demand for heat exchangers in a single gas processing unit is high, as it sets the perfect temperature on which a processing plant needs to operate in.
U.S. to rule the roost throughout the forecast period
Based on geography, the U.S. accounted for more than four-fifths of the global shale gas processing equipment market revenue in 2018 and is anticipated to rule the roost till 2026. This is attributed to the fact that the U.S. is the first country that has undertaken successful commercial scale production of shale gas. At the same time, the region across China would cite the fastest CAGR of 17.2% throughout the estimated period. As of now, the revenue generation from shale gas equipment is lowest in China as their shale production projection has not met the Chinese governmental agenda. Therefore, the Government of China invested additional $5 billion in the shale reserves exploitation in 2018.
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Key market players
- Van Air Systems
- ATB Riva Calzoni S.p.A.
- Gas Processing Equipment
- Croft Production Systems, Inc.
- Koch Industries, Inc.
- Pall Corporation
- Schlumberger Ltd
- PEMCO
- Burckhardt Compression AG
- Sivalls, Inc
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