With increased fuel demand across the globe, the need to locate new energy reserves is also growing. However, governments are more focused on the environmental impact of using these resources than ever before. Shale gas has been identified as one of the solutions for addressing the rise in global gas demand. Test and measurement market plays a concealed role in shale gas exploration. However, there are numerous environmental concerns associated with the shale gas industry, such as the risk of earthquakes, water contamination, and pollution as a result of fracking. This study showcases the opportunities for global shale gas exploration and its economic benefits.
-Shale gas exploration will be a game changer in the energy industry due to depleting natural gas reserves and increasing energy costs.
-Many shale reserves have been identified across the world. Countries such as the US, Argentina, and Mexico have the advantage of well-established local gas infrastructure, which will make it easier to distribute to markets that include the power generation, residential, commercial, industrial, and transport sectors.
-However, there are numerous environmental concerns associated with the shale gas industry, such as the risk of earthquakes, water contamination, and pollution as a result of fracking.
-Consequently, shale gas exploration are banned in some countries such as France and The Netherlands. In addition, shale gas exploration did not proceed in certain regions due to public opposition despite licenses being granted to oil and gas companies to drill test wells.
-The key factor for the demand for non-destructive test (NDT) and measurement equipment in the shale gas industry is the need for continuous condition monitoring and inspections of wells, oil rigs, tubular goods, casing, and infrastructure.
-An important factor that drives the adoption and growth of NDT in the shale gas industry is the high return on investment (ROI) as performing NDT results in cost savings.
-In addition, the NDT equipment market is characterized by high replacement rate in the shale gas industry due to standardization of technologies used for inspection.
Frost & Sullivan (Summary) on ReportLinker