According to TechSci Research report, “India Unconventional Gas Market- By Region, Competition, Forecast and Opportunities, 2020-2030”, the India Unconventional Gas Market was anticipated to be USD 1.51 billion by 2024 and is expected to project significant growth to reach USD 1.93 billion in the end of forecast period with a CAGR of 4.21% through 2030.
The India Unconventional Gas Market has witnessed significant developments that have propelled its growth trajectory. One notable development is the increasing exploration and production activities in shale gas and coal-bed methane (CBM) reserves across the country. Companies like Oil and Natural Gas Corporation (ONGC) and Reliance Industries Limited (RIL) have been actively investing in these resources, aiming to unlock their vast potential and contribute to India's energy security.
Government initiatives and policy reforms have also played a crucial role in fostering growth in the unconventional gas sector. The introduction of the Hydrocarbon Exploration Licensing Policy (HELP) and the Open Acreage Licensing Policy (OALP) has streamlined the licensing and regulatory framework, making it more conducive for companies to invest in unconventional gas exploration and production. Additionally, the government's push towards cleaner energy sources and reduced dependence on imported fossil fuels has created a favorable environment for the development of unconventional gas resources.
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Technological advancements have been another key driver of growth in the India Unconventional Gas Market. Innovations in drilling techniques, such as horizontal drilling and hydraulic fracturing, have significantly improved the efficiency and cost-effectiveness of extracting unconventional gases from deep underground formations. These advancements have made previously inaccessible resources economically viable to develop, unlocking new opportunities for growth in the sector.
Moreover, increasing awareness about the environmental benefits of unconventional gases, such as lower carbon emissions compared to conventional fossil fuels, has led to growing acceptance and adoption of these resources. As India strives to meet its climate goals and reduce greenhouse gas emissions, the role of unconventional gases in the energy mix is becoming increasingly significant. Developments in policy reforms, technological innovations, and shifting energy priorities have set the stage for robust growth in the India Unconventional Gas Market. With continued investments, advancements, and supportive government policies, the sector is poised to play a vital role in India's energy transition and contribute to its long-term sustainable development.
Initiatives taken by government based on unconventional gas has led to favorable market conditions for the India Unconventional Gas Market. Several factors contribute to the growth of various unconventional gas products. In August 2018, the Indian government introduced a comprehensive policy framework that permits the exploration and exploitation of unconventional hydrocarbons, such as shale oil/gas and Coal Bed Methane (CBM). This forward-thinking policy aims to incentivize and promote the production of unconventional gas, thereby reducing India's dependence on traditional fossil fuels and fostering energy security. By encouraging investments in this sector, the government seeks to attract domestic and international players to leverage the untapped potential of unconventional hydrocarbons, contributing to both economic growth and environmental sustainability.
In line with its commitment to fostering a business-friendly environment, the Government of India has taken significant steps to deregulate the hydrocarbon industry and spur greater private participation and foreign investment. This proactive approach is aimed at stimulating healthy competition, enhancing operational efficiency, and harnessing the sector's full potential. By opening up the industry to private players and foreign investors, the government aims to leverage their expertise, technological advancements, and financial resources to drive innovation, improve productivity, and ensure the sustainable development of India's hydrocarbon resources.
The increase in research and development (RD) activities has significantly influenced the growth of India's unconventional gas market. Technological advancements have facilitated the exploration and extraction of extensive reserves of unconventional gas, particularly in regions such as West India. Furthermore, the efficiency enhancements resulting from RD efforts have led to a reduction in the production costs of unconventional gas. This has positioned unconventional gas as a competitive alternative to conventional energy sources, thereby driving its demand in the power generation and industrial sectors.
The India Unconventional Gas Market is segmented into type, application, regional distribution, and company.
Based on its type, the shale gas segment stands out as the fastest-growing category based on its type. Shale gas, a form of natural gas extracted from shale rock formations deep underground, has gained considerable momentum in recent years due to its significant growth potential and numerous advantages. One key factor driving the rapid growth of the shale gas segment is its abundant availability in various regions across India. The country is endowed with substantial reserves of shale gas, particularly in states like Gujarat, Rajasthan, and Madhya Pradesh, among others. These reserves hold immense potential for exploration and production, attracting considerable interest and investment from both domestic and international players.
Technological advancements have also played a crucial role in accelerating the growth of the shale gas market. Innovations in drilling techniques, such as horizontal drilling and hydraulic fracturing (fracking), have made it possible to extract shale gas from previously inaccessible rock formations more efficiently and economically. These advancements have opened up new opportunities for shale gas development, driving market growth.
Shale gas is increasingly recognized for its environmental advantages compared to conventional fossil fuels. It emits fewer greenhouse gases and pollutants when burned, making it a cleaner and more environmentally friendly energy source. As India seeks to reduce its carbon footprint and transition towards cleaner energy alternatives, shale gas is emerging as a preferred option, further fueling its market growth.
Based on region, the West India region emerges as the epicenter of rapid market growth. West India, encompassing states such as Gujarat, Maharashtra, and Rajasthan, among others, exhibits significant potential for the exploration and production of unconventional gases like shale gas and coal-bed methane.
Several factors contribute to the West India region's prominence in driving market growth. The region is endowed with abundant reserves of unconventional gases, particularly shale gas and coal-bed methane. These resources are distributed across various geological formations in the region, presenting ample opportunities for extraction and commercialization. West India boasts a favorable regulatory environment and supportive policies that encourage investment and exploration activities in the unconventional gas sector. The governments of states like Gujarat and Maharashtra have implemented proactive measures to facilitate the development of unconventional gas resources, including streamlining approval processes and providing incentives for investment.
West India benefits from a robust infrastructure network, including pipelines, transportation facilities, and industrial clusters, which support the efficient extraction, processing, and distribution of unconventional gases. This infrastructure advantage enhances the region's attractiveness for investors and industry players seeking to capitalize on the burgeoning unconventional gas market.
Additionally, the socio-economic dynamics of West India, characterized by a skilled workforce, entrepreneurial spirit, and conducive business environment, further contribute to the region's accelerated market growth. The presence of established players in the energy sector, along with a supportive ecosystem of research institutions and technology providers, fosters innovation and drives advancements in unconventional gas exploration and production technologies.
Major companies operating in India Unconventional Gas Market are:
- Oil Natural Gas Corporation
- Chevron Petroleum India Private Limited
- Exxon Mobil India Private Limited
- Reliance Industries Limited
- Oil India Limited
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“The India Unconventional Gas Market has experienced notable growth driven by increasing investments and technological advancements in recent years. With a focus on tapping into unconventional gas reserves such as coalbed methane (CBM) and shale gas, the market has witnessed significant developments. Companies like Essar Oil Gas Exploration Production (EOGEPL) are spearheading investments, with EOGEPL committing 20 billion Indian rupees ($244 million) to expand its CBM assets in West Bengal. This expansion includes plans to drill 200 wells over the next 18 to 24 months, aiming for a substantial increase in production. Such initiatives are crucial for India's energy security, reducing reliance on imported gas and diversifying its energy mix. With advancements in technology and growing investor interest, the India Unconventional Gas Market is poised for further expansion, contributing to the country's energy self-sufficiency and economic growth,” said Mr. Karan Chechi, Research Director, TechSci Research, a research-based management consulting firm.
“India Unconventional Gas Market By Type (Shale Gas, Tight Gas, Coalbed Methane, Others), By Application (Industrial, Residential, Commercial, Power Generation, Transportation, Others), By Region, By Competition Forecast Opportunities, 2020-2030”, has evaluated the future growth potential of India Unconventional Gas Market and provides statistics information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Unconventional Gas Market.
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