In BP's recently released "Energy Outlook 2030," analysts estimate that in 2030, approximately 81% of the world's energy will come from fossil fuel sources. The report was researched by Industrial Info Resources.
While renewable energy remains the fastest-growing sector, BP estimates that renewable sources of energy will meet only about 6% of the world's energy needs by 2030. Among the fossil fuels that will be the main source of global energy consumption, natural gas is the fastest growing segment. One of the biggest contributors to the rise of natural gas--and certainly one of the biggest game-changers to hit the energy market in many years--is the ability to extract natural gas from shale plays.
One of the most important of these shale plays is the Marcellus, which lies under portions of Ohio, Pennsylvania, New York, West Virginia, and Maryland. Experts have estimated that the Marcellus Shale could hold up to 1,600 trillion cubic feet of recoverable natural gas. In this week's "Navigating the Currents of Change" webcast, Jesus Davis, Industrial Info's vice president of research for the Oil & Gas Production, Transmission and Terminals industries, discusses why the Marcellus is such an important asset to US and global energy markets.
Industrial Info is tracking more than 100 major projects across various industries that are being driven by the development of the Marcellus Shale. The projects have a combined value of almost $9 billion, providing a huge benefit to the Marcellus area and the entire country.