In recent years, key enabling technology in shale gas extraction has really advanced, including hydraulic fracturing, horizontal drilling, microseismic monitoring technologies, information and communication technologies, and produced water technologies.

Because of these technologies, the shale gas industry has heavily influenced the energy mix in the United States, enabling the country to achieve energy self-sufficiency and, according to Frost & Sullivan, making the U.S. the "key innovator and adopter of new extraction technologies."

"Other countries with ample shale reserves also look to develop shale gas resources with the aid of advanced technologies," said Lekshmy Ravi, technical insights research analyst, Frost & Sullivan. "The high price of oil and gas that has prevailed since the middle of the last decade, along with the opportunity shale gas presents to reduce import dependence, has been instrumental in driving up interest in shale gas production and extraction technologies."

However, with the global market now witnessing an oversupply of shale products, oil prices have fallen, dampening the pace of shale gas production and, consequently, the need for related technologies, Frost & Sullivan noted.

During the shale gas boom, no other country besides the U.S. focused on developing these resources, demonstrating a downtrend in the industry.

"Horizontal drilling and hydraulic fracturing are the major technologies which have made shale gas extraction economical and easy," said Ravi. "To survive current market volatility, however, enabling technologies in shale gas extraction must be even more cost effective."

Since shale gas players are trying to minimize production costs to maintain competitiveness, Frost & Sullivan says that they will patronize technology developers who make the extraction of shale gas cheaper -- particularly attractive are those companies that can introduce interconnected smart systems with built-in feedback to improve efficiency and reduce operational costs.

In fact, Frost & Sullivan predicts a "shake up" in the shale gas industry this year as companies attempt to acquire technology providers and developers, targeting enterprises with the most attractive proprietary and innovative technologies.