Coal Bed Methane Market Overview
The Coal Bed Methane Market is projected to grow from USD 18,345.3 Million in 2022 to USD 32,390.49 Million by 2030, exhibiting a compound annual growth rate (CAGR) of 5.9% during the forecast period (2022 - 2030).
Coal bed methane (CBM) is the main part of the market analysis and can be understood as the natural gas found in most coal deposits. It is created during the coalification process where plant material is converted into coal over a period of millions of years. In addition, CBM consists of the best options rendered by pure methane, which is a clean-burning fuel. It contains lesser impurities and requires minimal processing. It is more eco-friendly than oil, coal, or even conventional natural gas.
Coal Bed Methane Market COVID 19 Analysis
The global emergence of the novel coronavirus pandemic has had its effect on the growth potential of the coal bed methane market share for the forecast period of 2022-2030 followed by the pandemic year of 2020. Since the rate of pandemic and infection spread was high, there was an urgent need for strict rules for the market and global governments to impose strict regulations and implications that would limit social gatherings and hence, bring down the positivity rate of the virus.
However, to help increase the projected coal bed methane market revenue during the ongoing forecast period of 2022-2030, the government authorities and global players in the market have been increasing their investment in the development of various products and services that will help in portfolio enhancement and enhancing the chances of both the regional and international market players to grow at an excellent rate while conducting the global market operations by the end of the forecast period in 2030.
Market Dynamics
Drivers
The global growth of the coal bed methane market size is a result of various factors acting as drivers for the market during the forecast period that will be ending in 2030. There are multiple sources that help in carrying out the kind of production that suit the needs of users that belong to a huge variety of applications, segments, and industries. The reduction in methane emissions is associated with conventional fuels and coal mining, followed by the lower price of CBM compared to other unconventional natural gases, and the generation of direct and indirect employment in the extraction of CBM drives the growth of the global Coal Bed Methane market.
Restraints
But, one major factor that might restrain the market from increasing its revenue during the forecast period of 2022-2030 is the high cost associated with production followed by a constant source to spread fruitful and qualitative awareness amongst the target audience regarding the functions and market services.
Technology Analysis
The global market is witnessing an increase in the number of opportunities that will help in the global market growth. The globally curated report talks about the creation of various market opportunities as a result of the splendid performance undertaken by the transportation and power segment which has a major role to play in minimizing the risks related to environmental pollution. Also, the market report suggests that the investments in the field of technology, research, and development will have positive attributes in store for the market during the ongoing period that ends in 2030. The technological advancements in various verticals and market fields give rise to judicious use of resources that expand the probable market share.
Market Segmentation
The coal bed methane market has been divided all across the globe based on the raw materials, applications, and region.
Coal Seam Gas Technology Outlook
- Hydraulic Fracturing
- Horizontal Drilling
- CO2 Sequestration
Coal Bed Methane Application Outlook
- Industrial
- Power Generation
- Transportation
- Commercial
- Residential
Coal Bed Methane Geography Outlook
- North America
- Europe
- Asia-Pacific
- LAMEA
Regional Analysis
The coal bed methane market has been divided all across the region based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The Asian Pacific region had dominated the global coal bed methane market size of USD 7.22 billion in 2019 and is expected to witness a CAGR of 7.4% from 2020 to 2027. There has been a significant number of unexplored reserves that will accelerate the CBM market enhancing the business growth resulting in an increased production of CBM. Also, the functions related to commercial coal bed methane use are being produced in countries such as Australia, China, and Canada.
In the Asia Pacific region, the growing regional GDP is leading to rising demand for energy. For resources such as unconventional gas, the APAC region is a huge demand center, and due to the growing interest of various companies, it is also likely to appear as a supply center in the years to come.
Competitive Landscape
The most prominent major key players in the coal bed methane market all across the globe are mentioned below.
- Arrow Energy
- Blue Energy
- Baker Hughes
- Santos Ltd.
- China United Coal Bed Methane Corporation
- Bg Group (Royal Dutch Shell Plc.)
- Bp Plc
- Encana Corporation
- Concophillips
- Origin Energy
These major key players adopt various strategies to endure their market position in the coal bed methane market in the global market by going for mergers, and acquisitions, collaborating, setting up a new joint venture, establishing a partnership, developing a new product line, innovation in the existing product, developing a unique production process, and many others to expand their customer base in the untapped market of the coal bed methane market all across the globe.
Recent Developments
- The U.S. region, as a part of North America, contributes to the larger part of current CBM extraction and has developing generation potential globally. The high degree of innovation and experience procured in the U.S. region could be promptly applied globally. A standout among the most encouraging markets is the Australian region, where CBM, or coal seam gas (CSG), is a noteworthy source for satisfying liquid natural gas (LNG) demand. The coal bed methane market trends suggest that there has been a demand for LNG that is expected to rise in the adjacent Asia-Pacific markets, transferring the growth to CBM as a substitute. India, China, and Russia have critical market stores, which are estimated to gain a surge in extraction by 2017.
- In 2016, the power generation segment of the global CBM market in terms of revenue had accounted for around one-third share of the global coal bed methane market. In terms of volume, the power generation segment had accounted for approximately 30% share of the overall market. Power generation is emerging as the most lucrative segment for investment in the global CBM market, and the main reason behind this is the demand for natural gas in various end-user industries. Thus, the global market segment is anticipated to show a high growth rate and significant return on investment for stakeholders due to its notable revenue contribution.
- ON Janaury 2022, Tata Steel initiates a ‘first-of-its-kind in the world’ trial for continuous injection of Coal Bed Methane (CBM) in Blast Furnace to reduce emissions. This process is expected to reduce coke rate by 10 kg/thm, which will be equivalent to reducing 33 kg of CO2 per tonne of crude steel. The trial has to be planned in first week of february 2022.
Study Objectives
- The global market report helps to understand the market mechanism and the ability of the key market players to produce products and services to cater to the needs of the target audience amongst the prevailing competition.
- The market report has been prepared to study the market scope and revenue potential of the segments functional in various mushrooming geographical regions across the globe.
- The automotive intelligent park assist system market helps to analyze the market functions and consider the viewpoints of the industry leaders and experts in predicting the market’s growth figures during the forecast period that ends in 2030.
| Report Attribute/Metric |
Details |
| Market Size |
2022: USD 18,345.3 Million
2030: USD 32,390.49 Million
|
| CAGR |
5.9% CAGR (2022-2030) |
| Base Year |
2021 |
| Forecast Period |
2022-2030 |
| Historical Data |
2019 & 2020 |
| Forecast Units |
Value (USD Million) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Technology and Application |
| Geographies Covered |
North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors |
Essar Oil (India), Reliance Power (India), Halliburton (US), Chevron (US), BP (UK), Weatherford (US), Arrow Energy (Australia), Blue Energy (Australia), Conocophillips (US), China United Coalbed Methane Co (China), Encana Corporation (Canada), Far East Energy Corporation (US), Santos (Australia), and Nexen Inc. (Canada), among others. (Germany) |
| Key Market Opportunities |
New product launches and R&D Amongst major key Players |
| Key Market Drivers |
Increasing potential for greenhouse gas mitigation |
Frequently Asked Questions (FAQ) :
The coal bed methane market is anticipated to grow at a higher CAGR of 5.9% in the global market during the forecasted period
A few significant players of the global coal bed methane market are Far East Energy Corporation (US), Santos (Australia), and Nexen Inc. (Canada), among others.
The hydraulic facturing segment is expected to drive market growth over the review period.
The industrial segment is likely to witness the highest demand in the coal bed methane market.
The largest market share in the coal bed methane market all across the globe is held by the North American region.
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