ID: MRFR/E&P/5708-HCR | February 2021 | Region: Global | 111 pages
Coal bed methane market is expected to grow at ~4.05% CAGR during the forecast period.
Coal Bed Methane is an unconventional form of natural gas that is found in coal seams. It is primarily extracted from bituminous and sub-bituminous coals. Coal bed methane can be efficiently used as a fertilizer with methane being a source of ammonia used in half of the world’s fertilizer market. Favorable government initiatives towards use of unconventional resources will propel the coal bed methane market during the forecast timeline. Government of China, on recognizing the value of CBM, inducted the development in the Five-Year Plan which requires the country to produce 50 billion m3 of coal bed methane by 2020. Moreover, Government of India allotted 31 development blocks for the exploration and production of coal bed methane thereby propelling the industry.
Increasing potential for greenhouse gas mitigation is a major driver for the growth of the global coal bed methane market. For instance, China is taking steps to reduce carbon dioxide emissions. The Government of China has set reduction targets for two of its largest sources of non-CO2, namely, coal bed methane and HFC emissions. According to China’s national climate action plan, China would increase its coal bed methane production by 2020.
Various industries are investing heavily in control devices to increase the production efficiency and simultaneously reduce error ratio. This would positively impact the coal bed methane market with increased manufacturing activities and power generation capacity addition.
The global coal bed methane market is projected to grow at a high rate during the forecast period, mainly due to the increasing adoption of coal bed methane as an alternative to electricity will lower the burden on the national power grids of developing countries. Market growth in this region can be attributed to countries such as China, Australia, and India are the key markets for cola bed methane in Asia Pacific. However, growing demand for sustainable fuel in the US and increased focus on reducing the reliance on conventional sources of natural gas would driver the coal bed methane market in the North America.
Global coal bed methane market has been segmented based on technology, application, and region. Based on technology, the market is classified into Hydraulic Fracturing, Horizontal Drilling, and CO2 sequestration. Hydraulic fracturing which leads the market, owing to the technological advancements achieved in this technique coupled with its ease of use and would further complement the coal bed methane market during the forecast period. The global coal bed methane market is further segmented based on application, including residential, industrial commercial, transportation, and others. Industrial segment of the global coal bed methane market is estimated to register the highest growth rate during the forecast period due to the increasing use of coal bed methane as an alternate source to conventional natural gas.
The key players of global coal bed methane market are 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), among others.
Global Coal Bed Methane Market
Global coal bed methane market is expected to witness substantial growth during the forecast period owing to ongoing natural gas pipeline projects and increasing benefits to coal mining industry. For instance, developing economy of countries like India is driving demand for new sources of energy and thus coal bed methane is expected to supplement the gas supply. These factors would drive the coal bed methane market in the coming years.
|Market Size||2027: Significant Value|
|CAGR||2027: Substantial CAGR|
|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 global coal bed methane market is maturing at a whopping 4.05% CAGR over the review period of 2017 to 2023.
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 North American region is expected to witness exponential growth.