Gas Hydrates Market Overview
Gas Hydrates Market is projected to be worth USD 3694.90 million by 2030, registering a CAGR of 4.73% during the forecast period (2022 - 2030). The gas hydrates are also known as fire ice and these are crystalline solid ice-like forms of water that consist of gas molecules held under low temperature and high pressure. Wide quantities of gas hydrates are found in the world’s continental margins, and it is obtained sediments down to a depth of 200m-400m beneath the seafloor it is also largely formed in the sedimentary rocks beneath the Arctic permafrost, deep-water sediments of seas, and inland lakes, and beneath Antarctic ice.
The gas mainly consists of methane in large quantities and other gasses like H2S and CO2 in very less proportions. The future source of natural gas from gas hydrates is methane. Different countries like the USA, Canada, India, Japan, and China are adopting advanced research methods and technologies to manufacture methane hydrates and the increasing demand for oil and gas across the world and increasing automotive industry are expected to drive the market growth. Escalating investments in exploration and extraction are further augmented to favor the market growth in the coming years.
Global Gas Hydrates Market Share, by Application, 2017 (%)
Source: MRFR analysis
Regional analysis
The global gas hydrates market has been segmented into five key regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia-Pacific market is expected to witness the largest market share in 2017 and is expected to register a robust CAGR in the coming years owing to rising government spending on gas exploration, surging demand from automotive and transportation industries, and large consumer base. Japan is the leading country in the region owing to its high oil and gas imports, increasing R&D investments, and availability of gas hydrate source in the Sea of Japan. China and India market have also gas hydrates exploration in the South China sea and the Bay of Bengal respectively. South Korea, Taiwan Malaysia are other regional contributors. The North American market is expected to register the second-largest market share in 2017 and is likely to grow at a significant CAGR in the following years due to large reserves of gas hydrates and advanced drilling technology. The US is the prominent country in the region owing to growing R&D facilities and surging demand for oil and gas in the region. The European market held a substantial market share in 2017 and is anticipated to grow at a healthy CAGR during the forecast period owing to rapid depletion of fossil fuels and surging demand for greener methane fuel in industrial and automotive applications. Germany is the prominent country in the region owing to the advanced technological expertise and large consumer base. The Latin American market accounted for a moderate market share in 2017 and is expected to register a healthy CAGR in the following years owing to growing research initiatives. Mexico is the leading country in the region followed by Brazil, Argentina, and Chile. The Middle East & Africa market is expected to grow at a steady CAGR during the forecast period owing to increasing pressure on oil fields and shift towards a greener fuel. Saudi Arabia is the major contributor in the region.
Segmentation analysis
The global gas hydrates market has been segmented on the basis of type, origin, method of extraction, application, and region.
Based on type, the global gas hydrates market has been bifurcated into onshore gas hydrates and offshore/ marine gas hydrates.
By origin, the global gas hydrates market has been categorized into seabed, permafrost, and others.
Based on method of extraction, the global gas hydrates market has been divided into water circulation, depressurization, carbon dioxide injection, and inhibitor injection process.
On the basis of application, the global gas hydrates market has been classified into transportation fuel, commercial, industrial, and others.
The global gas hydrates market has been studied across five major regions, namely– Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Key players
The key players operating in the global gas hydrates market are Japan Drilling Co., Ltd (Japan), Japan Petroleum Exploration Co., Ltd. (Japan), Chevron Corporation (US), Schlumberger Limited (US), ConocoPhillips Company (US); Japan Oil, Gas and Metals National Corporation (Japan), and China Petrochemical Corporation (China), Oil and Natural Gas Corporation Ltd. (India), PetroChina Company Limited (China), Royal Dutch Shell plc (The Netherlands), Total (France), and Fugro (The Netherlands).Recent Development
However, high initial costs and complex extraction methods are the same to restrain the market growth and in addition to this, methane escape in the sea tends to cause cold seeps on the seafloor which creates a shift of tectonic plates and future causes climate warming. The gas hydrates market has been divided on the basis of type, origin, method of extraction, region, and application and the global market of gas hydrates has been studied across major regions named North America, Europe, Latin America, and the middle east and Africa. The key players operating the global gas hydrates market are Japan Drilling Co., Japan oil, gas and Metals National Corporation, and China. The gas hydrates market is projected to expand at a CAGR of 7% from 2022 to 2030.
Target audience:
- Gas Hydrates exploring organizations
- Potential investors
- Production process industries
- Oil & gas industries
- Nationalized laboratories
- Government bodies
- Research organizations
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Gas Hydrates Market Highlights:
Locked within ice crystals at the bottom of the sea and deep in permafrost, a vast energy treasure trove awaits - gas hydrates. These naturally occurring compounds, essentially methane molecules trapped in cages of water ice, hold the potential to revolutionize the energy landscape. Navigating this exciting, yet uncharted territory, are a group of intrepid players, jostling for position in a competition as vast as the oceans themselves. Let's delve into the strategies shaping this Gas Hydrates market, the factors determining market share, and the recent developments keeping this icy frontier abuzz.
