As per MRFR Analysis, the Gas Hydrates Market is projected to reach USD 3694.90 million by 2030, with a CAGR of 4.73% from 2022 to 2030. Gas hydrates, also known as fire ice, are crystalline solids formed from gas molecules under low temperature and high pressure, primarily consisting of methane. Significant reserves are found in continental margins and beneath permafrost and deep-water sediments. Countries like the USA, Canada, India, Japan, and China are investing in research and technology to harness methane from gas hydrates, driven by rising oil and gas demand and automotive industry growth. However, high extraction costs and environmental concerns pose challenges to market expansion.
The Gas Hydrates Market is characterized by several key trends and highlights.
Key players include Japan Drilling Co., Ltd, Chevron Corporation, Schlumberger Limited, ConocoPhillips Company, and China Petrochemical Corporation.
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
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.
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.
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:
| Report Attribute/Metric | Details |
| Market Size | 2030 : USD 3694.90 million |
| CAGR | 2030 : 4.73% |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Basis of type, origin, method of extraction, application, and region. |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | 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). |
| Key Market Opportunities | Increasing investments on exploration and extraction is further augmented to favor the market growth. |
| Key Market Drivers | Methane is the most prominent constituent of gas hydrates which is considered as the cleanest burning fossil fuel. |
Gas Hydrates Market Highlights:
Frequently Asked Questions (FAQ) :
It finds extensive applications in industrial, transportation fuel, and commercial sectors.
Growing automotive industry and increasing investments in extraction and exploration is driving market growth.
Complex extraction process and high cost may restrict market growth.
The APAC region will spearhead the gas hydrates market.
Different strategies adopted by industry players to maintain dominance in the gas hydrates market include acquisitions, mergers, joint ventures, and product development.
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).
$3694.90 million
4.73%
Asia-Pacific
2022-2030
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Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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