Coal Bed Methane Market Insights
The global coal bed methane market is expected to grow at a CAGR of 4.05% during the forecast period from 2016 to 2023. This indicates moderate yet consistent growth over the next few years. Coal bed methane is a form of natural gas which has grown in importance as a source of energy in various parts of the world. This unconventional natural gas is often extracted and can from bituminous and sub-bituminous coals and have a wide number of applications. Market Research Future’s understanding of the market has been used to create a detailed report which covers the markets driving forces as well as opportunities and pitfalls of the market.
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The presence of favorable government initiatives is encouraging the entry of strong players in the coal bed methane market. The upsurge in carbon dioxide emissions is another key factor promoting coal bed methane market, as governments are focusing on greenhouse gas mitigation seriously. The development of the coal bed methane market to eventually replace conventional electricity sources is projected to open up new prospects for growth in the approaching period.
Some applications for coal bed methane include use as a fertilizer. About half the worlds fertilizer is made from ammonia sourced from coal bed methane. Government support for unconventional resources is expected to assist the growth of the global coal bed methane market. A prime example is in emerging economies where governments are increasing their production of coal bed methane. By 2020, China has inducted the plan to produce more than 50 Bn m3 for coal bed methane. Various end-use industries are investing in devices to increase production efficiency as manufacturing activities increase. The coal bed methane market is expected to witness growth in the industrial sector as it has increased power generation capacity.
The significant players in the Coal Bed Methane Market are Halliburton (US), Essar Oil (India), Reliance Power (India), Chevron (US), BP (UK), Weatherford (US), Arrow Energy (Australia), Conocophillips (US), China United Coalbed Methane Co (China), Encana Corporation (Canada), Far East Energy Corporation (US), Blue Energy (Australia), Santos (Australia), and Nexen Inc. (Canada), among others.
The segment review of the coal bed methane market has been conducted on the basis of application, technology, and region.
On the basis of technology, the coal bed methane market is segmented into horizontal drilling, hydraulic fracturing, and CO2 sequestration. The hydraulic fracturing segment leads the coal bed methane market, due to the technological progress realized with this technique.
The market for coal bed methane is segmented on the basis of application into industrial, residential, transportation, commercial, and others. The industrial segment of the coal bed methane market globally is projected to record the maximum growth rate throughout the forecast period.
On the basis of regions, the coal bed methane market is segmented into South America, Asia Pacific, the Middle East, North America, Europe, and Africa.
Developing economies like the ones in the Asia Pacific are leading market growth for the global coal bed methane market. Countries like India and China are increasing their coal bed methane production capabilities to help support national power grids. The use of this natural gas to support the high demand for power generation is expected to have a strong positive impact on the global market. India and China are prime country level markets due to the increasing urbanization and industrialization in the region which has increased the demand for efficient power supply. Meanwhile developed economies in North America and Europe are expected to display a demand for natural gases to reduce dependency on traditional fossil fuels.
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