Coal Bed Methane Market Scenario
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. The global coal bed methane market
is expected to grow at 4.05% CAGR during the forecast period.
Global Coal Bed Methane Market Highlights
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.
Industry Segmentation
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.
Prominent Players
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.
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