Coal Bed Methane Market Scenario
The global coal
bed methane market is expected to grow at 4.05% CAGR during the forecast
period. Coal Bed Methane can be used as a substitute for conventional natural
gas in a wide variety of consumer and industrial applications. The porosity of
coal bed reservoirs is usually very small, ranging from 0.1 to 10%. Coal bed
methane market is essential in assisting food production rate thereby meeting
the growing population needs. Essar Oil, a coal bed methane company is
currently supplying 1 million cubic metre of the requisite gas to Matix
Fertilizers and Chemicals.
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.
Global Coal Bed Methane Market Highlights
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.
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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