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.
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 high demand for power has put a burden on power grids across the
world, including particularly in emerging economies with large populations and
expanding industrial activities. Environmental consciousness
and the demand for natural gases as an alternative to traditional fossil fuels
is expected to encourage market growth. Ongoing natural gas projects and
increasing benefits to the coal mining industry are also expected to have a
positive impact on the global market.
CBM
Market Segmentation
The
global CBM
Market has been segmented on the basis of technology, application, and
region. Technology has been segmented
into hydraulic fracturing, horizontal drilling, and CO2 sequestration.
Hydraulic fracturing is the leading segment by technology due to the ease of
use as well as the advancements made in the implementation of this technique.
Application has been segmented to include
commercial, industrial, residential, transportation, and others. Industrial
applications of coal bed methane are wide and varied making it the most
significant segment in the global market. Coal bed methane is increasingly
being used as an alternate source of fuel to conventional natural gas.
Regions
included in the global analysis include Europe, North America, Asia Pacific,
the Middle East & Africa, and South America.
Regional Analysis
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.
Key Players
MRFR’s
report includes an analysis of the competition in the global coal bed methane
market which includes leading market players such as Far East Energy
Corporation (US), Chevron (US), Arrow Energy (Australia), Essar Oil (India),
Santos (Australia), ConocoPhillips (US),
Encana Corporation (Canada), Weatherford (US), China United Coalbed Methane Co
(China), BP (UK), Blue Energy (Australia)
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