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. Adapting
to the recent novel COVID-19 pandemic, the impact of the COVID-19
on Coal
Bed Methane Market is included in the present report.
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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