Market Research Future (MRFR) presumes the global coal bed methane market to grow at a 4.05% CAGR during the forecast period.
Coal Bed Methane is an unusual type of natural gas found in coal seams. It is extracted predominantly from bituminous and sub-bituminous coals. Coal bed methane can be utilized effectively as a fertilizer, as methane is a source of ammonia that is used in half of the world's fertilizer market. During the projected period, favorable government measures promoting the use of unconventional resources would boost the coal bed methane market. Recognizing the importance of CBM, the Chinese government included the development in the Five-Year Plan, requiring the country to produce 50 billion m3 of coal bed methane. Furthermore, the Government of India has allocated 31 development blocks for the exploration and production of coal bed methane, propelling the industry forward.
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The increasing potential for greenhouse gas mitigation is a primary driver of the worldwide coal bed methane market's growth. China, for example, is taking initiatives to limit carbon dioxide emissions. China's government has set reduction objectives for two of its major non-CO2 sources, coal bed methane and HFC emissions. As per China's national climate action plan, China increased its coal bed methane production by 2020.
Various sectors are extensively investing in control devices in order to boost production efficiency while lowering error ratios. This will benefit the coal bed methane industry by increasing manufacturing operations and adding power generation capacity.
COVID-19 Impact on the Global Coal Bed Methane Market
COVID-19 is an unparalleled public health emergency that has affected practically every industry, and the long-term repercussions are expected to impact industrial growth during the forecast period.
The global coal bed methane industry has been segmented based on technology and application.
Based on technology, the global coal bed methane market has been classified into Hydraulic Fracturing, Horizontal Drilling, and CO2 sequestration. Hydraulic fracturing dominates the market, owing to the technological advancements accomplished in this technique coupled with its ease of use and further complementing the coal bed methane market during the forecast period.
By application, the global coal bed methane industry has been classified into residential, industrial, commercial, transportation, and others. The industrial segment of the global coal bed methane market is projected to register the highest growth rate over the review period due to the growing use of coal bed methane as an alternate source to conventional natural gas.
Region-wise, the global coal bed methane market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The North American region is anticipated to witness exponential growth. Growing demand for sustainable fuel in the United States, as well as a greater emphasis on reducing reliance on conventional natural gas sources, would drive the North American coal bed methane industry.
The global coal bed methane market is expected to increase rapidly during the forecast period, owing to the increased acceptance of coal bed methane as an alternative to electricity, which would reduce the pressure on developing nations' national power systems. The primary markets for coal bed methane in the Asia Pacific are China, Australia, and India, which are driving market expansion in this region.
The key players in the global coal bed methane market are Essar Oil (India), Arrow Energy (Australia), Reliance Power (India), Halliburton (US), Chevron (US), BP (UK), China United Coalbed Methane Co (China), Weatherford (US), Blue Energy (Australia), Conocophillips (US), Encana Corporation (Canada), Far East Energy Corporation (US), Santos (Australia), and Nexen Inc. (Canada), among others.
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The global coal bed methane market is predicted to grow at a 4.05% CAGR from 2018 to 2023 (forecast period). The global coal bed methane market is predicted to increase significantly over the forecast period as a result of ongoing natural gas pipeline projects and rising benefits to the coal mining industry. For example, the expanding economies of nations such as India are pushing demand for new sources of energy, and coal bed methane is expected to supplement the gas supply. In the next years, these factors will boost the coal bed methane industry.
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