Coal bed methane (CBM) is the main part of the market analysis and can be understood as the natural gas found in most coal deposits. It is created during the coalification process where plant material is converted into coal over a period of millions of years. In addition, CBM consists of the best options rendered by pure methane, which is a clean-burning fuel. It contains lesser impurities and requires minimal processing. It is more eco-friendly than oil, coal, or even conventional natural gas.
The global emergence of the novel coronavirus pandemic has had its effect on the growth potential of the coal bed methane market share for the forecast period of 2022-2030 followed by the pandemic year of 2020. Since the rate of pandemic and infection spread was high, there was an urgent need for strict rules for the market and global governments to impose strict regulations and implications that would limit social gatherings and hence, bring down the positivity rate of the virus.
However, to help increase the projected coal bed methane market revenue during the ongoing forecast period of 2022-2030, the government authorities and global players in the market have been increasing their investment in the development of various products and services that will help in portfolio enhancement and enhancing the chances of both the regional and international market players to grow at an excellent rate while conducting the global market operations by the end of the forecast period in 2030.
The coal bed methane market has been divided all across the globe based on the raw materials, applications, and region.
Coal Seam Gas Technology Outlook
The coal bed methane market has been divided all across the region based on the region into North American region, Asia-Pacific region, European region, Latin American region, and the Middle East and African region. The Asian Pacific region had dominated the global coal bed methane market size of USD 7.22 billion in 2019 and is expected to witness a CAGR of 7.4% from 2020 to 2027.
There has been a significant number of unexplored reserves that will accelerate the CBM market enhancing the business growth resulting in an increased production of CBM. Also, the functions related to commercial coal bed methane use are being produced in countries such as Australia, China, and Canada.
In the Asia Pacific region, the growing regional GDP is leading to rising demand for energy. For resources such as unconventional gas, the APAC region is a huge demand center, and due to the growing interest of various companies, it is also likely to appear as a supply center in the years to come.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 19.8 Billion |
| Market Size 2024 | USD 20.44 Billion |
| Market Size 2032 | USD 28.79 Billion |
| CAGR | 3.88% CAGR (2024-2032) |
| Base Year | 2023 |
| Forecast Period | 2024 - 2032 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Technology and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | 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) |
| Key Market Opportunities | New product launches and R&D Amongst major key Players |
| Key Market Drivers | Increasing potential for greenhouse gas mitigation |
Frequently Asked Questions (FAQ) :
The coal bed methane market is anticipated to grow at a higher CAGR of 3.88% in the global market during the forecasted period
A few significant players of the global coal bed methane market are Far East Energy Corporation (US), Santos (Australia), and Nexen Inc. (Canada), among others.
The hydraulic facturing segment is expected to drive market growth over the review period.
The industrial segment is likely to witness the highest demand in the coal bed methane market.
The largest market share in the coal bed methane market all across the globe is held by the North American region.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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