Research Nester assesses the growth and market size of the global coalbed methane market which is anticipated to be on account of the rising use of natural gases owing to the increasing adoption of eco-friendly products around the world for different applications.
New York – May 28, 2023 - Research Nester’s recent market research analysis on “Coalbed Methane Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global coalbed methanemarket in terms of market segmentation by technology, application, and by region.
Increasing Utilization of Methane Gas for Various End-User Sectors to Promote Global Market Share of Coalbed Methane
The global coalbed methanemarket is estimated to grow majorly on account of the increased use of methane gas in the production of power and operation of engines in the transportation sector. The increasing population worldwide rises the demand for the rate of electricity consumption thereby propelling the market growth. The presence of coal bed reserves around the world and the extraction activities of coal and methane gas from the reserves is likely to hike the market growth.
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The rising government policies to decrease the environmental pollution caused by fossil fuels are estimated to drive market growth. The growing application of methane gas for beneficial works such as cooking reduces its exposure to the atmosphere and is anticipated to drive market growth. The growing projects to utilize more methane gas instead of other nonrenewable resources for the generation of heat and conversion of liquid natural gas across the world are set to influence the market growth.
Some of the major growth factors and challenges that are associated with the growth of the global coalbed methanemarket are:
Growth Drivers:
Rising Mining Projects for Coal Extraction Globally
Increasing Programs and Awareness to Minimize Environmental Pollution
Challenges:
The rising mortality of workers in the extraction process and the high risk of burning are some of the major factors anticipated to hamper the global market size of coalbed methane. Methane gas exposure decreases air quality making it hazardous for animals, humans, and plants to survive. The oxygen quality in the air is affected by the methane gas making it less useful for breathing. In the long term, inhalation of methane gas is estimated to cause mood change, loss of memory, nausea, blurring of vision, vomiting, headache, slurred speech, and change in heart rate, breathing, and balance which hinders the growth of the market.
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By technology, the global coalbed methanemarket is segmented into hydraulic fracturing, horizontal drilling, and CO2 sequestration. The hydraulic fracturing segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The increasing usage of hydraulic fracturing in the oil and gas industry over other conventional methods as it provides flexibility and exact position of reach to the source is estimated to boost the market segment growth. Also, unlike drilling the fracturing method helps to capture oil and gas from every layer or zone of the earth as it can spread to over 100 to 2000 feet horizontally which fuels the market segment growth. Further, this method reduces power prices, decreases air pollution, fewer carbon emissions, and is best for energy security which likely promotes growth opportunities to the market segment.
By region, the Asia Pacific coalbed methanemarket is projected to register a substantial growth by the end of 2035. This growth is anticipated by higher consumption of fertilizers in the region. Methane gas is used in the production of fertilizers and the natural gas produced from the methane is used for the purpose of cooking which reduces air pollution. The increasing consumption of electricity in the region with an increasing population rate is also expected to surpass the market growth. For instance, as per the Ministry of New and Renewable Energy, in India about 32% of the primary energy consumed in 2021 was produced from biomass and more than 70% of the Indian people depend on this energy. The increasing number of industries in the region such as in the countries of Japan, China, and South Korea rises the demand for energy production which poised the market growth.
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This report also provides the existing competitive scenario of some of the key players of the global coalbed methanemarket which includes company profiling of Reliance Industries Limited, Arrow Energy Pty Ltd., PetroChina Company Limited, Baker Hughes, a GE Company LLC, Petroliam Nasional Berhad (PETRONAS), G3 Exploration, ConocoPhillips Company, GEECL, Halliburton, and others.
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