Coal Bed Methane Market Overview
Global coal bed methane market is expected to witness substantial growth during the forecast period owing to ongoing natural gas pipeline projects and increasing benefits to coal mining industry. The global coal bed methane market is expected to grow at 4.05% CAGR during the forecast period 2018 to 2023. 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.
Coal bed methane is a primary coal seam gas that is collected from unmined coal seams. These coal seams are then drilled down into releasing the associated gas which is extracted and can further be used to generate electricity. CBM can be used as a substitute for conventional natural gas in a wide variety of consumer and industrial applications. The porosity of coal bed reservoirs is usually very small, ranging from 0.1 to 10%. Coal bed methane market is essential in assisting food production rate thereby meeting the growing population needs. Essar Oil, a coal bed methane company is currently supplying 1 million cubic metre of the requisite gas to Matix Fertilizers and Chemicals.
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Coal Bed Methane Market Leading 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.
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.
Coal Bed Methane Market Regional Analysis:
Based on region, the global Coal Bed Methane market cover growth opportunities and latest trends across North America, Europe, South America, Asia Pacific and the Middle East and Africa.
North America held the largest market share of the global coal bed methane market in 2017. North America region has some major players from the oil & gas industry and growing demand for sustainable fuel in US and Canada. The coal bed methane market would be mainly driven by creased focus on reducing the reliance on conventional sources of natural gas. In addition, significant natural gas production in countries such as India, China, Saudi Arabia, and others would also have a positive impact on the growth of coal bed methane market during the forecast period.
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