Gas Hydrates Market Booming, Growth in CAGR, Industry Challenges, Future Analysis |Trends, Size, Top 10 Key Players & Forecast to 2023

Gas hydrates, also called as fire ice, are a crystalline solid ice-like form of water that consists of gas molecules held under high pressure and low temperature.

Gas Hydrates Market Overview:

Gas hydrates, also called as fire ice, are a crystalline solid ice-like form of water that consists of gas molecules held under high pressure and low temperature. Large quantities of gas hydrates are found in the world’s continental margins. It is obtained in the seafloor sediments down to a depth of 200 m-400 m beneath the seafloor. It is largely formed in the sedimentary rocks beneath the Arctic permafrost, deep-water sediments of seas and inland lakes, and beneath Antarctic ice. The gas primarily consists of methane in large quantities and other gases such as H2S and CO2 in very less proportion. Methane from gas hydrates is a future source natural gas.

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Global Key Players:

Japan Drilling Co., Ltd
Japan Petroleum Exploration Co., Ltd.
Chevron Corporation
Schlumberger Limited
ConocoPhillips Company
Japan Oil, Gas and Metals National Corporation
China Petrochemical Corporation
Oil and Natural Gas Corporation Ltd.
PetroChina Company Limited
Royal Dutch Shell plc
Total
Fugro
Market Segmentation:

The global gas hydrates market has been segmented on the basis of type, origin, method of extraction, application, and region.

Based on type, the global gas hydrates market has been bifurcated into onshore gas hydrates and offshore/ marine gas hydrates.

On the basis of origin, the global gas hydrates market has been divided into seabed, permafrost, and others.

Based on method of extraction, the global gas hydrates market has been classified into water circulation, depressurization, carbon dioxide injection, and inhibitor injection process.

By application, the global gas hydrates market has been categorized into transportation fuel, commercial, industrial, and others.

The global gas hydrates market has been studied across five major regions, namely– Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Regional Outlook:

Geographically, the global gas hydrates market has been segmented into five major regions, namely Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

The Asia-Pacific market accounted for the largest market share in 2017 and is projected to grow at a strong CAGR during the forecast period owing to rising demand for natural gas as a greener fuel, increasing government investments, and growing automotive and transportation industry. Japan is the amjor contributor in the region followed by China owing to high reliance on expensive imports of liquefied natural gas from Middle East countries. It was the first country to get gas flowing successfully from gas hydrate deposits under the Pacific Ocean. Test driilings have taken place in China and Japan. On May 2018, China successfully extracted methane hydrate for the first time in the Shenu area of the South China Sea. This extraction will make it the first country in the world that can produce steady gas continuously. Other countries contributing to the regional market growth are India, Taiwan, Malaysia, and South Korea.

The North American market is expected to hold the second-largest market with a significant CAGR during the forecast period. This is attributed to the growing demand from the automotive and transportation industry and availability of large gas hydrate reserves. The US is the leading country in the region owing to superior extraction technology and growing research projects by various associations such as US Department of Energy and US Geological Survey.

The European market accounted for a significant market share in 2017 and is expected to grow at a healthy CAGR during the assessment period due to availability of large reserves of methane hydrates and growing demand for methane in industrial applications. Germany is the leadiing country in the region owing to advanced drilling operations and excellent technical expertise. Russia, the Netherlands, and Switzerland are other countries contributing to the regional market growth.

The Latin America and the Middle East & Africa market is expected to register a moderate market share with a encouraging CAGR in the following years owing to growing gas hydrates exploration. Mexico and Saudi Arabia are the leading countries in the region owing to growing R&D facilities and surging demand for greener fuel.

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