Market Overview 2022-2027:
The latest research study “Coal Bed Methane (CBM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global coal bed methane (CBM) market reached a value of US$ 17.81 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 24.22 Billion by 2027, exhibiting a CAGR of 5.10% during 2022-2027.
Industry Definition and Application:
Coal bed methane (CBM) is an odorless, colorless, and natural hydrocarbon gas absorbed into the solid coal matrix. It is manufactured by transforming plant matter from unconventional gas reservoirs into coal. It is more eco-friendly and involves minimal risk of explosion hazards in underground coal mines than conventional natural gas, oil, or coal. In addition, it contains pure methane, which has lesser impurities, requires minimal processing, and is a clean-burning fuel. As a result, CBM finds extensive applications as an alternative energy source in gas turbines for power generation across the globe.
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Market Trends:
The global coal bed methane market is primarily driven by rising electricity consumption due to the increasing construction of residential homes and inflating disposable incomes. Additionally, the escalating demand for digitally connected devices and the surging electrification of heat and buildings are positively influencing market growth.
Moreover, the increasing applications of CBM in producing methanol that finds diverse applications in the chemical industry and wastewater treatment represents another major growth-inducing factor. Moreover, the surging adoption of green and cost-effective fuels due to stringent government policies on greenhouse gas (GHG) emissions and increasing environmental concerns is also catalyzing the market growth.
Besides this, the increasing adoption of CBM in industrial applications, such as cement production, rolling mills, and steel plants, due to the rising need for clean-burning fuels, is contributing to the market growth. Other factors, including the increasing natural gas pipeline projects, favorable government policies, and various technological innovations, are also anticipated to drive the market further.
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| Coal Bed Methane (CBM) Market Report Scope | |
| Report Coverage | Details |
| Market size value in 2021 | US$ 17.81 Billion |
| Market forecast in 2027 | US$ 24.22 Billion |
| Growth Rate | CAGR of 5.10% from 2022 to 2027 |
| Base year for estimation | 2021 |
| Historical data | 2016-2021 |
| Forecast period | 2022-2027 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Type, Technology, Application and Region |
Key Market Segmentation:
The report has been segmented the market into following categories:
Breakup by Type:
- CBM Wells
- Coal Mines
Breakup by Technology:
- Horizontal Drilling
- Hydraulic Fracturing
- CO2 Sequestration
Breakup by Application:
- Power Generation
- Residential
- Commercial
- Industrial
- Transportation
Breakup by Geography:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Arrow Energy Holdings Pty Ltd.
- Baker Hughes Company
- BP PLC
- Petroliam Nasional Berhad (PETRONAS)
- Reliance Industries Limited
- Royal Dutch Shell plc
- Essar Group
- G3 Exploration
- Halliburton Company
- Santos Limited
- The ConocoPhillips Company.
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