BANGALORE, India, Sept. 13, 2021 /PRNewswire/ -- The Coal Bed Methane (CBM) Market is Segmented by Type (CBM Wells, Coal Mines), by Application (Power Generation, Industrial Fuel, Cooking Fuel, Vehicle Fuel, Other). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Energy & Utilities Category.
In 2020, the global Coal Bed Methane (CBM) market size was USD 16890 Million and it is expected to reach USD 24170 Million by the end of 2027, with a CAGR of 5.3% during the forecast period 2021-2027.
Major factors driving the growth of the Coal Bed methane market are:
Consumer demand for power is expanding in a variety of sectors, including residential, industrial, and commercial, as well as shifting preferences for coal bed methane as a power generating source to fulfill the growing need for electricity in various regions.
The expansion of the worldwide CBM market is fueled by a reduction in methane emissions associated with conventional fuels and coal mining, the cheaper price of CBM compared to other unconventional natural gases, and the creation of direct and indirect employment in the extraction of CBM.
TRENDS INFLUENCING THE GROWTH OF THE COAL BED METHANE MARKET
The growth of the coal bed methane market has been aided by rising government resourcefulness for the use of methane gas (CH4), as well as a growing desire to employ environmentally friendly energy sources.
Rising power demand from several end-user divisions is expected to propel the growth of the coal bed methane market. Coal bed methane and its by-products are suitable for a host of industrial applications, notably in Power Generation, Manufacturing, Transportation. CBM has been used in place of natural gas in gas turbines for power generation. CBM can also be used as a feedstock for manufacturing fertilizers and plastics. Furthermore, Coal bed methane can be transformed into other hydrocarbons such as diesel and gasoline, which are extensively utilized as motor fuels.
There are still a lot of CBM sources that haven't been investigated. The worldwide coal bed methane market will see enormous growth prospects in the approaching years of the projected period as a result of this. Furthermore, the worldwide coal bed methane market is predicted to develop due to an increase in extraction and exploration operations, as well as increasing investments and funding to improve drilling and exploring activities on a global scale.
Pumping significant amounts of water out of coal seams to lower hydrostatic pressure and liberate the gas is part of coal bed methane exploration. The produced water from coal bed methane wells has a fairly high salinity making it unsuitable for certain agricultural activities due to adverse and long-term chemical or physical effects on soil structure. This in turn might affect the coal bed methane market growth.
The USA is the largest market, with a share of about 33%, followed by China and Canada, both have a share of about 30 percent. Due to significant tax advantages, coal bed methane development is expected to increase in the United States during the forecast period. In the coalfields of the United States, the purified form of methane achieves the highest percentage of CBM. Following production, the finished product is delivered, sold, and priced in the same way as natural gas is priced.
In terms of product, CBM Wells is the largest segment, with a share of about 80%, and in terms of application, the largest application is Power Generation, followed by Industrial Fuel, Cooking Fuel, Vehicle Fuel.
TOP COMPANIES IN THE COAL BED METHANE MARKET
Global Coal Bed Methane (CBM) key players include Exxon Mobil(XTO Energy), ConocoPhillips, Australia Pacific LNG, Shell (QGC), etc. Global top four manufacturers hold a share of about 40%.
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