How Has the Gas Hydrates Market Size Evolved in Recent Years?
The gas hydrates market has seen considerable growth due to a variety of factors.
• The dimension of the gas hydrates market has significantly expanded over the recent years. The market is projected to escalate from $2.17 billion in 2024 to $2.32 billion in 2025, running at a compound annual growth rate (CAGR) of 6.8%.
The historical growth pattern can be linked to the rise in industrial uses of natural gas, exploitation of gas hydrate reserves, growing public consciousness and advocacy towards more eco-friendly energy resources, expansion in education and training initiatives for experts in the gas hydrate industry, and strategic collaborations between governments and private corporations.
What Is The Forecast For The Gas Hydrates Market Size?
The gas hydrates market is expected to maintain its strong growth trajectory in upcoming years.
• The market for gas hydrates is projected to experience significant expansion in the coming years, eventually reaching a worth of $2.98 billion by 2029, showcasing a compound annual growth rate (CAGR) of 6.5%.
This promising growth through the forecast period is largely due to factors like intensifying environmental regulations to lessen greenhouse gas emissions, a global upsurge in energy consumption, increasing consumer inclination for purer forms of energy, enhancement in supply chain for materials and products, in addition to government and privately-backed motivations to revolutionize energy technologies. The projected period will witness trending advancements in extraction and gas hydrates' processing technologies, ongoing studies of gas hydrates' attributes and extraction methods, development in the groundwork of production, storage, and transportation of gas hydrates, synchronization of gas hydrate technologies with other energy systems, and progress in seismic imaging along with other exploration techniques.
What Are The Essential Drivers Behind The Growth Of The Gas Hydrates Market?
The increased need for environmentally friendly and renewable energy sources is anticipated to boost the expansion of the gas hydrates market. There is growing interest in such energy types due to the increasing fears about climate change, the desire to uphold environmental sustainability, and the urgency to reduce dependency on fossil fuels. Gas hydrates are garnering attention as a potential energy source of the future, providing an abundant supply of methane which could act as a cleaner substitute for traditional fossil fuels when extracted and used effectively. For example, the International Energy Agency, based in France, reported in July 2024 that the global electricity supply's renewable fraction is projected to increase from 30% in 2023 to 35% by 2025. Thus, the escalating demand for green and renewable energy is triggering the gas hydrate market's growth.
How Is The Global Gas Hydrates Market Divided Into Key Segments?
The gas hydratesmarket covered in this report is segmented –
1) By Type: Onshore Gas Hydrates, Offshore Or Marine Gas Hydrates
2) By Technology: Gas Hydrate Formation And Dissociation, Production And Extraction, Storage And Transportation
3) By Origins: Permafrost, Seabed
4) By Application: Transportation Fuel, Commercial, Industrial, Other applications
Subsegments:
1) By Onshore Gas Hydrates: Permafrost Gas Hydrates, Associated Gas Hydrates, Gas Hydrates In Sedimentary Basins, Gas Hydrates In Shale Formations, Laboratory-Produced Onshore Gas Hydrates
2) By Offshore Or Marine Gas Hydrates: Gas Hydrates In Continental Margins, Gas Hydrates In Deepwater Environments, Gas Hydrates In Submarine Sediments, Gas Hydrates In Mid-Ocean Ridge Systems, Marine Gas Hydrates Associated With Hydrocarbon Reservoirs
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How Are New Trends Impacting The Size Of The Gas Hydrates Market?
Leading firms in the gas hydrates market are turning their attention towards the creation of cutting-edge products like methane hydrate harvesting technology in order to stay ahead in the competition. Methane hydrate harvesting technology is a system designed to help extract methane gas which is often trapped in methane hydrates - crystal formations that comprise methane molecules surrounded by water ice. For example, in October 2022, Japan's MODEC Inc., a company renowned for its solutions for the floating offshore oil and gas market, began onshore testing for the enhancement of shallow methane hydrate harvesting technology at the Okhotsk Regional Innovation Research Park in Kitami City, Hokkaido, Japan. Their main aim for these onshore tests is to assess the effectiveness of their drilling, in a simulated seabed situation which consists of polypropylene balls closely resembling granular methane hydrate and fluidized, treated soil which mimics the soft mud conditions often found several tens of meters below the seabed. MODEC has chosen a comprehensive vertical drilling approach, which makes use of large, disk-shaped drill bits to boost drilling capacity and make the extraction of shallow methane hydrate more efficient.
Who Are the Key Players In The Gas Hydrates Market?
Major companies operating in the gas hydrates market are:
• China Petroleum and Chemical Corporation
• PetroChina Company Limited
• ExxonMobil Corporation
• Royal Dutch Shell plc
• BP PLC
• Chevron Corporation
• Eni S.p.A.
• PJSC Gazprom
• Mitsui & Co. Ltd.
• Equinor ASA
• Indian Oil Corporation Limited
• ConocoPhillips Company
• Oil and Natural Gas Corporation Ltd.
• Schlumberger Limited
• Halliburton Company
• Weatherford International
• Marubeni Corporation
• Fugro NV
• Japan Drilling Co. Ltd.
• MODEC Inc.
• JFE Engineering Corporation
What Are The Regional Insights Into The Gas Hydrates Market?
Asia-Pacific was the largest region in the gas hydrates market in 2024. The regions covered in the gas hydrates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
