Global Coal Bed Methane CBM Market Analysis 2024, Forecast To 2033
25 Sep, 2024
The coal bed methane (CBM) market has experienced robust growth, advancing from $18.83 billion in 2023 to $20.01 billion in 2024, marking a compound annual growth rate (CAGR) of 6.3%. This growth in the historical period is driven by energy security concerns, increasing natural gas demand, coal mining operations, government policies and incentives, and environmental benefits. Projections indicate continued strong growth, with the market expected to reach $25.06 billion by 2028 at a CAGR of 5.8%. Key factors contributing to this growth include the global shift towards cleaner energy, advancements in extraction technology, focus on unconventional gas resources, initiatives for energy independence, and expansion of CBM infrastructure. Notable trends for the forecast period include government initiatives, regulatory support, innovations in exploration and reservoir management, emergence of CBMs, and investments in distribution infrastructure.
Major Driver In The Coal Bed Methane CBM Market
A considerable surge in electricity consumption around the world is significantly contributing to the coal bed methane (CBM) market. Electricity refers to a fundamental form of energy that may be observed in both positive and negative forms, that occurs naturally (lightning) or is manufactured (generator), and is expressed in terms of electron movement and interaction. Coal bed methane (CBM) is extensively used as a clean energy source for electricity generation. The rising electricity demand is likely to increase the demand for cleaner energy sources to produce more electricity with fewer carbon emissions. For instance, in January 2022, according to the Electricity Market Report shared by the International Energy Agency (IEA), the global electricity demand grew by 6% from 2020 to 2021. In terms of absolute growth, it was the highest annual gain ever (over 1500 TWh). Therefore, a considerable surge in electricity consumption around the world will drive the coal bed methane (CBM) market.
Request A Free Sample Of The Global Coal Bed Methane CBM Market ReportCoal Bed Methane CBM Market Competitive Landscape
PetroChina Company Limited, Royal Dutch Shell plc, British Petroleum Plc, Chevron Corporation, Tamboran Resources Limited, Reliance Industries Limited, Petroliam Nasional Berhad, ConocoPhillips Company, Comet Ridge Limited, Baker Hughes Company, Halliburton Company, Origin Energy Limited, AGL Energy Limited, Great Plains Energy Inc, Santos Limited, Western Gas Corporation, Stanmore Coal Limited, Nexen Inc., Far East Energy Corporation, Queensland Gas Company Ltd., Arrow Energy Holdings Pty Ltd., Black Diamond Energy Inc., Great Eastern Energy Corporation Ltd., Central Petroleum Limited, Synergy Resources Corporation, Metgasco Ltd., Essar Group, G3 Exploration Limited (G3E), China United Coalbed Methane Corporation Ltd, Fortune Oil PLC
Coal Bed Methane CBM Market Segmentation
The coal bed methane (CBM) market covered in this report is segmented –
1) By Type: CBM Wells, Coal Mines
2) By Raw Materials: Natural gas, Coal
3) By Technology: Horizontal Drilling, Hydraulic Fracturing, CO2 Sequestration
4) By Application: Industrial, Power Generation, Transportation, Commercial, Residential
By Geography:The regions covered in the coal bed methane (cbm) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the coal bed methane (CBM) market share in 2023.
The Coal Bed Methane CBM Global Market Report 2024 furnishes information about the global coal bed methane cbm market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.