Global Methane Market Report 2023: Forecast Market Size, Growth Rate And Key Drivers
5 Jun, 2023
The global methane market size is expected to grow from $97.06 billion in 2022 to $106.65 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global methane market size is expected to reach $152.33 billion in 2027 at a CAGR of 9.3%.
Global Methane Market Key Driver
The rising demand in the automobile industry is projected to propel the methane market ahead. The automotive industry encompasses companies that manufacture, sell, repair, and customise motorised vehicles. Methane is used to power automobiles in the automotive industry due to its numerous advantages, including being a cheaper and cleaner source of fuel (emitting fewer harmful particles) than conventional petrol and diesel, and is generally used in light-duty cars in compressed form (compressed natural gas, CNG, or compressed biogas, CBG) and liquefied form in heavy-duty long-haul vehicles.
Get a sample of the global methane market reportGlobal Methane Market Segments
The global methane market is segmented:
1) By Source: Natural, Synthetic
2) By Production Method: Fermentation, Gasification
3) By Application: Fuel, Natural Gas, Chemical Feedstock, Liquified Natural Gas, Liquid-Methane Rocket Fuel, Power Generation, Residential, Other Applications
4) By End Users: Automotive, Aerospace and Defense, Electrical, Chemical, Other End Users
5) By Geography: The regions covered in the methane market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global methane market.
Major Methane Industry Players
BP Plc., Oil and Natural Gas Corporation, IGas Energy Plc., Black Diamond Energy Inc., China National Petroleum Corporation, Senex Energy Limited, Shell Plc., China National Offshore Oil Corporation, Dart Energy Corporation, Metgasco Limited, G3 Exploration Ltd., AGT International, Air Liquide SA, Axcel Gases, Bhuruka Gases Limited, Chemix Specialty Gases and Equipment, Chengdu Taiyu Industrial Gases Co. Ltd., Linde Plc., Osaka Gas Co. Ltd., Qingdao Guida Special Gas Co. Ltd.
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Methane Market Overview
Methane refers to a flammable, colorless, odorless, compressed gas with few contaminants that can be used alone or as a component in gas mixes for a range of applications such as power generation, antifreeze ingredients in industries, sanitizing products, and others. It is a hydrocarbon and a primary component of natural gas.
Methane Global Market Report 2023 provides data on the global methane market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The methane market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.