Market Analysis
The global coal bed methane (CBM) market will grow at a favorable 4.05% CAGR by 2027, states the latest Market Research Future (MRFR) report.
Drivers
Increasing Need for Natural Gas to Boost Market Growth
The increasing need for natural gas to be utilized for fuel for residential and commercial purpose will boost market growth in the forecast period.
Opportunities
Increased Focus on Using Non-Traditional Gas Sources to offer Robust Opportunities
The depleting traditional natural gas reserves that in turn has led to an increased focus to use non-traditional sources of gas like coal bed methane will offer robust opportunities for the market over the forecast period.
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Restraints and Challenges
High Capital Investment in Drilling and Exploration to act as Market Restraint
The high capital investment in activities like drilling and exploration may act as market restraint over the forecast period.
Market Segmentation
The global coal bed methane market is bifurcated based on technology and application.
By technology, the hydraulic fracturing segment will lead the market over the forecast period.
By application, the industrial segment will dominate the market over the forecast period.
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term & immediate effect of the COVID-19 pandemic possessed a negative effect on the coal bed methane market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
Regional Analysis
North America to Head Coal Bed Methane Market
North America will head the coal bed methane production market over the forecast period. The presence of key players from the oil and gas industry, growing need for sustainable fuel in Canada and the US, increased focus to reduce the dependency on conventional sources of natural gas, significant gas production in Saudi Arabia, China, and India, are adding to the global coal bed methane market growth in the region. The US followed by Canada will have the utmost market share.
APAC region will have admirable growth in the coal bed methane market over the forecast period. Significant number of unexplored reserves, increased production of coal bed methane, rising demand for energy, huge demand for unconventional gas, and growing interest of different companies are adding to the global coal bed methane market growth in the region.
Key Players
Eminent industry players profiled in the global coal bed methane market report include Essar Oil (India), Reliance Power (India), Halliburton (US), Chevron (US), BP (UK), Weatherford (US), Arrow Energy (Australia), Blue Energy (Australia), Conocophillips (US), China United Coalbed Methane Co (China), Encana Corporation (Canada), Far East Energy Corporation (US), Santos (Australia), and Nexen Inc. (Canada), among others.
Key players have incorporated several strategies to stay at the forefront such as mergers and acquisitions, partnerships, collaborations, new product launches, geographic expansions and much more.
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