Overview and Scope
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.
Sizing and Forecast
The methane market size has grown strongly in recent years. It will grow from $106.65 billion in 2023 to $117.07 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to industrialization and energy production, agricultural activities, waste management, fossil fuel extraction, deforestation and land use changes..
The methane market size is expected to see strong growth in the next few years. It will grow to $167.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to renewable energy initiatives, shift towards sustainable practices, investments in methane abatement solutions, methane monitoring and reporting standards.. Major trends in the forecast period include rising climate change awareness, methane emission monitoring, agricultural emission reduction, industrial emission reduction initiatives, policy and regulation changes..
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Segmentation & Regional Insights
The methane market covered in this report 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
North America was the largest region in the methane market in 2023. Europe was the second-largest region in the methane market. The regions covered in the methane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increasing demand in the automotive industry is expected to boost the growth of the methane market going forward. The automotive sector includes firms engaged in producing, vending, fixing, and customizing motorized vehicles. Methane in the automotive industry is used to power automobiles due to its various advantages such as being a cheap and clean source (emits less harmful particles) of fuel as compared to conventional gasoline and diesel and is generally utilized in light-duty cars in compressed form (compressed natural gas, CNG, or compressed biogas, CBG) and liquefied form in heavy-duty long-haul vehicles. For instance, according to a study released by the European Automobile Manufacturers Association, a Belgium-based standard group, in April 2022, 79.1 million automobiles were produced globally in 2021, rising 1.3% from the previous year. Additionally, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% in 2021. Therefore, the increasing demand in the automotive sector is driving the methane market.
Key Industry Players
Major companies operating in the methane market are developing innovative products such as methane measurement instruments to meet larger customer bases, more sales, and increase revenue. A methane measurement instrument is a device designed to quantify the concentration of methane gas in a given environment. For instance, in October 2023, Schlumberger NV (SLB), a US-based oilfield services company, launched a methane point instrument. The Methane Point Instrument is a unique self-installed continuous monitoring system equipped with IoT-enabled sensors. This innovative technology offers a swift and cost-effective solution for the quick detection, location, and quantification of emissions in oil and gas operations. What sets the Methane Point Instrument apart is its industry-leading leak detection sensitivity packaged in a compact, durable, and unprecedented ‘plug-and-play’ design. This instrument introduces a significant advancement in methane measurement technology, automating continuous monitoring processes. Unlike traditional intermittent site visits that provide producers with only a limited emission sample, this technology eliminates the need for manual data collection, ensuring comprehensive and real-time methane monitoring.
The methane market report table of contents includes:
1. Executive Summary
2. Methane Market Characteristics
3. Methane Market Trends And Strategies
4. Methane Market – Macro Economic Scenario
5. Global Methane Market Size and Growth
…..
31. Global Methane Market Competitive Benchmarking
32. Global Methane Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Methane Market
34. Methane Market Future Outlook and Potential Analysis
35. Appendix
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