Global Methane Hydrate Extraction Market, By Source (Seabed, Permafrost, Others), Type (Microbially, Organic Material, Others), Application (Business, National Defence, Civil Use, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
The rise in the need to reduce dependency on the renewable source of energy has increased the focus on the use of Methane Hydrate. End users are investing on various sources to produce natural gas at a large scale. The compound methane hydrate is known to have more energy than gas, oil and coal combined. This compound is widely being used in the storage of natural gas, carbon dioxide disposal, gas separation, and desalination.
Global Methane Hydrate Extraction Market was valued at USD 42769.81 thousand cubic meter in 2021 and is expected to reach USD 71317.3188 cubic meter by 2029, registering a CAGR of 6.60% during the forecast period of 2022-2029. Seabed accounts for the largest source segment in the respective market owing to the presence of large quantities in seabed globally. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and climate chain scenario.
Market Definition
Methane hydrate refers to a solid compound containing large amount of methane rapped within a crystal structure of water. The compound is also known as methane clathrate, gas hydrate and fiery ice. These hydrates are generally extracted from the seabed.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014 - 2019)
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Quantitative Units
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Revenue in Cubic Meter, Volumes in Units, Pricing in USD
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Segments Covered
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Source (Seabed, Permafrost, Others), Type (Microbially, Organic Material, Others), Application (Business, National Defence, Civil Use, Others)
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Countries Covered
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U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, Turkey, Belgium, Netherlands, Switzerland, and Rest of Europe, Japan, China, South Korea, India, Australia & New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, and Rest of Asia-Pacific, Brazil, Argentina, and Rest of South America, South Africa, Saudi Arabia, U.A.E, Egypt, Israel, and Rest of Middle East and Africa (MEA).
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Market Players Covered
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Schlumberger Limited. (US), BP p.l.c. (UK), ConocoPhillips Company. (US), Equinor ASA (Norway), PetroChina Company Limited (China), Japan Petroleum Exploration Co., Ltd. (Japan), INPEX CORPORATION (Japan), Oil and Natural Gas Corporation Ltd. (India), and Indian Oil Corporation Ltd. (India), among others
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Market Opportunities
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Methane Hydrate Extraction Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers
- High Usage in Oil and Gas Sector
The increased use of the methane hydrate in the chemical, and oil and gas industries acts as one of the major factors driving the growth of methane hydrate extraction market. The safe handling of such compounds is mandatory in these industries.
- Large Availability
The presence of methane hydrate in large quantities inside the seabed across the globe accelerate the market growth. Also, rise in investments for the process of extraction along with several government initiatives towards extraction processes has a positive impact on the market.
- Growth in Energy Industry
The rise in requirement of hydrates in the energy industry further influence the market. Also, surge in demand for natural gas by various industrial sectors, such as transportation and power plants assist in the expansion of the market.
Additionally, rapid urbanization, change in lifestyle, surge in investments and increased consumer spending positively impact the methane hydrate extraction market.
Opportunities
Furthermore, commercialization of methane hydrate extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, technological development in the oil and gas mining vessels will further expand the market.
Restraints/Challenges
On the other hand, high risks associated with the extraction activities are expected to obstruct market growth. Also, stringent environmental regulations projected to challenge the methane hydrate extraction market in the forecast period of 2022-2029.
This methane hydrate extraction market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on methane hydrate extraction market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Methane Hydrate Extraction Market
COVID-19 had a negative impact on various industries including methane hydrate extraction market. Both public and government sectors suffered greatly due to the facing financial crises during the outbreak of COVID-19. Businesses were shut down in numerous countries because of the social distancing guidelines and the imposition of lockdown. The methane hydrate extraction industry faced huge problems due to the shortage of laborers declining the low production. A decline in the demand methane hydrate was witnessed owing to the limited production and shut down of industries, such as oil and gas sectors, building and construction, and chemical, among others. However, the methane hydrate extraction market is expected to witness growth in demand after the post-covid-19 situation.
Global Methane Hydrate Extraction Market Scope and Market Size
The methane hydrate extraction market is segmented on the basis of source, type and application. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Source
- Seabed
- Permafrost
- Others
Type
- Microbially
- Organic Material
- Others
Application
- Business
- National Defence
- Civil Use
- Others
Methane Hydrate Extraction Market Regional Analysis/Insights
The methane hydrate extraction market is analyzed and market size insights and trends are provided by country, source, type and application as referenced above.
The countries covered in the methane hydrate extraction market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
Asia-Pacific (APAC) dominates the methane hydrate extraction market because of the increase in share of China and Japan in the availability of largest number of methane hydrate reserves within the region.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 because of the rise in technological capabilities and planned extraction activities in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Methane Hydrate Extraction Market
The methane hydrate extraction market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to methane hydrate extraction market.
Some of the major players operating in the methane hydrate extraction market are
- Schlumberger Limited. (US)
- BP p.l.c. (UK)
- ConocoPhillips Company. (US)
- Equinor ASA (Norway)
- PetroChina Company Limited (China)
- Japan Petroleum Exploration Co., Ltd. (Japan)
- INPEX CORPORATION (Japan)
- Oil and Natural Gas Corporation Ltd. (India)
- Indian Oil Corporation Ltd. (India)
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