According to the latest report by IMARC Group, titled "Coal Bed Methane (CBM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global coal bed methane (CBM) market size reached US$ 18.9 Billion in 2022. Coal bed methane (CBM) is a natural gas found within coal beds and formed during the process of coalification, which is considered an unconventional source of natural gas. It is an important energy source in regions with abundant coal deposits. It is a relatively clean-burning fossil fuel as compared to other fossil fuels, such as oil and coal, which emit high levels of carbon dioxide and other pollutants on burning. As a result, CBM finds application in power generation, residential, commercial, industrial, and transportation across the globe.
Global Coal Bed Methane (CBM) Market Trends:
At present, the growing global population and surging need of electricity represent one of the key factors catalyzing the demand for CBM. In addition, technological advancements in drilling and production techniques are resulting in easier and more cost-effective extraction of CBM from coal seams. Moreover, governments of various countries are undertaking favorable initiatives and subsidies to encourage the exploration of CBM resources. They are also focusing on raising the technical capacity of the mining sector and expanding gas pipeline infrastructure which is strengthening the growth of the market worldwide. Apart from this, the increasing emphasis of governing agencies on using CBM as a feedstock for preparing fertilizers as compared to naphtha, fuel oil, and coal, is offering lucrative growth opportunities to manufacturers operating worldwide. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 25.4 Billion by 2028, exhibiting a CAGR of 4.9% during 2023-2028.
- Based on the type, CBM wells hold the largest share of the market, followed by coal mines.
- On the basis of the technology, the market has been categorized into horizontal drilling, hydraulic fracturing, and CO2 sequestration. Presently, horizontal drilling exhibits the largest market share.
- Based on the application, the market has been classified into power generation, residential, commercial, industrial, and transportation. Power generation currently accounts for the majority of the total market share.
- Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others) and the Middle East and Africa. Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Arrow Energy Holdings Pty Ltd., Baker Hughes Company, BP PLC, Essar Group, G3 Exploration, Halliburton Company, Petroliam Nasional Berhad (PETRONAS), Reliance Industries Limited, Royal Dutch Shell plc, Santos Limited, and The ConocoPhillips Company.
|Base Year of the Analysis
||Type, Technology, Application, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||Arrow Energy Holdings Pty Ltd., Baker Hughes Company, BP PLC, Essar Group, G3 Exploration, Halliburton Company, Petroliam Nasional Berhad (PETRONAS), Reliance Industries Limited, Royal Dutch Shell plc, Santos Limited and The ConocoPhillips Company
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