Global Coal Bed Methane (CBM) Market Overview 2023-2028
The global coal bed methane (CBM) market size reached US$ 18.9 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 25.4 Billion by 2028, exhibiting a growth rate (CAGR) of 4.9% during 2023-2028.
Coal bed methane (CBM) represents a colorless, natural, and odorless hydrocarbon gas, which is absorbed into the solid matrix of the coal. It is generally obtained from unconventional gas reservoirs by transforming plant material into coal. CBM is usually extracted with minimal risk of explosion hazards in underground coal mines. Consequently, it is widely used as an alternative source of energy in gas turbines for power generation across the globe.
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Global Coal Bed Methane (CBM) Market Trends and Drivers:
The escalating demand for electricity among individuals, on account of the inflating income levels of individuals and the growing construction of residential homes, is primarily driving the coal bed methane (CBM) market. Additionally, the elevating popularity of digitally connected devices and the increasing electrification of heat and buildings are further bolstering the market growth. Besides this, the widespread adoption of cost-effective and green fuels, owing to the rising consumer environmental concerns and the implementation of stringent regulations by government bodies to reduce greenhouse gas (GHG) emissions, is acting as another significant growth-inducing factor. Moreover, coal bed methane can be converted into gasoline, diesel, or compressed natural gas (CNG), which are commonly used as biofuels in automobiles, which is positively influencing the global market. Apart from this, the introduction of CBM as a feedstock for manufacturing fertilizers and plastics is providing leading manufacturers to expand their consumer base in the agriculture industry, thereby stimulating the market growth. Furthermore, the development of clean-burning fuels is catalyzing the usage of this gas in numerous industrial applications, such as rolling mills, steel plants, cement production, etc., which is anticipated to fuel the coal bed methane (CBM) market over the forecasted period.
Global Coal Bed Methane (CBM) Market 2023-2028 Analysis and Segmentation:
Top Key Players covered in this report are: 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
The report segmented the market on the basis of region, type, technology and application.
Breakup by Type:
- CBM Wells
- Coal Mines
Breakup by Technology:
- Horizontal Drilling
- Hydraulic Fracturing
- CO2 Sequestration
Breakup by Application:
- Power Generation
- Residential
- Commercial
- Industrial
- Transportation
Breakup by Region:
- North America
- United States
- Canada
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
If you want the latest primary and secondary data (2023-2028) with Cost Module, Business Strategy, Distribution Channel, etc. Click request free sample report, published report will be delivered to you in PDF format via email within 24 to 48 hours of receiving full payment.
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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