Global Coal Bed Methane Market Report and Forecast 2024-2032

Global Coal Bed Methane Market Outlook

The global coal bed methane market size stood at a value of around USD 18.08 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 6.30% to reach USD 31.33 billion by 2032.

Rising Applications of Hydraulic Fractioning Technique in the Oil and Gas Sector to Augment the Global Coal Bed Methane Industry

Hydraulic fractioning technique is witnessing a rise in application in the oil and gas sector to improve the efficiency of coal bed methane walls, which is driving the segment’s growth. In addition to this, the technique also increases the production output while having no effect on drinking water owing to the horizontal propagation of the fracs.

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Meanwhile, the horizontal drilling segment is likely to gain traction in the forecast period in coal bed reservoirs which is further propelling the market growth. During the forecast years, increased research and development activities to understand the pattern of drilling, for a better understanding of gas content, permeability, and characteristics of desorption, are likely to provide impetus to the segment.

Asia Pacific Accounts for a Sizable Share in the Market for Coal Bed Methane

The coal bed methane market in the region is being driven by the favourable policies of governments encouraging the acceptance of CBM as a source to produce various downstream products. For instance, in India, a license was issued to automotive manufacturing companies to use CBM as a primary fuel to run automotive vehicles.

Europe is anticipated to witness a steady growth in the coming years owing to the strong foothold of major CBM manufacturing companies planning to increase their production capacities.

Market Segmentation

Coal bed methane, also known as marsh gas, is a natural gas in unconventional form of natural gas which is obtained from coal deposits and coal seams. It is procured through a process in which plant material is transformed into coal, known as coalification. It is widely used as an active energy source in various industries.

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Based on technology, the market can be segmented into:

• Hydraulic Fracturing

• Horizonal Drilling

• CO2 Sequestration

By application, the coal bed methane market has been divided into:

• Commercial

• Residential

• Industrial

• Transportation

• Others

The regional markets for the product include the Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa.

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Increasing Demand Natural Gas Production to Boost the Growth of the Coal Bed Methane Industry

Coal bed methane is used as a clean energy source to produce natural gas. The increasing demand for natural gas in commercial and industrial sectors for applications such as cooking, heating, and providing electricity to residential and industrial structures, among others, is driving market growth. Stringent regulations of the government emphasising on utilising clean energy sources in sectors such as oil and gas and petrochemical, is further propelling the demand for coal bed methane.

Moreover, coal bed methane can generate power in a relatively cheaper way and is gaining traction across emerging economies to reduce the dependency on carbon. This factor is bolstering the market growth. Furthermore, coal bed methane is a crucial component in the production of fertilisers. Hence, the thriving agriculture industry around the world owing to the increasing number of consumers, is likely to aid the market in the forecast period.

Key Players in the Global Market for Coal Bed Methane

The report gives a detailed analysis of the following key players in the global coal bed methane market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Halliburton Company

• BP PLC

• China United Coalbed Methane Corp.

• Petroliam Nasional Berhad (PETRONAS) 

• Santos Limited

• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report