Methane is an odorless & colorless, highly flammable gas produced in nature in abundance & is also a product of certain human activities like landfills, septic tanks, sewers, marshes, and others. This element comprises carbon & hydrogen and finds extensive application across different industries for the following purposes:
Global Methane Market was valued at USD 97.13 billion in 2022 and further expected to grow at a CAGR of 5.8% during the forecast period 2022-2027. The growth of the market is likely to be driven by the swift expansion of industries like electronics, automotive, and aerospace, among others, across different countries worldwide, i.e., surging the demand for methane for diverse applications, associated mainly with producing heat & light.
Besides, as the population across the world is growing exponentially, the agricultural sector is under immense pressure to fulfill the consumption requirements. Hence, with the need to attain higher yield and quicker soil replenishment, there's a burgeoning demand for methane as a natural source for ammonia & urea in fertilizers, i.e., contributing to the market growth.
|Study Period||Historical Data: 2017-20|
|Base Year: 2021|
|Forecast Period: 2022-27|
|Regions Covered||North America: The US, Canada, Mexico|
|South America: Brazil, Germany|
|Europe: The UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan, Australia|
|Middle East & Africa: GCC, South Africa|
|Key Companies Profiled||American Gas Products, Black Diamond Energy Inc., Bow Energy, BP PLC, China National Offshore Oil Company, China National Petroleum Corporation, Dart Energy Corporation, G3 Exploration, Halliburton Co., IGas Energy, Metgasco Ltd., Oil and Natural Gas Corporation, Royal Dutch Shell PLC., Senex Energy Limited, and TLOU Energy Ltd.|
|Unit Denominations||USD Million/Billion|
In addition, as people are inclining more & more toward convenience and demonstrating rising ownership of electrical appliances, energy consumption is also skyrocketing and, in turn, instigating the demand for methane to generate electricity and suffice the power requirements. Moreover, as methane is a potent gas for Green House Gas (GHG) emissions, numerous organizations, industries, & governments are actively seeking ways to reduce the effects of these compounds on the environment.
By upgrading the technologies, equipment, and operational practices, the adverse effects of methane can be reduced cost-effectively and continue to deliver benefits across industries in different applications. Across the coal & mining industries, removing fugitive methane from mines can enhance the productivity & safety of workers, increase revenue, and even curb harmful emissions.
In support of such ideas, numerous countries, committees, associations, & industrialists are collaborating to devise strategic means to remove barriers to methane utilization, which projects an improved overall quality of the environment and significant expansion of the Global Methane Market in the years ahead.
Based on Application:
Of them all, the Fuel application is anticipated to demonstrate the fastest growth in the Global Methane Market during 2022-27. It owes principally to the capabilities of methane to produce substantial heat & light energy by mass than fossil fuels like gasoline, coal, etc., and generate fewer emissions than other hydrocarbons & fossil fuels.
Besides, as more and more people are becoming aware of the fuel application of methane, its demand is escalating swiftly for various residential & industrial applications to run appliances & machinery. Hence, these aspects project that the demand for methane will be seen extensively for fuel applications, which will contribute to the overall market growth in the nearer future.
Based on Source:
Here, the Natural source is projected to contribute significantly to the market expansion through 2027, principally due to the mounting inclination of people toward using cleaner resources. As methane derived from natural resources is burned and has greener effects on the environment, the utilization of such materials is rising drastically across several industries and, in turn, stimulating the overall market growth.
Moreover, the surging awareness among industries about other benefits of naturally derived methane, like a better alternative to oil & coal, richer carbon content, and abundant availability, are other aspects positively influencing its demand and projecting a swift expansion of the Global Methane Market in the years to come.
Geographically, the Global Methane Market expands across:
Of all regions globally, Asia-Pacific is anticipated to dominate the Methane Market with the largest share during 2022-27. The regional market is likely to be driven primarily by massive investments by governments of different countries in significant developments in several industries like automotive, aerospace, chemical, and electrical, among others, i.e., notably surging the demand for methane while generating growth opportunities for companies to increase their production capabilities in order to cater to these rising needs for methane across the region.
Besides, owing to the controversies on methane emission, several leading players, industrialists, governments, and other organizations are actively seeking ways to reduce these emissions and continue using methane in an effective manner. Hence, in view of these aspects, the Asia-Pacific Methane Market is anticipated to witness swift expansion in the coming years.
Growth Opportunity: The advent of Shale Gas Technology
With depleting conventional gas reserves, the world has shifted towards utilizing unconventional natural gases. It, in turn, has introduced the concept of shale gas technology that would promote the production & processing of petrochemicals, where methane could be used as natural gas in the electrical & heating sectors. Hence, with the surge in shale gas production, profitable opportunities are likely for the Global Methane Market in the years ahead.
Possible Restraint: Side Effects of Methane on the Environment
As more and more people are becoming aware of the ill effects of methane on the environment, since it is a potent greenhouse gas, their concerns over environmental sustainability is indeed hindering the demand for methane. Besides, the difficult storage & transportation and the explosive nature of methane, exhibiting some severe risks, are the other factors that can negatively affect its demand and hamper the overall expansion of the Global Methane Market in the years to come.
Key Questions Answered in the Market Research Report:
Frequently Asked Questions
A. The Global Methane Market is projected to grow at a CAGR of around 5.8% during 2022-27.
A. Growing concerns over environmental sustainability, coupled with the tough storage & transportation and the explosive nature of methane that poses significant risks, are the key factors projected to potentially hamper the expansion of the Global Methane Market through 2027.
A. Fuel is anticipated to emerge as an area of remunerative opportunities for the leading players in the Global Methane Market over the forecast years.