Coal Bed Methane Market to Value USD 15,318.9 Million by 2018
Coal Bed Methane Market – Global Industry Size, Market Share, Trends, Analysis, and Forecast, 2010 – 2018, the report by Transparency Market Research provides valuable insights about the growth opportunities and future prospects about the global coal bed methane (CBM) market during the defined forecast of the report, 2013-2018.
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According to the report, the global coal bed methane industry had a market value worth nearly USD 12,607.4 million in 2010. This value is estimated to grow at a CAGR of 3.2% during the forecast period and rise to 15,318.9 million by 2018.
Volume-wise, this market was estimated to have demands worth nearly 2,932 billion cubic feet during the year 2010. This is estimated to rise to nearly 4,074.2 billion cubic feet by 2018.
The global CBM market is huge. CBM is the major source of gas used for domestic use in many countries. For instance, in Queensland, CBM contributes around 90% of the country’s requirement of gas for homes and businesses. Over 25% of electricity in Queensland is generated by using CBM.
Coalbed methane (CBM) reserves are relatively the most unexploited form of energy sources, but ones with huge potential. It is estimated that coal beds can contain nearly seven times as much natural gas as is contained in the conventional natural gas reservoirs.
It is estimated that nearly 7,500 trillion cubic feet reserves of CBM are present in and around various parts of the world.
Major factors considered as driving this market include the rising focus on lessening the worldwide use of conventional gas sources and thereby mitigating the carbon impression on the environment.
CBM is a pure form of natural gas when compared with conventional gases and hence leads to relatively less carbon emissions. However, the enormous capital and time required for exploiting a source completely for recovering enough CBM are some of the major barriers to the growth of the global CMB industry.
Application-wise, this market is driven by the segment of industrial usage of CBM, accounting for nearly 37.8% shares of the market in the year 2011. In the same year, the segment of power generation recorded nearly 31% shares of the market. The report expects that the segment of power generation to observe the fastest growth, at a CAGR of 4.5% during the forecast period. Demand for CBM is also high in the application areas such as commercial, residential and transportation.
Geography wise, North America stood as the market leaders of the global CBM market and accounted for nearly 78.9% market shares in 2011. This area was followed by market shares held by the Asia Pacific and European countries.
During the period of forecast, the report estimates that Asia Pacific could achieve the fastest market growth – at a CAGR of 7.3%. The huge reserves of this natural gas, both the proven as well as the unproven ones, impart these regions a natural tendency to play significant roles in the growth of this market. This market could be additionally benefitted from the rising global demands for liquefied natural gas (LNG).
Also, the growing market for LNG (liquefied natural gas) is providing immense opportunities for the players in the global market.
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