Methane hydrate, also known as methane clathrate, gas hydrate, or fiery ice, refers to a solid compound where a significant amount of methane is trapped within a crystal structure of water. Methane hydrate extraction represents a promising future energy resource. Abundant reserves of natural gas are trapped in methane hydrates, offering a potential solution to meet global energy needs. Successful extraction could provide a clean and plentiful source of energy. Ongoing research and development efforts aim to unlock the full potential of methane hydrates and harness them as a sustainable and significant energy source. With advancements in extraction technologies, methane hydrate extraction has the potential to shape the energy landscape and contribute to a more sustainable future.
According to Data Bridge Market Research, the Methane Hydrate Extraction Market accounted for USD 42,769.81 thousand cubic meter in 2021 and is expected to reach USD 71,317.3188 cubic meter by 2029. The market is expected to grow with a CAGR of 6.60% in the forecast period of 2022 to 2029.
“High usage in the oil and gas sector drives the market’s growth”
The methane hydrate extraction market is experiencing growth due to its high usage in the oil and gas sector. Methane hydrates, or "fire ice," are natural gas molecules trapped within ice crystals. The oil and gas industry recognizes the potential of methane hydrates as a vast unconventional energy source. Extensive research and development efforts are being directed toward developing extraction technologies to safely and economically extract methane from hydrate deposits. The growing demand for energy and the need for alternative fuel sources drive the market growth of methane hydrate extraction in the oil and gas sector.
What restraints the growth of methane hydrate extraction market?
“High risks associated with the extraction activities restraints the market’s growth”
The growth of the methane hydrate extraction market is constrained by the high risks associated with extraction activities. Extracting methane hydrates involves complex and challenging operations that can pose significant safety and environmental risks. These risks include the potential for gas leaks, the seabed or permafrost destabilization, and the release of greenhouse gases. These concerns present regulatory and technical challenges, which can limit the expansion of the market. Addressing and mitigating these risks through advanced technologies and robust safety measures are crucial for sustainable growth in the methane hydrate extraction market.
Segmentation: Methane Hydrate Extraction Market
The methane hydrate extraction market is segmented on the basis of source, type and application.
- On the basis of source, the methane hydrate extraction market has been segmented into seabed, permafrost, and others.
- On the basis of type, the methane hydrate extraction market has been segmented into microbially, organic material, and others.
- On the basis of application, the methane hydrate extraction market has been segmented into business, national defence, civil use, and others.
Regional Insights: Asia-Pacific dominates the methane hydrate extraction market
Asia-Pacific (APAC) dominates the methane hydrate extraction market due to the rising share of China and Japan in the region, as they possess a significant number of methane hydrate reserves. This increased availability of reserves in these countries contributes to the growth and development of the market in the region.
North America is expected to witness significant growth during the forecast period of 2022 to 2029 due to the region's rise in technological capabilities and planned extraction activities. Advancements in extraction technologies and the implementation of strategic plans for extraction contribute to the expansion of the market in the region.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-methane-hydrate-extraction-market
The Prominent Key Players Operating in the Methane Hydrate Extraction Market Include:
- Schlumberger Limited. (U.S.)
- BP p.l.c. (U.K.)
- ConocoPhillips Company. (U.S.)
- Equinor ASA (Norway)
- PetroChina Company Limited (China)
- Japan Petroleum Exploration Co., Ltd. (Japan)
- INPEX CORPORATION (Japan)
- Oil and Natural Gas Corporation Ltd. (India)
- Indian Oil Corporation Ltd. (India)
Above are the key players covered in the report, to know about more and exhaustive list of methane hydrate extraction market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Methane Hydrate Extraction Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
