The Global Methane Market is analyzed in detail in the latest report from Market Research Future (MRFR). The report studies the historical growth trajectory of the global methane market and profiles the market’s greatest drivers and restraints in order to provide readers with a clear picture of what is making the market move. The major players operating in the global methane market are also studied in the report to provide readers with a clear idea of the market’s competitive landscape.
Methane Market is a hydrocarbon with one carbon atom and four hydrogen atoms. It burns readily in air and is thus used widely as a fuel. It can be obtained from natural as well as synthetic sources. It is mainly used to produce fuels, including natural gas. This has driven the demand for methane from the automotive industry. Natural gas has also enjoyed a rapid growth in demand in the last few years due to the growing awareness about its environmental viability and clean burning. This is likely to remain a major driver for the global methane market over the forecast period.
The growing power generation industry is also likely to be a major driver for the global methane market, as methane is often used to produce natural gas for power generation activities. The world’s growing need for power is likely to drive up the need for methane and natural gas in the coming years, as many of the world’s new power plants run on the cleaner-burning natural gas rather than coal. The growing power generation industry in emerging regions of the world is likely to drive the demand from the global methane market over the forecast period.
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On the other hand, methane is highly combustible. This complicates its storage and transport. These issues are the major threat on the global methane market.
Competitive Analysis:
Leading players in the global methane market include Oil and Natural Gas Corporation (India), Royal Dutch Shell plc, G3 Exploration, Halliburton Co., China National Offshore Oil Company, Metgasco Ltd., TLOU Energy Ltd., Bow Energy, American Gas Products, Dart Energy Corporation, BP plc, China National Petroleum Corporation, IGas Energy, Black Diamond Energy Inc., and Senex Energy Limited.
In April 2019, a Canadian startup launched a plan to monitor methane emissions through space-based satellites. Reducing methane emissions is likely to be a major part of the environmental movement in the coming years.
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Segmentation:
The various segment for the evaluation of methane market prospects include source, application and end-use industry.
On the basis of source, methane market is classified into natural and synthetic. Naturally sourced methane gas has held the dominant share in methane gas market in 2017, a trend that is expected to continue over the coming years. Natural methane gas has been in demand from various end user industries including automotive, chemical, and electrical industries which have also created a potent growth scope for synthetic methane market.
Application-wise, methane gas market is divided into natural gas, fuel, liquefied natural gas, chemical feedstock, liquid-methane rocket fuel and others. Application of natural gas held the largest share in 2017 owing to its extensive use in producing electricity. Over 2017-2023, natural gas is expected to hold its dominant position in the methane market.
Methane gas has wide demand among its end users and on the basis of end user segmentation, methane market is classified as electrical, automotive, aerospace& defense, chemical etc. Owing to the increasing use of natural gas for the production of electricity in various regions of the world, electrical end user segment has been recorded to have dominated the methane market in 2017, a trend that is expected to be continued over 2017-2023.
Regional Analysis:
Asia Pacific dominates the global methane market, holding a 43% share in 2017. The Asia Pacific market has been mainly driven by the growing demand for power generation in the region’s emerging economies, which have presented immense potential for further growth of the methane market over the forecast period. The Asia Pacific market is expected to exhibit the highest CAGR of 7.7% over the forecast period.
North America and Europe follow Asia Pacific in the global methane market. The market in these regions is primarily driven by the application of methane in fuel production and as a chemical feedstock. These regions are also expected to account for key shares in the global methane market over the forecast period.
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