Methane Market Size, Historical Growth, Analysis, Opportunities and Forecast
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 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.
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.
Segmentation:
The global methane market has been segmented on the basis of source, application, end-use industry, and region.
Based on source, the global methane market has been divided into natural and synthetic. Natural production dominates the global methane market; however, the increasing demand for methane from industrial applications has led to a rise in the production of methane through synthetic means.
On the basis of application, the global methane market has been segmented into fuel, natural gas, liquefied natural gas, liquid-methane rocket fuel, chemical feedstock, and others. Natural gas accounted for the largest share in the global methane market in 2017, with the natural gas and liquefied natural gas segments collectively accounting for around 57% of the global market.
By end-use industry, the global methane market has been classified as automotive, aerospace defense, electrical, chemical, and others. Electricity production is likely to be the major application of methane in the coming years.
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.
Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and also about what action to take based on these aspects.
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