The ‘Coal Bed Methane (CBM) Market‘ research report added by Global Market Insights, LLC, is a thorough analysis of the latest trends prevalent in this business. The report also dispenses valuable statistics about market size, participant share, and consumption data in terms of key regions, along with an insightful gist of the behemoths in the Coal Bed Methane (CBM) Market.
Global Coal Bed Methane Market size is forecast to grow at a high rate owing to the growing demand of alternate energy sources coupled with rapid industrialization.
Increasing adoption of coal bed methane market as an alternative to electricity will lower the burden on the national power grids of developing countries. Power outages along with limited access to clean energy can be overcome by using this technology. Largest CBM reserves in Africa found in the South African Development Community (SADC), especially Zimbabwe can positively improve the economies and can reduce imports thereby augmenting the coal bed methane market size.
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CBM can be efficiently used as a fertilizer with methane being a source of ammonia used in half of the world’s fertilizer market. Coal bed methane market is essential in assisting food production rate thereby meeting the growing population needs. Essar, a CBM based company is currently supplying 1 million cubic metre of the requisite gas to Matix Fertilizers and Chemicals.
CBM can be readily converted into diesel, petrol or ethanol, recoverable CBM has the ability to be stored in canisters or be used as a domestic fuel. Fischer-Tropsch synthesis model has proved to be an efficient method to convert a mixture of carbon monoxide and hydrogen into liquid hydrocarbons and numerous CBM by-products. Having the potential to hold the demand of fossil fuels, coal bed methane market is anticipated to show robust growth during the forecast timeframe. Increasing adoption of unconventional energy sources owing to the need of clean energy will prove to be a boon for CBM. Coal bed methane market has the potential to offer an alternative to the conventional energy sources and can assist in reducing the greenhouse emissions which can in-turn open new avenues for its business growth. For instance, coal bed methane market has the potential to revolutionize Zimbabwe’s balance of payment by reducing the import of petroleum products and fertilizers which accounts for 32% of the country’s imports.
Favorable government initiatives towards use of unconventional resources will propel the coal bed methane market during the forecast timeline. Government of China, on recognizing the value of CBM, inducted the development in the Five-Year Plan which requires the country to produce 50 billion m3 of CBM by 2020. Similarly, Government of India allotted 31 development blocks for the exploration and production of CBM thereby propelling the industry.
Substantial number of unexplored reserves will expedite the coal bed methane market propelling the business growth resulting in an increased production. Russia is regarded to hold 17 to 80 trillion m3 of total resources however, political instability and market forces has restrained full scale production. Similarly, estimated resources in Alaska’s hold a potential of 30 trillion m3 but are not yet fully investigated.
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Coal bed methane market has numerous applications including, power generation, manufacturing liquefied petroleum gas, propelling gas turbines, gas engine systems along with providing basis of plastics and pharmaceutical industries. CBM with proportionate amounts of methane gas can also be used to replace conventional natural gas along with finding its application as a propeller fuel in automotive. In 2015, Petroleum and Explosives Safety Organization of India (PESO) issued 7 license to dispense CBM as a fuel in automotive vehicles across the country.
Coal bed methane market can be segmented based on application comprising of industrial, commercial, transportation, power generation and residential. The industrial segment is forecast to grow at the highest rate during the forecast timeframe owing to the increasing use of CBM as an alternate to conventional natural gas.
On the basis of technology, the industry is segmented into horizontal drilling and CO2 sequestration and hydraulic fracturing which leads the market, owing to the technological advancements achieved in this technique coupled with its ease of use and will further complement the coal bed methane market between 2016 to 2024.