Methane hydrate extraction market: Study provides forecast for 2025
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The methane hydrate extraction market is projected to reach 66,901.8 thousand cubic meters by 2025, notes a study by Allied Market Research.
Methane hydrates or gas hydrates are found in frozen deposits on the seabed, formed when methane and water combine at low temperatures (up to ~25ºC) and moderate pressure (greater than 3-5 MPa). These reserves contain huge amounts of energy in the form of natural gas, which can be used as a sustainable energy source in the future.
Methane hydrates have been found globally, with confirmed reserves in China, Japan, India, South Korea, the US, Canada, and Russia.
The report notes that the methane hydrate extraction market is still in its early stages and is considered nascent. However, the market is expected to grow with advancements in oil and gas mining vessels and extraction technologies.
Also, a rise in investments and government initiatives to accelerate extraction processes to meet the growing energy demand is expected to contribute to market growth.
The report provides detailed insights into market trends and opportunities. Key players, namely Anadarko Petroleum Corporation, Schlumberger, BP p.l.c., ConocoPhillips, EQUINOR ASA, PetroChina, Japan Petroleum Exploration Company Limited (JAPEX), INPEX Corporation, Oil and Natural Gas Corporation (ONGC), Indian Oil Corporation Ltd. (IOCL) were also studied.
China has been conducting extraction tests and investments, leading to the successful methane hydrate extraction in 2017. It dominates the market in terms of extracted volume. Japan also achieved successful extraction in 2017 after years of engagement in methane hydrate drilling activities.
Countries like the US, Canada, and other European nations are actively exploring methane hydrate extraction. The report adds that the US is projected to exhibit the highest CAGR due to robust technological capabilities.
The forecast suggests a promising trajectory for the methane hydrate extraction market, though challenges and risks must be addressed for sustainable growth and development.
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