Methane Hydrate Extraction Market Analysis with Size, Manufacturers, Applications and Forecast Research Report
According to a new report published by KD
Market Insights, titled, "Methane
Hydrate Extraction Market by Country: Opportunity Analysis and
Industry Forecast, 2021 - 2025," the methane hydrate extraction market is
projected to reach 66,901.8 thousand cubic meters by 2025, growing at a CAGR
of 6.3% from 2021 to 2025.
Methane hydrate is known as gas hydrate, methane
clathrate, and fiery gas. It is found in the soft seabed of continental margins
across the globe under the water depth of 300 to 3000 meter. The greatest
deposits of methane hydrate are found below 500 meter near seabed. Methane
hydrates are formed naturally, with the combination of water and methane gas at
a high pressure and low temperature.
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Methane hydrate is on the verge of getting
commercialized and it is expected to get commercialized after 2020. It is
considered as a future source of energy, therefore, countries such as China,
India, Japan, and the U.S. focus on mining this product. As of now, China and
Japan have successfully extracted methane hydrate due to significant investment
in the extraction tests and consistent efforts to extract methane hydrate.
Factors such as greater availability of methane hydrate and resulting efforts
by various countries to extract methane gas, rise in investment to support
methane hydrate tests, and high potential to extract natural gas from minimal
methane hydrate ice cubes foster the growth of this market. On the other hand,
life threatening risks associated with the extraction of methane hydrate are
expected to restrain the overall market growth over the coming years. Several
countries are addressing the energy potential associated with methane hydrate
and are planning to conduct extraction test. Hence, growth in awareness
regarding the benefits and potential of methane hydrate are expected to offer
new growth opportunities during the forecast period.
Based on the country, methane hydrate
extraction market is segmented into China, India, Japan, Russia, the U.S., and
Canada. China is the pioneering country that successfully extracted the methane
hydrate from seabed in South China Sea in 2017. The country has conducted
second test in July 2017 and again extracted relatively greater amount of
methane hydrate. This country has been working for more than 20 years to
extract methane hydrate with the help of support from their government and
succeeded in 2017 due to technological capabilities. As per the Ministry of
Natural Resources of the People’s Republic of China, the country is developing
specialty drilling vessel platform that undertakes smooth extraction operation
of methane hydrates and thus helps in faster production.
Apart from China, Japan is the second country
that registered successful extraction in 2017. The overall energy requirements
in Japan are met by imports, hence, extraction of methane hydrate in this
country is considered to be one of their biggest achievements, as they can meet
their energy requirements, post commercialization. Earlier, Japan collaborated
with Canada to conduct extraction test; however, in 2012, Canada has withdrawn
its participation, owing to the risks involved. Further, Japan started their
own extraction activities, and have succeeded in 2013. Strong technological
status of Japan is expected to drive the growth of the methane hydrate
extraction market over the coming years.
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U.S. confirms the availability of methane
hydrate in earlier 2019 and is planning to conduct extraction tests by 2020
with the vision to commercialize after 2020. As per USGS mineral estimates, the
U.S. has methane hydrates reserves of more than 260 trillion cubic meter.
Considering this, the U.S. is expected to exhibit highest CAGR of 7.4% during
the forecast period, owing to robust R&D activities.
Key Findings of the Methane Hydrate
Extraction Market:
- China dominated the methane hydrate
extraction market in 2017 with the highest market share
- Canada is anticipated to dominate the methane hydrate extraction market by the end of 2025, owing to the higher availability of resources
- U.S. is anticipated to exhibit the highest CAGR of 7.4% during the forecast period due to robust technological capabilities
- Canada is anticipated to dominate the methane hydrate extraction market by the end of 2025, owing to the higher availability of resources
- U.S. is anticipated to exhibit the highest CAGR of 7.4% during the forecast period due to robust technological capabilities
The key players profiled
in this report include Anadarko Petroleum Corporation, Schlumberger, BP p.l.c.,
ConocoPhilips, EQUINOR ASA, PetroChina, JAPEX, INPEX, ONGC, and Indian Oil
Corporation Ltd.
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