Author: Vikas Kumar
13 September 2022
Coal bed methane (CBM) is a form of natural gas extracted from coal beds. In other words, it is an unconventional natural gas found adsorbed in coal seams. Additionally, CBM is mainly done by the process of coalification and is also extracted underground where plant materials are converted into coal over millions of years. CBM is found to be the most eco-friendly than oil, conventional natural gases, coal, and others. In addition, the gas consists of pure methane, as it contains lesser impurities and minimal processing, which is known as a clean-burning fuel. Furthermore, CBM is an unconventional energy source used for power generation. For instance, according to IEA, during 2022-24, the average annual demand for electricity will grow by 2.7% with renewable resources. Hence, the global coal bed methane market is expected to witness a CAGR of around 7% during the forecast period (2022–2028).
The Covid -19 pandemic has devasted the global economy and many sectors experienced a downfall because of the industries shutdowns in various regions. Since the production, and supply in the oil & gas industry, power, and other industries were declining due to lack of operations which directly or indirectly affected the market growth of coal bed methane. For instance, global natural gas production in 2020 fell by 2.5%, down to 4014 Bcm, its first decline since the financial crisis that took place globally. Furthermore, the industries have been in process for a certain period, and the usage of coal bed methane is increasing as the concern towards clean energy sources for many different sectors is rapidly increasing. In addition, the production of natural gas requires the use of coal bed methane, which will increase the CBM market growth during the forecasted period.
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Based on technology, the market is fragmented into horizontal drilling, hydraulic fracturing, CO2 sequestration, and proppants. During the forecast period, the horizontal drilling segment is likely to have significant growth in the global coal bed methane market. As horizontal drilling is very durable, pipes are very strong and easy to install anywhere, lesser in cost, and less disruption to landscaping, requiring lesser members during installation.
Based on application, the market is fragmented into residential, commercial, industrial, power generation, transportation, and others. In 2020, the power generation segment is seen to have significant growth in the coal bed methane market. In addition, the power generation process converts methane from coal mines into water and carbon dioxide (CO2), which further reduces greenhouse gases (GHGs) significantly.
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For a better understanding of the market adoption of the coal bed methane, the market is analyzed based on its worldwide presence in the regions such as North America; Europe; Asia-Pacific; and the Rest of the World. Asia-Pacific is likely going to hold significant growth in the coal bed methane market during the forecasted period. As many significant numbers of unexplored reserves are accelerating the production of CBM in the market. Furthermore, the region has high resources such as unconventional gas, and a huge demand center, and due to the growing interest of various companies, it is also likely to appear as a supply center that is going to lead to the growth of the coal bed methane market. For instance, by 2035, Russia’s Energy Strategy (REA) encourages domestic companies to increase their production as well as expand coal exports throughout the Asia-pacific region. Furthermore, By 2035, new fields of coal are set to increase production, profitability, safety, and pollution control.
Some of the major players operating in the market include Baker Hughes Incorporated, Encana Corporation, Blue Energy Limited, ConocoPhillips Company, Arrow Energy Pty Ltd, Halliburton, BP p.l.c., Santos Ltd, PetroChina Company Ltd., and Weatherford. Several M&As along with partnerships have been undertaken by these players to develop the coal bed methane market. For instance, according to 2020-21, ONGC is all set to dig 400 new wells including 15 in Prabatpur of Bokaro district in the coming years to increase the CBM production by 4,00,000 cubic meters in Jharkhand.
Global Coal bed methane Market Segmentation
Market Insight, by Technology
Market Insight, by Application
• Residential
• Commercial• Industrial• Power generation• Transportation• Others
Market Insight, by Region
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