Methane Market To Register Considerable Growth Trends As Demand For Natural Gas Increases

Methane market continues to register massive growth due to the various applications of the of the gas especially in electrical, and aerospace & defense, automotive and chemical industries. Methane is used in the manufacturing of natural gas and liquefied natural gas, the demand for which is expanding not only due to increased electricity generation needs but also due to expansion of the heating industry. Natural gas is more friendly than coal in terms of emission, more flexible than nuclear power and owing to the booming shale revolution in the US as well as the development of LNG trade across the globe, natural as is also readily available. Demand for natural gas has witnessed a 28% rise over the last decade and technological innovations are expected to keep the gas competitive.

Methane Market is accounted for $88.55 billion in 2020 and is expected to reach $151.27 billion by 2026

While the methane market may witness some hindrance due to the gas’s greenhouse effect, there had been recent moves by the Environmental Protection Agency of the U.S. to reduce some of the federal restrictions previously levied on methane. Apparently, the EPA plans to let oil and gas operators regulate themselves when it comes to prevention of methane leakage from pipelines, wells and other infrastructure.

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Segmentation:

The various segment for the evaluation of methane market prospects include source, application and end-use industry.

On the basis of source, methane market is classified into natural and synthetic. Naturally sourced methane gas has held the dominant share in methane gas market in 2017, a trend that is expected to continue over the coming years. Natural methane gas has been in demand from various end user industries including automotive, chemical, and electrical industries which have also created a potent growth scope for synthetic methane market.

Application-wise, methane gas market is divided into natural gas, fuel, liquefied natural gas, chemical feedstock, liquid-methane rocket fuel and others. Application of natural gas held the largest share in 2017 owing to its extensive use in producing electricity. Over 2017-2023, natural gas is expected to hold its dominant position in the methane market.

Methane gas has wide demand among its end users and on the basis of end user segmentation, methane market is classified as electrical, automotive, aerospace& defense, chemical etc. Owing to the increasing use of natural gas for the production of electricity in various regions of the world, electrical end user segment has been recorded to have dominated the methane market in 2017, a trend that is expected to be continued over 2021-2027.

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Regional Analysis:

On the basis of region, methane market is subdivided into Asia-Pacific, North America, Latin America, Europe, and Middle East & Africa.

Asia Pacific methane market is expected to CAGR of 7.7% over 2017-2023 owing to expansive demand of the gas from the proliferating electrical and chemical industries. The region held 43% share of the global methane gas market share in 2017 and thus had a dominant position in the industry.

North America and Europe have registered methane gas application in the burgeoning fuel and chemical feedstock industries in the regions and have therefore occupied the second and third largest shares in the industry respectively. Restrictions on methane emission levied in the regions have caused the methane market to record a slight lag in the recent years.

Middle East & Africa region are slated to witness steady growth in methane market share due to existence of crude oil reserves in the region and activities by petrochemical industries.

The Latin American region is expected to witness moderate growth in methane market share. Demand for fuel and rocket fuel are factors that will attribute to the growth of methane market in the region.

Competitive Landscape:

Some of the players in the methane market include Royal Dutch, BP PLC, Shell PLC G3 Exploration, China National Offshore Oil Company, China National Petroleum Corporation, Oil and Natural Gas Corporation, Dart Energy Corporation, Black Diamond Energy Inc., American Gas Products, Halliburton Co., Senex Energy Limited, IGas Energy, TLOU Energy Ltd, Metgasco Ltd., Bow Energy etc.

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