Natural gas is one of the most rapidly growing forms of energy and has made its presence felt significantly in the global energy basket. It has been rapidly catching up with crude oil as a fuel alternative because of its cleaner existence. Natural gas has been able to successfully penetrate the transportation and domestic application markets, thus helping it evolve as the primary global fuel. However, there has been an increased emphasis on the usage of unconventional gas sources such as shale gas, tight gas and CBM owing to the depletion of conventional natural gas reserves. Drilling cost is the major contributor to the overall production cost of CBM. Electricity cost, machine maintenance cost and operational costs also contribute to the total cost of production. The leading application area of CBM is power generation.
CBM production is expected to be driven by increasing exploration and extraction on a global scale over the next few years. The dewatering of a CBM well consumes a lot of time, increasing the overall cost of its development which is a major challenge to this market.
The U.S. dominates CBM production globally, followed by Canada. Growing demand for sustainable fuel in the country in order to reduce reliance on conventional sources of natural gas is expected to be the key driving force for the North American market. The Asia Pacific region is expected to be one of the fastest growing markets in the near future owing to an increase in drilling activities, primarily in coal rich countries such as India, Australia, China and Indonesia. Disposable income of consumers has grown at a rapid pace in Asia Pacific which has consequently increased the GDP. Growing GDP is responsible for the increasing energy demand in the region with China, India and Indonesia being the prime contributors. Asia Pacific has also emerged as one of the leading supply centers for unconventional gas resources including CBM. Companies have been attracted to invest in this region due to the huge amount of unproven reserves of CBM in China, India and Indonesia.
Key players in this market include BG Group and Arrow Energy. Other companies include Origin Energy, PetroChina, Dart Energy, Great Eastern Energy and Santos.
Grand View Research has recently published a detailed report titled “Coal Bed Methane (CBM) Market Analysis By Application (Industrial, Power Generation, Residential, Commercial and Transportation) And Segment Forecasts To 2020”. This market research report provides complete estimate and forecast for major market segments on the basis of products, technology, applications and regions. The report also contains detailed industry trends, market dynamics, drivers, restraints and key opportunities. In-depth market analysis such as Porter’s five force model, PESTEL, opportunity prioritization and comprehensive competitive landscape including detailed profiles of top companies are included in the report.
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