The global coal bed methane market size was US$ 15.1 billion in 2021. The global coal bed methane market is forecast to grow to US$ 28.7 billion by 2030, registering a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.
The natural gas present in most coal beds is known as coal bed methane (CBM). It is formed through the coalification process, which involves the conversion of plant matter into coal. In addition, it takes over millions of years for the process to complete. Furthermore, CBM is entirely made up of pure methane, a clean-burning fuel with few contaminants that require no additional processing.
Factors Influencing the Market
The steeply growing population and rising demand for power are driving the growth of the global coal bed methane market. In addition, the growing commercial, residential, and industrial segments will prompt the growth of the global coal bed methane market during the forecast period.
Additionally, changing preferences to use eco-friendly power and meet the increasing demand for electricity across the regions are key factors projected to drive the growth of the coal bed methane market over the forecast period.
The growing investments by the market players will offer ample growth opportunities. In addition, growing number of policies by the governments of emerging economies will fuel the market growth during the forecast period.
Increasing gas prices and growing industrialization are likely to boost the demand for coal bed methane.
Growing environmental concerns will surge the growth of the coal bed methane market during the forecast period.
COVID-19 Impact Analysis
The consumption of coal bed methane has decreased significantly as a result of COVID-19. The demand for energy and power decreased due to the changing shift in preferences. Following the advent of the COVID-19 pandemic, the demand for environmentally friendly products is projected to continue to climb, boosting the growth of the coal bed methane industry. Furthermore, due to lockdown restrictions and shortage of laborers, the global coal bed methane market has shrunk significantly.
Regional Analysis
The Asia-Pacific coal bed methane market will be the largest due to decreasing number of oil reserves and increasing oil prices. In addition, growing environmental concerns will fuel the demand to produce coal. Mine safety, greenhouse gas emissions, and air quality are the major issues all across the world. Thus, coal bed gas has become a more significant energy resource in the Asia-Pacific countries.
Competitors in the Market
Market Segmentation
The global coal bed methane market segmentation focuses on Technology, Application, and Region.
Based on the Technology
Based on the Application
Based on region
