According to MRFR’s report, the global gas hydrates market is poised to witness lucrative growth at a substantial CAGR over the review period.
It is expected that rising worldwide oil and gas production and increasing automobile industry would fuel business growth. Growing exploration and mining investments are being further increased to support demand growth in the coming years. In comparison, methane is the most popular component of gas hydrates and is thus projected to create profitable prospects for oil and gas firms to be deemed the cleanest burning fossil fuel.
On the other hand, comparatively cheap and easily accessible alternative conventional fuels such as shale gas are likely to challenge market players. Nevertheless, numerous research projects initiated by major oil and gas players are likely to offer profitable opportunities for market players to explore methods for the effective and reliable extraction of gas hydrates.
The global gas hydrates market has been segmented on the basis of type, origin, method of extraction, application, and region.
Based on type, the global gas hydrates market has been bifurcated into onshore gas hydrates and offshore/ marine gas hydrates.
By origin, the global gas hydrates market has been categorized into seabed, permafrost, and others.
Based on method of extraction, the global gas hydrates market has been divided into water circulation, depressurization, carbon dioxide injection, and inhibitor injection process.
On the basis of application, the global gas hydrates market has been classified into transportation fuel, commercial, industrial, and others.
The global market for gas hydrates was evaluated through five main regions : North America, Asia-Pacific, Latin America, Europe , and the Middle East Africa.
Owing to increased government spending, increasing demand from the transportation industry and RD facilities, the Asia-Pacific sector has led the global market and is expected to record the highest CAGR in coming years. Japan is estimated to have the largest market share, as it imports almost all its oil and gas oils;significant gas hydrate deposits, and is fitted with advanced extraction technological skills. Other contributors are Taiwan, China , India, Malaysia, and South Korea.
The North American industry is expected to record the second largest market share in 2017 , and is anticipated to expand in the following years at a substantial CAGR due to massive gas hydrates deposits and advanced drilling technologies. Due to increasing RD facilities and rising demand for oil and gas in the region, the US is the prominent country in the field.
The European industry had a large market share in 2017 and is projected to expand during the review period at a healthy CAGR due to the increasing decline of fossil fuels and growing demand for greener methane in industrial and automotive applications. Owing to advanced technical capabilities and a broad customer base, Germany is the region ‘s prominent economy.
Driven by the rising research initiatives, the Latin American market accounted for a modest market share in 2017 and is expected to record a healthy CAGR in the next years. Mexico is the region’s largest nation followed by Brazil , Argentina, and Chile.
During the forecast era, the Middle East Africa demand is expected to rise at a steady CAGR due to increased pressure on oil fields and move towards a greener fuel. Saudi Arabia is the Region’s biggest contributor.
The eminent players operating in the global gas hydrates market are Japan Drilling Co., Ltd (Japan), Japan Petroleum Exploration Co., Ltd. (Japan), Chevron Corporation (US), Schlumberger Limited (US), ConocoPhillips Company (US); Japan Oil, Gas and Metals National Corporation (Japan), and China Petrochemical Corporation (China), Oil and Natural Gas Corporation Ltd. (India), PetroChina Company Limited (China), Royal Dutch Shell plc (The Netherlands), Total (France), and Fugro (The Netherlands).
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