Gas Hydrates Market - growth, trends, covid-19 impact, and forecasts (2021 - 2027)

 

Overview:

Gas hydrates, also referred to as methane hydrates, are cage-structured lattices of water molecules which contains methane as the primary constituent. They are crystalline, naturally occurring, ice-like substances which occur beneath the sea bed and continental margins. They are a rich source of natural gas; and is produced at high pressure and low temperature at a depth of few hundred meters below sea level.

Based on type, the global gas hydrates market has been segmented into onshore gas hydrates and offshore/ marine gas hydrates. The onshore gas hydrates segment account for the largest market share in 2017 owing to large reserves of gas hydrates in cold surfaces, less time consumption, and developed technologies. The offshore gas hydrates segment is expected to register the highest CAGR during the forecast period owing to high profitability and high methane content.

By origin, the global Gas Hydrates Market has been categorized into seabed, permafrost, and others. The permafrost segment is expected to dominate the global market during the review period owing to relatively easy drilling operations and less technical complexities. The seabed segment is likely to be the fastest-growing market in the coming years owing to large reserves and growing R&D facilities for gas hydrates extraction.

On the basis of method of extraction, the global gas hydrates market has been segmented into water circulation, depressurization, carbon dioxide injection, and inhibitor injection process. The depressurization method held the largest market share in 2017 owing to relatively low cost and efficient extraction of methane from gas hydrates. Moreover, the combined method of water circulation and depressurization method is proven to be more effective. The carbon dioxide injection segment is anticipated to register for the highest CAGR during the review period owing to the mechanical stability, easy heat transfer, and eco-friendly nature.

By application, the global gas hydrates market has been classified into transportation fuel, commercial, industrial, and others. The transportation fuel segment is expected to account for the largest market share and grows at a high CAGR during the review period due to growing demand for greener fuel (methane), and depleting fossil fuels.

 

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Regional Analysis

The global gas hydrates market has been analyzed across five key regions, namely, Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa.

The Asia-Pacific market dominated the global market and is likely to register the highest CAGR in the coming years owing to growing government spending, rising demand from transportation industry, and growing R&D facilities. Japan is projected to account for the largest market share as it imports almost all its oil and gas fuels, large reserves of gas hydrates, and is equipped with advanced technical expertise with extraction. China, India, Malaysia, Taiwan, and South Korea are other regional contributors.

Market Segmentation

The global gas hydrates market has been segmented on the basis of type, origin, method of extraction, application, and region.

By type, the global gas hydrates market has been bifurcated into onshore gas hydrates and offshore/ marine gas hydrates.

On the basis of origin, the global gas hydrates market has been categorized into seabed, permafrost, and others.

By method of extraction, the global gas hydrates market has been divided into water circulation, depressurization, carbon dioxide injection, and inhibitor injection process.

Based on application, the global gas hydrates market has been classified into transportation fuel, commercial, industrial, and others.

The global gas hydrates market has been studied across five major regions, namely– Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.

Competitive Analysis

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) are some of the players operating in the global gas hydrates market.

 

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