Methane hydrate is an ice cage like structure in which methane gas is trapped. As per the estimates by the United States Geological Survey (USGS), one cubic meter of methane hydrate may contain 164 cubic meter of natural gas. Therefore, it is considered as a future source of energy. Methane hydrate is formed under seabed and is formed under high pressure and low temperature conditions. During the process of methane hydrate extraction, the hydrate ice cubes dissociate, pressure is decreased and methane gas from hydrate escapes, which can be risky.
The commercialization of methane hydrate is under process; and therefore, the methane hydrate extraction market is studied based on the successful extraction undertaken. As per the USGS, as of 2018 the overall available methane hydrate reserves include 20,000 trillion cubic meters of the reserves. If these reserves can be harvested efficiently, they could meet the global energy requirements for the coming 1,000 years. In 2017, China and Japan have successfully extracted methane hydrate from seabed after couple of tests conducted from 2012. China and Japan have respectively extracted 430 and 260 thousand cubic meter methane hydrate in 2017; although these countries are far away from the industrial scale production.
Primary factors that contribute toward the growth of methane hydrate extraction market include high energy potential, availability, and rise in extraction activities. As mentioned earlier, one cubic methane hydrate releases 160 cubic meter natural gas, which shows the kind of potential methane hydrate has which could meet the global energy demand for almost next 1,000 years, if exploited properly. Hence, greater availability of methane hydrate beneath seabed across the globe is expected the fuel the extraction activities by contributing significantly in this market. Moreover, government support to conduct extraction test is also creating the scope for methane hydrate extraction, which is further expected to play a key role while developing the growth of this market. However, life threatening threats associated with the methane hydrate extraction activities are anticipated to inhibit the growth of the overall market. Methane hydrate grows at high pressure and lower temperature under seabed. Its inefficient extraction could release methane gas from permafrost, which can lead to the occurrence of tsunami. Such threats may limit the participation of new countries in the discovery and extraction of methane hydrate, thus restraining the growth of the market growth in the coming years.
Some countries that actively participate in the discovery of methane hydrate include the U.S., Canada, China, Japan, India, and Russia. China is the first country that successfully extracted methane hydrate in 2017, thus dominating the market. Japan is the second country that extracted methane hydrate in the similar year. The largest hydrate reserve is found in Canada, which is around 500 trillion cubic meter. Growth in awareness regarding methane hydrate and its potential in largest methane hydrate reserves is expected to increase new extraction activities during the coming years with the help of investment from the Canadian government.
The major key players operating in the methane hydrate extraction market include Anadarko Petroleum Corporation, Schlumberger, BP plc., ConocoPhilips, EQUINOR ASA, PetroChina, Japan Petroleum Exploration Company Limited (JAPEX), INPEX Corporation, Oil and Natural Gas Corporation (ONGC), and Indian Oil Corporation Ltd. (IOCL).
KEY BENEFITS FOR STAKEHOLDERS
- The report outlines the current trends and future scenario of the methane hydrate extraction market size from 2017 to 2025 to understand the prevailing opportunities and potential investment pockets
- Porter’s five forces analysis helps to analyze the potential of buyers & suppliers and the competitive scenario of the industry for strategy building
- Major countries in the region have been mapped according to their individual extraction volume contribution to the regional market
- The key drivers, restraints, and methane hydrate extraction market opportunities and their detailed impact analysis are elucidated in the study
- The profiles of key players along with their key strategic developments are enlisted in the report
KEY MARKET SEGMENTS
- By Country
Table of Contents
1.2. Key benefits for stakeholders
1.3. Key market segments
1.4. Research methodology
1.4.1. Primary research
1.4.2. Secondary research
1.4.3. Analyst tools and models
2.1.1. Top investment pockets
2.2. CXO perspective
3.2. Key forces shaping the methane hydrate extraction market
3.2.1. Low-to-high bargaining power of suppliers
3.2.2. Moderate-to-high threat of new entrants
3.2.3. Moderate threat of substitutes
3.2.4. Moderate intensity of rivalry
3.2.5. Low-to-moderate bargaining power of buyers
3.3. Market evolution
3.4. Value chain analysis
3.5. Market pain point analysis
3.6. Race analysis
3.7. Case studies
3.7.1. Case Study 01
3.8. Market dynamics
126.96.36.199. Abundance of methane hydrate across the globe and high potential associated with it
188.8.131.52. Increasing methane hydrate extraction activities
184.108.40.206. Life threatening risk and challenges associated with methane hydrate drilling activities
220.127.116.11. Government support to discover hydrate reserves and commercialize methane hydrate
4.2.1. U.S. Methane hydrate extraction market (2021-2025)
4.2.2. Estimated methane hydrates reserves in the U.S.
4.2.3. Future plans
4.3.1. Canada Methane hydrate extraction market (2021-2025)
4.3.2. Estimated methane hydrates reserves in Canada
4.3.3. Future plans
4.4.1. Japan Methane hydrate extraction market (2021-2025)
4.4.2. Estimated methane hydrates reserves in Japan
4.4.3. Future plans
4.5.1. China Methane hydrate extraction market (2021-2025)
4.5.2. Estimated methane hydrates reserves in China
4.5.3. Future plans
4.6.1. India Methane hydrate extraction market (2021-2025)
4.6.2. Estimated methane hydrates reserves in India
4.6.3. Future plans
4.7.1. Russia Methane hydrate extraction market (2021-2025)
4.7.2. Estimated methane hydrates reserves in Russia
4.7.3. Future plans
5.1.1. Company overview
5.1.2. Company snapshot
5.1.3. Operating business segments
5.1.4. Product portfolio
5.1.5. Business performance
5.1.6. Key strategic moves and developments
5.2. Schlumberger Limited
5.2.1. Company overview
5.2.2. Company snapshot
5.2.3. Operating business segments
5.2.4. Product portfolio
5.2.5. Business performance
5.2.6. Key strategic moves and developments
5.3. BP p.l.c.
5.3.1. Company overview
5.3.2. Company snapshot
5.3.3. Operating business segments
5.3.4. Product portfolio
5.3.5. Business performance
5.3.6. Key strategic moves and developments
5.4.1. Company overview
5.4.2. Company snapshot
5.4.3. Operating business segments
5.4.4. Product portfolio
5.4.5. Business performance
5.4.6. Key strategic moves and developments
5.5. EQUINOR ASA
5.5.1. Company overview
5.5.2. Company snapshot
5.5.3. Operating business segments
5.5.4. Product portfolio
5.5.5. Business performance
5.5.6. Key strategic moves and developments
5.6. PetroChina Company Limited
5.6.1. Company overview
5.6.2. Company snapshot
5.6.3. Operating business segments
5.6.4. Product portfolio
5.6.5. Business performance
5.6.6. Key strategic moves and developments
5.7. Japan Petroleum Exploration Co., Ltd.
5.7.1. Company overview
5.7.2. Company snapshot
5.7.3. Operating business segments
5.7.4. Product portfolio
5.7.5. Business performance
5.7.6. Key strategic moves and developments
5.8. INPEX Corporation
5.8.1. Company overview
5.8.2. Company snapshot
5.8.3. Operating business segments
5.8.4. Product portfolio
5.8.5. Business performance
5.8.6. Key strategic moves and developments
5.9. Oil & Natural Gas Corporation (ONGC)
5.9.1. Company overview
5.9.2. Company snapshot
5.9.3. Operating business segments
5.9.4. Product portfolio
5.9.5. Business performance
5.9.6. Key strategic moves and developments
5.10. Indian Oil Corporation Ltd.
5.10.1. Company overview
5.10.2. Company snapshot
5.10.3. Operating business segments
5.10.4. Product portfolio
5.10.5. Business performance
5.10.6. Key strategic moves and developments
Executive SummaryAccording to this report titled,'Methane Hydrate Extraction Market by Country: Opportunity Analysis and Industry Forecast, 2021 - 2025,'the methane hydrate extraction market is projected to reach 66,901.8 thousand cubic meters by 2025, growing at a CAGR of 6.3% from 2021 to 2025.
Methane hydrate is known as gas hydrate, methane clathrate, and fiery gas. It is found in the soft seabed of continental margins across the globe under the water depth of 300 to 3000 meter. The greatest deposits of methane hydrate are found below 500 meter near seabed. Methane hydrates are formed naturally, with the combination of water and methane gas at a high pressure and low temperature.
Methane hydrate is on the verge of getting commercialized and it is expected to get commercialized after 2020. It is considered as a future source of energy, therefore, countries such as China, India, Japan, and the U.S. focus on mining this product. As of now, China and Japan have successfully extracted methane hydrate due to significant investment in the extraction tests and consistent efforts to extract methane hydrate. Factors such as greater availability of methane hydrate and resulting efforts by various countries to extract methane gas, rise in investment to support methane hydrate tests, and high potential to extract natural gas from minimal methane hydrate ice cubes foster the growth of this market. On the other hand, life threatening risks associated with the extraction of methane hydrate are expected to restrain the overall market growth over the coming years. Several countries are addressing the energy potential associated with methane hydrate and are planning to conduct extraction test. Hence, growth in awareness regarding the benefits and potential of methane hydrate are expected to offer new growth opportunities during the forecast period.
Based on the country, methane hydrate extraction market is segmented into China, India, Japan, Russia, the U.S., and Canada. China is the pioneering country that successfully extracted the methane hydrate from seabed in South China Sea in 2017. The country has conducted second test in July 2017 and again extracted relatively greater amount of methane hydrate. This country has been working for more than 20 years to extract methane hydrate with the help of support from their government and succeeded in 2017 due to technological capabilities. As per the Ministry of Natural Resources of the People’s Republic of China, the country is developing specialty drilling vessel platform that undertakes smooth extraction operation of methane hydrates and thus helps in faster production.
Apart from China, Japan is the second country that registered successful extraction in 2017. The overall energy requirements in Japan are met by imports, hence, extraction of methane hydrate in this country is considered to be one of their biggest achievements, as they can meet their energy requirements, post commercialization. Earlier, Japan collaborated with Canada to conduct extraction test; however, in 2012, Canada has withdrawn its participation, owing to the risks involved. Further, Japan started their own extraction activities, and have succeeded in 2013. Strong technological status of Japan is expected to drive the growth of the methane hydrate extraction market over the coming years.
U.S. confirms the availability of methane hydrate in earlier 2019 and is planning to conduct extraction tests by 2020 with the vision to commercialize after 2020. As per USGS mineral estimates, the U.S. has methane hydrates reserves of more than 260 trillion cubic meter. Considering this, the U.S. is expected to exhibit highest CAGR of 7.4% during the forecast period, owing to robust R&D activities.
Key Findings of the Methane Hydrate Extraction Market:
China dominated the methane hydrate extraction market in 2017 with the highest market share
Canada is anticipated to dominate the methane hydrate extraction market by the end of 2025, owing to the higher availability of resources
U.S. is anticipated to exhibit the highest CAGR of 7.4% during the forecast period due to robust technological capabilities
The key players profiled in this report include Anadarko Petroleum Corporation, Schlumberger, BP p.l.c., ConocoPhilips, EQUINOR ASA, PetroChina, JAPEX, INPEX, ONGC, and Indian Oil Corporation Ltd.
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.