Coal Bed Methane (CBM) Global Market Report 2024

The coal bed methane (cbm) market size has grown strongly in recent years. It will grow from $18.83 billion in 2023 to $20.01 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. Historical growth was influenced by various factors including concerns about energy security, a rising demand for natural gas, the operations in coal mining, governmental policies and incentives, and the perceived environmental benefits of certain energy sources.

The coal bed methane (cbm) market size is expected to see strong growth in the next few years. It will grow to $25.06 billion in 2028 at a compound annual growth rate (CAGR) of 5.8%. Anticipated growth in the upcoming period is linked to the global shift towards cleaner energy sources, advancements in extraction technologies, a heightened focus on unconventional gas resources, initiatives aimed at achieving energy independence, and the expansion of coalbed methane (CBM) infrastructure. Major trends expected in this forecast period encompass government initiatives and regulatory support, innovations in exploration techniques and reservoir management practices, the emergence of CBMs as a significant energy source, and investments in infrastructure for the distribution of coalbed methane.

The substantial increase in global electricity consumption is playing a significant role in driving the growth of the coal bed methane (CBM) market. Electricity, a fundamental form of energy, is utilized in various positive and negative applications, whether occurring naturally, such as lightning, or through manufactured means such as generators. Coal bed methane (CBM) serves as a crucial clean energy source for generating electricity. The escalating demand for electricity is fueling the need for cleaner energy alternatives that enable increased electricity production while minimizing carbon emissions. For instance, as per the Electricity Market Report released by the International Energy Agency (IEA) in January 2022, global electricity demand surged by 6% between 2020 and 2021. This growth represented the highest annual gain ever recorded, surpassing 1500 terawatt-hours (TWh). Consequently, the substantial uptick in worldwide electricity consumption is expected to be a driving force behind the expansion of the coal bed methane (CBM) market as the demand for cleaner energy sources continues to escalate.

The mounting concerns regarding the environment play a significant role in shaping the growth of the coal bed methane (CBM) market. These concerns encompass a wide spectrum of issues, including natural resource depletion, pollution, climate change, and other threats that impact ecosystems and human well-being. The increasing prominence of the CBM market contributes significantly to addressing these environmental concerns by offering a cleaner alternative to conventional fossil fuels. By reducing greenhouse gas emissions, CBM aids in promoting sustainable energy practices. The escalating demand for electricity is further propelling the need for cleaner energy sources that can generate more power while minimizing carbon emissions. For instance, data from Earth.org, a non-profit environmental think tank and news website, reported that in 2021, the United States emitted approximately 67 million tons of carbon dioxide, making it the world's second-largest emitter. This emission primarily stemmed from transportation and other sources. Consequently, the mounting environmental concerns are a driving force behind the expansion of the coal bed methane (CBM) market as it presents a more environmentally friendly option for energy generation, aiding in the reduction of carbon emissions and fostering sustainable energy practices.

Government initiatives focused on promoting cleaner energy sources, particularly natural gas, are poised to drive the growth of the coal bed methane (CBM) market. Numerous countries' governments are directing efforts toward adopting cleaner energy sources, positioning CBM as an important component within the natural gas sector. These initiatives are expected to bolster the demand for CBM, recognizing its status as a clean source of natural gas. For instance, in October 2022, India's Directorate General of Hydrocarbons (DGH) announced the offering of 16 coal bed methane blocks along with 26 oil and gas blocks in the nation's ninth exploration licensing round. These blocks cover a substantial area, with a mix of ultra-deep water, shallow water, and land-based blocks, totaling 223,000 square kilometers. Furthermore, in December 2021, the U.S. Department of Energy (DOE) allocated $35 million across twelve projects aimed at developing technology to reduce methane emissions in the oil, gas, and coal sectors. The initiative, known as Reducing Emissions of Methane Every Day of the Year (REMEDY), developed by the Advanced Research Projects Agency-Energy (ARPA-E) of the DOE, seeks to significantly lower methane emissions in the United States. These government-led endeavors to promote cleaner natural gas sources are poised to propel the coal bed methane (CBM) market's growth, recognizing its role in delivering cleaner energy solutions and reducing methane emissions.

Major players in the coal bed methane (CBM) market are actively engaged in product launches aimed at innovative applications, such as the trial for continuous injection of CBM into blast furnaces. Continuous injection involves the uninterrupted introduction of CBM gas into various systems or processes, such as blast furnaces in steel production, with the goal of enhancing operational efficiency and reducing environmental impact. For example, in January 2021, Tata Steel Limited, a multinational steel-making company based in India, embarked on a groundbreaking trial for the continuous injection of Coal Bed Methane (CBM) into a blast furnace a pioneering initiative claimed to be a first in the world. The primary objective of this trial is to curtail the coke rate by 10 kg per ton of hot metal (thm), resulting in a reduction of approximately 33 kg of CO2 emissions per ton of crude steel produced. This pioneering endeavor not only provides valuable insights into reducing coke rates but also highlights the potential of CBM as an injectant in the steel industry. It represents a significant leap in the application of CBM and contributes to the drive for more sustainable steel production practices, marking a noteworthy advancement in the CBM market.

In February 2022, ConocoPhillips, a prominent US-based company specializing in hydrocarbon exploration and production, secured a majority stake in Australia Pacific LNG for a total of $1.645 billion. This acquisition represents a strategic move by ConocoPhillips aimed at gaining increased control over its investments in Australia. Australia Pacific LNG, an Australia-based company, specializes in domestic gas operations and is recognized as a producer of coal bed methane.

Major companies operating in the coal bed methane (cbm) market report are PetroChina Company Limited, Royal Dutch Shell plc, British Petroleum Plc, Chevron Corporation, Tamboran Resources Limited, Reliance Industries Limited, Petroliam Nasional Berhad, ConocoPhillips Company, Comet Ridge Limited, Baker Hughes Company, Halliburton Company, Origin Energy Limited, AGL Energy Limited, Great Plains Energy Inc, Santos Limited, Western Gas Corporation, Stanmore Coal Limited, Nexen Inc., Far East Energy Corporation, Queensland Gas Company Ltd., Arrow Energy Holdings Pty Ltd., Black Diamond Energy Inc., Great Eastern Energy Corporation Ltd., Central Petroleum Limited, Synergy Resources Corporation, Metgasco Ltd., Essar Group, G3 Exploration Limited (G3E), China United Coalbed Methane Corporation Ltd, Fortune Oil PLC.

Asia-Pacific was the largest region in the coal bed methane (CBM) market share in 2023. The regions covered in the coal bed methane (cbm) market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the coal bed methane (cbm) market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Coal bed methane (CBM) primarily exists in two forms such as CBM wells and within coal mines. CBM wells encompass any excavated openings in the ground aimed at locating or extracting coal bed methane. The extraction process involves utilizing natural gas derived from coal through methods such as horizontal drilling, hydraulic fracturing, and CO2 sequestration technology. This resource finds application across industrial, power generation, transportation, commercial, and residential sectors.

The coal bed methane (CBM) market research report is one of a series of new reports that provides coal bed methane (CBM) market statistics, including coal bed methane (CBM) industry global market size, regional shares, competitors with a coal bed methane (CBM) market share, detailed coal bed methane (CBM) market segments, market trends and opportunities, and any further data you may need to thrive in the coal bed methane (CBM) industry. This coal bed methane (CBM) market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The coal bed methane (CBM) market consists of sales of secondary biogenic methane, thermogenic methane, residual thermogenic CO2 and heavy hydrocarbons. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.