Methane Hydrates Market to Witness Exponential Growth by 2026
Global Methane Hydrates Market: Overview
Methane hydrate (CH4·5.75H2O) or (4CH4·23H2O) is also known as hydro methane, methane ice, fire ice, natural gas hydrate, and gas hydrate. Methane hydrate is a solid clathrate compound which has a large amount of methane trapped inside a crystal structure of water, forming a solid that is similar to ice. Methane hydrate is used as fuel in various applications such as the transportation, heavy industries, and commercial.
Global Methane Hydrates Market: Key Segments
Based on the origin the methane hydrates market can be segmented into seabed, permafrost, and others. Most methane hydrate deposits are present in seabed sediments. Which requires drilling rigs to reach down through more than 1,600 feet of water and then, another several thousand feet since hydrates are generally located far underground before they can be extracted. Hydrates are concentrated along the lower margins of continental slopes, where the seafloor falls away toward the abyss. The inclining and uneven seafloor makes it difficult to run the pipeline. Methane hydrate has a very large concentration of methane. Melting one cubic meter of hydrate gives yield to about 160 cubic meters of gaseous methane. Seafloor methane hydrate mounds and shallow sub-seafloor methane hydrates constitute a small component of the global gas hydrate inventory.
Based on application, the methane hydrates market can be divided into commercial, transportation, and heavy industries. The methane hydrates are used as fuels for cars and diesel power plants. It can be used for heating homes. The gas can be transported through pipelines and sent to different countries. The gas can be used both in its natural state or must be extracted from ice or sediments
Global Methane Hydrates Market: Trends & Developments
Rise in demand for electricity and power and increase in the number of electricity producing companies are major factors driving the global methane hydrates market. According to the Energy Information Administration, there is more energy in methane hydrates than in all the world’s oil, coal and gas combined. Rigid government policies, implementation of environmental regulations, and climatic changes are likely to restrain the global methane hydrates market. Besides extracting hydrates from the bottom of deep oceans, not to mention operating at low temperatures and extremely high pressure, there is the potentially serious issue of underminig the seabed, which can cause submarine landslides.
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Global Methane Hydrates Market: Regional Outlook
Based on region, the global methane hydrates market can be categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Methane hydrates can alter trade flows and geopolitics of energy. It is estimated that the, gas hydrate resources concentrated in Gulf of Mexico could be more than 6,000 trillion cubic feet. India collaborated with the USGS (United States Geological Survey), the Japanese Drilling Company, and the Japan Agency for Marine-Earth Science and Technology in September 2014 to explore methane hydrates in its Exclusive Economic Zone (EEZ). A huge cache of methane hydrate was discovered in the Bay of Bengal in 2016. This is the first of a kind discovery in the Indian Ocean. Methane hydrates have also been traced in coarse-grained sands in the Krishna-Godavari Basin. China announced that it had found large gas hydrate reserve in the northern part of the South China Sea. Japan has set a target of bringing methane hydrates into the mainstream by early 2020.
Global Methane Hydrates Market: Key Players
Key players operating in the global methane hydrates market include Japan Oil, Gas and Metals National Corporation, PetroChina Company Limited, Statoil ASA, ConocoPhillips Corporation, BP P.L.C., Chevron Corporation, and Anadarko Petroleum Corporation.
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