Press release
Methane Market Report 2024: Strategies And Recent Developments | BP plc, Oil and Natural Gas Corporation, IGas Energy plc, Black Diamond Energy Inc., China National Petroleum Corporation
Methane Market Characteristics
The Business Research Company offers in-depth market insights through Methane Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The methane market size has grown strongly in recent years. It will grow from $106.65 billion in 2023 to $117.07 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The growth in the historic period can be attributed to industrialization and energy production, agricultural activities, waste management, fossil fuel extraction, deforestation and land use changes..
The methane market size is expected to see strong growth in the next few years. It will grow to $167.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to renewable energy initiatives, shift towards sustainable practices, investments in methane abatement solutions, methane monitoring and reporting standards.. Major trends in the forecast period include rising climate change awareness, methane emission monitoring, agricultural emission reduction, industrial emission reduction initiatives, policy and regulation changes..
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Market Segmentation:
The methane market covered in this report is segmented -
1) By Source: Natural, Synthetic
2) By Production Method: Fermentation, Gasification
3) By Application: Fuel, Natural Gas, Chemical Feedstock, Liquified Natural Gas, Liquid-Methane Rocket Fuel, Power Generation, Residential, Other Applications
4) By End Users: Automotive, Aerospace and Defense, Electrical, Chemical, Other End Users
Major Driver - Methane Market Driven By Surging Demand In The Automotive Industry
The increasing demand in the automotive industry is expected to boost the growth of the methane market going forward. The automotive sector includes firms engaged in producing, vending, fixing, and customizing motorized vehicles. Methane in the automotive industry is used to power automobiles due to its various advantages such as being a cheap and clean source (emits less harmful particles) of fuel as compared to conventional gasoline and diesel and is generally utilized in light-duty cars in compressed form (compressed natural gas, CNG, or compressed biogas, CBG) and liquefied form in heavy-duty long-haul vehicles. For instance, according to a study released by the European Automobile Manufacturers Association, a Belgium-based standard group, in April 2022, 79.1 million automobiles were produced globally in 2021, rising 1.3% from the previous year. Additionally, in March 2022, according to a report published by the US Department Of Energy, a US-based agency that manages nuclear infrastructure and energy policies, electric vehicle (EV) sales increased by 85% in 2021. Therefore, the increasing demand in the automotive sector is driving the methane market.
Competitive Landscape:
Major companies operating in the methane market report are BP plc, Oil and Natural Gas Corporation, IGas Energy plc, Black Diamond Energy Inc., China National Petroleum Corporation, Senex Energy Limited, Shell plc, China National Offshore Oil Corporation, Dart Energy Corporation, Metgasco Limited, G3 Exploration Ltd., AGT International AG, Air Liquide SA, Axcel Gases, Bhuruka Gases Limited, Chemix Specialty Gases and Equipment, Chengdu Taiyu Industrial Gases Co. Ltd., Linde plc, Osaka Gas Co. Ltd., Qingdao Guida Special Gas Co. Ltd., Primus Green Energy Inc., Gazprom Neft PJSC, Allied Aviation Services Inc., Bharat Petroleum Corp. Ltd., Chevron Corporation, Exxon Mobil Corporation, Honeywell International Inc., TotalEnergies SE, Hess Corporation, Koch Minerals & Trading LLC, .
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Top Trend - Innovative Technological Advancements Driving The Methane Market
Technological advancements are a key trend gaining popularity in the methane market. Major companies operating in the methane market are adopting new technologies to sustain their position in the market. For instance, in April 2021, Honeywell International Inc, a US-based company that invents and manufactures technologies in energy, introduced a gas cloud imaging (GCI) system known as the Mini GCI system to provide automated and continuous monitoring for methane leaks at oil and gas, chemical, and power-producing plants. Mini GCI devices can be installed throughout an industrial site to continually monitor for gas leaks and send notifications when they occur. The technology, which is powered by patented hyperspectral gas analytics and artificial intelligence, gives facility operators a colorful visualization of the gas plume type, position, direction, size, and concentration. This enables an earlier and more effective response before leaks turn into larger emissions or safety hazards.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Methane Market Characteristics
3. Methane Market Trends And Strategies
4. Methane Market - Macro Economic Scenario
5. Methane Market Size And Growth
…..
27. Methane Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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