Gas Hydrates Market 2024 to 2033: Growth Trends and Forecast

"The Business Research Company recently released a comprehensive report on the Global Gas Hydrates Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The gas hydrates market size has grown strongly in recent years. It will grow from $2.04 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to increasing industrial applications of natural gas, exploitation of gas hydrate resources, increased public awareness and support for cleaner energy sources, growing educational and training programs for professionals in the gas hydrate sector, and strategic partnerships between governments and private companies.

The gas hydrates market size is expected to see strong growth in the next few years. It will grow to $2.80 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to increasing regulations and efforts to reduce greenhouse gas emissions, growing global energy consumption, rising consumer preference for cleaner energy sources, improvements in the supply chain for materials and equipment, and government and private sector incentives for innovation in energy technologies. Major trends in the forecast period include improvements in extraction and processing technologies, ongoing research into gas hydrates' properties and extraction techniques, development of infrastructure for production, storage, and transportation of gas hydrates, integration of gas hydrate technologies with other energy systems, and advances in seismic imaging and other exploration techniques.

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Market Drivers and Trends:

The rising demand for clean and renewable energy is expected to propel the growth of the gas hydrates market going forward. The demand for clean and renewable energy is high due to growing concerns over climate change, environmental sustainability, and the need to reduce reliance on fossil fuels. Gas hydrates are being explored as a potential future energy source, offering a large reservoir of methane, which could serve as a cleaner alternative to conventional fossil fuels when extracted and utilized efficiently. For instance, in July 2024, according to the International Energy Agency, a France-based intergovernmental organization, the share of renewables in global electricity supply will rise from 30% in 2023 to 35% by 2025. Therefore, the rising demand for clean and renewable energy is driving the growth of the gas hydrate market.

Major companies operating in the gas hydrates market are focusing on developing advanced products, such as methane hydrate harvesting technology, to gain a competitive edge in the market. Methane hydrate harvesting technology refers to the methods and systems used to extract methane gas trapped within methane hydrates, which are crystalline structures where methane molecules are encased in water ice.  For instance, in October 2022, MODEC Inc., a Japan-based provider of solutions for the floating offshore oil and gas market, initiated onshore testing for the development of shallow methane hydrate harvesting technology at the Okhotsk Regional Innovation Research Park in Kitami City, Hokkaido, Japan. The primary objective of the onshore tests is to evaluate drilling performance using a simulated seabed environment consisting of polypropylene balls that mimic granular methane hydrate and fluidized treated soil, designed to replicate soft mud conditions found several tens of meters below the seabed. MODEC employs an extensive vertical drilling method that utilizes large-diameter disk-shaped drill bits to enhance drilling capacity and facilitate the harvesting of shallow methane hydrate.

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Major Key Players of the Market:

China Petroleum and Chemical Corporation, PetroChina Company Limited, ExxonMobil Corporation, Royal Dutch Shell plc, BP PLC, Chevron Corporation, Eni S.p.A., PJSC Gazprom, Mitsui & Co. Ltd., Equinor ASA, Indian Oil Corporation Limited, ConocoPhillips Company, Oil and Natural Gas Corporation Ltd., Schlumberger Limited, Halliburton Company, Weatherford International, Marubeni Corporation, Fugro NV, Japan Drilling Co. Ltd., MODEC Inc., JFE Engineering Corporation

Gas Hydrates Market 2024 Key Insights:

• The gas hydrates market size is expected to see strong growth in the next few years. It will grow to $2.80 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• The Rising Demand For Clean And Renewable Energy Propelling The Growth Of The Gas Hydrates Market
• Advancements In Methane Hydrate Harvesting Technology Driving Innovation In The Gas Hydrates Market
• Asia-Pacific was the largest region in the gas hydrates market in 2023

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