Gas Hydrates Industry to Achieve $2.94 Billion Growth by 2029

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How Will the Gas Hydrates Market Grow by 2025 in Terms of Size and Growth?
The market size of gas hydrates has seen a powerful surge in recent times. Its size is set to increase from $2.17 billion in 2024 to $2.31 billion in 2025, with a compound annual growth rate (CAGR) of 6.3%. This growth in the past period can be credited to rising industrial uses of natural gas, the use of gas hydrate reserves, heightened public awareness and endorsements for more eco-friendly energy alternatives, the expansion of education and training programs for professionals within the gas hydrate industry, and the strategic collaborations between governments and private enterprises.

What Are the Estimated Growth Rates for the Gas Hydrates Industry Through 2029?
In the coming years, the gas hydrates market is predicted to exhibit robust growth, expanding to a worth of $2.94 billion by 2029, at a compound annual growth rate (CAGR) of 6.2%. This prospective growth within the forecast period is mainly due to factors such as heightened regulatory measures and initiatives to curtail greenhouse gas emissions, an increase in worldwide energy usage, consumer inclination towards cleaner energy sources, advancements in supply chain processes for resources and equipment, and both government and private sector encouragement for energy technology innovation. Key trends for the forecast period encompass advancements in extraction and processing technologies for gas hydrates, continuous investigations into the characteristics and extraction methodologies of gas hydrates, establishment of production, storage, and transportation infrastructure for gas hydrates, incorporation of gas hydrate technologies with other energy sources and systems, and progress in seismic imaging and additional exploration techniques.

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What Are the Strategic Drivers Boosting Gas Hydrates Market Performance?
The anticipated surge in demand for clean, renewable energy sources is likely to fuel the expansion of the gas hydrates market. There is increasing concern over climate change and environmental sustainability, as well as a push to reduce dependence on fossil fuels, thereby driving the high demand for clean, renewable energy. Gas hydrates are being investigated as a potential energy source for the future, possessing a vast store of methane that could potentially provide a cleaner alternative to traditional fossil fuels when harvested and used effectively. For instance, the International Energy Agency, based in France, reported that the proportion of renewables in the global electricity supply is projected to increase from 30% in 2023 to 35% by 2025 in July 2024. As a result, the increasing need for clean, renewable energy sources is bolstering the expansion of the gas hydrate market.

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What Are the Segments in the Gas Hydrates Market?
The gas hydrates market covered in this report is segmented -

1) By Type: Onshore Gas Hydrates, Offshore Or Marine Gas Hydrates
2) By Technology: Gas Hydrate Formation And Dissociation, Production And Extraction, Storage And Transportation
3) By Origins: Permafrost, Seabed
4) By Application: Transportation Fuel, Commercial, Industrial, Other applications

Subsegments:
1) By Onshore Gas Hydrates: Permafrost Gas Hydrates, Associated Gas Hydrates, Gas Hydrates In Sedimentary Basins, Gas Hydrates In Shale Formations, Laboratory-Produced Onshore Gas Hydrates
2) By Offshore Or Marine Gas Hydrates: Gas Hydrates In Continental Margins, Gas Hydrates In Deepwater Environments, Gas Hydrates In Submarine Sediments, Gas Hydrates In Mid-Ocean Ridge Systems, Marine Gas Hydrates Associated With Hydrocarbon Reservoirs

What Are the Key Adoption Trends in the Gas Hydrates Market?
Leading firms in the gas hydrates industry are concentrating on the innovation of advanced products, such as methane hydrate harvesting technology, in order to maintain a competitive advantage in the market. This technology entails the techniques and systems used to harness methane gas trapped in methane hydrates, crystalline formations in which methane molecules are encapsulated in water ice. For instance, in October 2022, MODEC Inc., a Japanese corporation that delivers solutions for the floating offshore oil and gas industry, began onshore testing to develop shallow methane hydrate harvesting technology at the Okhotsk Regional Innovation Research Park in Kitami City, Hokkaido, Japan. The primary goal of these onshore trials is to assess drilling performance in a mimic seabed environment composed of polypropylene balls that resemble granular methane hydrate and fluidized treated soil, imitating the soft mud conditions located several dozens of meters below the seabed. MODEC utilizes an advanced vertical drilling procedure that employs large-diameter, disk-shaped drill bits to boost drilling capacity and expedite the extraction of shallow methane hydrate.

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Which Companies Lead the Competitive Landscape of the Gas Hydrates Industry?
Major companies operating in the gas hydrates market are 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

Where Are the Key Gas Hydrates Market Opportunities by Region?
Asia-Pacific was the largest region in the gas hydrates market in 2024. The regions covered in the gas hydrates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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