Coal Bed Methane Market Drivers:
The Coal Bed Methane (CBM) market is driven by various factors such as:
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Increasing Energy Demand: The rising global energy demand has led to an increase in the exploration and production of unconventional energy sources like CBM. CBM is considered an important energy source as it is abundant and can be produced domestically.
Environmental Concerns: Environmental regulations are becoming more stringent, and governments are pushing for cleaner energy alternatives. CBM is considered a cleaner alternative to conventional fossil fuels as it emits lower levels of greenhouse gases and other pollutants.
Technological Advancements: The advancement of technology has led to the development of new drilling techniques and production methods, which have made the exploration and production of CBM more cost-effective.
Energy Security: Many countries are concerned about their energy security and are looking to reduce their reliance on foreign oil and gas imports. CBM provides an alternative source of energy that can be produced domestically, reducing the need for imports.
Economic Viability: The economic viability of CBM production has improved in recent years due to advancements in drilling and production technology. This has made CBM a more attractive investment opportunity for energy companies.
Favorable Government Policies: Governments are providing incentives for the development of CBM resources, including tax breaks, subsidies, and favorable regulatory policies.
Coal Bed Methane Market Analysis:
During the ongoing forecast period of 2023-2030, the Coal Bed Methane Market trends are expected to gather a major market momentum and hence, attain a global CAGR of 4.05%.
Market Segmentation
The global coal bed methane market is bifurcated based on technology and application.
By technology, the hydraulic fracturing segment will lead the market over the forecast period.
By application, the industrial segment will dominate the market over the forecast period.
COVID-19 Analysis
Supply chain disruptions, economic situations, fluctuations in demand share, as well as long-term immediate effect of the COVID-19 pandemic possessed a negative effect on the coal bed methane market growth. The pandemic has slowed down economic activity and pushed the economy into a steep recession. With the roots being in China, the supply chains in the world are facing shutdown and unprecedented disruption. Besides, the initial setback, the industry is likely to return to normalcy during the forecast period and continue growing much beyond also.
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