WASHINGTON, July 20, 2022 (GLOBE NEWSWIRE) -- Gas Hydrates Market consists of molecules embedded with natural gas. The commercial usage of Gas Hydrates Market in the manufacturing industry has generated demand for the market to grow during the forecast period. The rising automotive and transportation industry is the major factor boosting the Gas Hydrates Market. Also, technological advancements in the research industry are another factor fueling the growth. The Global Gas Hydrates Market revenue is expected to reach a value USD 3,149.2 Billion in the year 2028.
The Global Market revenue was valued at USD 2,418.3 Billion in the year 2021 and is expected to grow by exhibiting a Compound Annual Growth Rate (CAGR) of 4.5% during the forecast period; states Vantage Market Research, in a report, titled “Gas Hydrates Market Size, Share & Trends Analysis Report by Type (Onshore Gas Hydrates, Offshore/ Marine Gas Hydrates), by Origin (Seabed, Permafrost), by Application (Transportation Fuel, Commercial, Industrial), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Gas Hydrates market is predicted to grow at a CAGR of roughly 4.5% during the forecast period.
- The Gas Hydrates market was estimated to be worth roughly USD 2,418.3 Billion in 2021 and is expected to reach USD 3,149.2 Billion by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Gas Hydrates market.
Market Dynamics:
Drivers:
Rising Demand from the Transportation and Automotive Sector
Providing the fuel needed for consumption in the transportation and automotive sectors will drive the future methane hydrate market as it is a potential source of enormous energy. In addition, methane hydrate can produce substantial natural gas, with large deposits spread worldwide. The industrial sector and commercial use drive the methane hydrate market. The major sectors dominated by the methane hydrate market are transportation and heavy industry, but they are still in their infancy. Increasing gas production activities in some regions are the major growth drivers for the Global Gas Hydrates Market. This is also due to the decrease in the amount of oil and gas extracted from the ore and the rise in the price of these resources. In addition, the increasing number of initiatives by various Research and Development (R&D) centers to find better and more vibrant alternatives to fuels leads to the need for Gas Hydrates Market. In addition, this is expected to create new growth opportunities for the Global Gas Hydrates Market in the coming years.
Restrains:
High Cost for Extraction
Obtaining methane hydrate is expensive, and few companies can buy such technology. Therefore, methane hydrate is found under extreme conditions under the seafloor or in the crust, which is difficult to extract. The high extraction costs hinder the potential growth of the Gas Hydrates Market. In addition, the inefficiencies of the extraction process are considered to be very high. As a result, methane hydrate can contribute to energy sources, geological disasters, or global climate change.
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Segmentation of the Global Gas Hydrates Market:
- Type
- Onshore Gas Hydrates
- Offshore/Marine Gas Hydrates
- Origin
- Seabed
- Permafrost
- Application
- Transportation Fuel
- Commercial
- Industrial
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the chemicals industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
a. North America
b. Europe
c. Asia Pacific
d. Latin America
e. Middle East & Africa - Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Gas Hydrates Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historic Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 141 Pages and in-depth TOC on "Gas Hydrates Market Size, Share & Trends Analysis Report by Type (Onshore Gas Hydrates, Offshore/ Marine Gas Hydrates), by Origin (Seabed, Permafrost), by Application (Transportation Fuel, Commercial, Industrial), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Regional Analysis:
Asia Pacific Dominated the Global Gas Hydrates Market
The market is dominated by the Asia Pacific region due to increased production capacity. This is further propelling the growth of the Gas Hydrates Market, owing to the progress of industrialization and the increase of manufacturing base facilities. China`s market share for methane hydrate extraction dominated the entire market with the most significant amount of extraction. China was the first country to extract methane hydrate in 2021 successfully. Two methane hydrate extraction tests and technical skills led to successful compound extraction in 2021. Japan was the second largest country to extract methane hydrate in 2021 successfully.
List of Prominent Players in Gas Hydrates Market:
- Japan Drilling Co. Ltd (Japan)
- Japan Petroleum Exploration Co. Ltd. (Japan) Chevron Corporation (US)
- Schlumberger Limited (US)
- ConocoPhillips Company (US)
- Japan Oil
- Gas & Metals National Corporation (Japan)
- China Petrochemical Corporation (China)
Recent Developments:
October 2019: Marathon Petroleum Corporation and Andeavor Logistics have signed a final merger agreement in which the former will acquire the latter for $ 23 billion.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Gas Hydrates Market?
- How will the Gas Hydrates Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Gas Hydrates Market?
- What is the Gas Hydrates market drivers and restrictions?
- What will be the CAGR and size of the Gas Hydrates Market throughout the forecast period?
This market titled “Gas Hydrates Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Type • Onshore Gas Hydrates • Offshore/Marine Gas Hydrates • Origin • Seabed • Permafrost • Application • Transportation Fuel • Commercial • Industrial • Region • North America • Europe • Asia Pacific • Latin America • Middle East & Africa |
| Region & Counties Covered | • North America • U.S. • Canada • Mexico • Europe • U.K. • France • Germany • Italy • Spain • Rest Of Europe • Asia Pacific • China • Japan • India • South Korea • South East Asia • Rest Of Asia Pacific • Latin America • Brazil • Argentina • Rest Of Latin America • Middle East & Africa • GCC Countries • South Africa • Rest Of Middle East & Africa |
| Companies Covered | • Japan Drilling Co. Ltd (Japan) • Japan Petroleum Exploration Co. Ltd. (Japan) Chevron Corporation (US) • Schlumberger Limited (US) • ConocoPhillips Company (US) • Japan Oil • Gas & Metals National Corporation (Japan) • China Petrochemical Corporation (China) |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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