LONDON, Jan. 17, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company’s Methane Global Market Report 2024, the methane market has exhibited robust growth in recent years, with the methane market size surging from $106.65 billion in 2023 to an estimated $117.07 billion in 2024, reflecting an impressive Compound Annual Growth Rate (CAGR) of 9.8%. As we look to the forecast period, the market is anticipated to continue its strong growth trajectory, reaching $167.09 billion in 2028, with a projected CAGR of 9.3%.
Growth Potential: A Confluence of Factors Driving Expansion
The historic growth of the methane market can be attributed to key factors such as industrialization and energy production, agricultural activities, waste management, fossil fuel extraction, deforestation, and land use changes. Moving forward, the market is poised for even stronger growth, driven by renewable energy initiatives, a shift towards sustainable practices, investments in methane abatement solutions, methane monitoring and reporting standards.
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Key Drivers Propelling Forecasted Growth
Major trends in the forecast period include the rising awareness of climate change, increased focus on methane emission monitoring, initiatives to reduce agricultural and industrial emissions, and dynamic policy and regulation changes. The surging demand for natural gas across various applications is expected to be a key driver, as natural gas serves as a primary feedstock for methane production.
Technological Innovations Transforming the Industry
Companies operating in the methane market are leveraging digital technologies to measure and mitigate methane emissions. Notable examples include The Chubb Corporation, which launched the Chubb Methane Resource Hub, providing clients with information and insights for measuring and mitigating methane emissions. Schlumberger NV introduced the Methane Point Instrument, a self-installed continuous methane monitoring system utilizing IoT-enabled sensors for detecting and measuring emissions with unparalleled sensitivity.
Market Segmentation: Understanding the Dynamics
The methane market is segmented based on source (Natural, Synthetic), production method (Fermentation, Gasification), application (Fuel, Natural Gas, Chemical Feedstock, Liquefied Natural Gas, Liquid-Methane Rocket Fuel, Power Generation, Residential, Other Applications), and end-users (Automotive, Aerospace and Defense, Electrical, Chemical, Other End Users).
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Leading Regions and Fastest-Growing Markets
North America emerged as the largest region in the methane market in 2023, accounting for 37.0% or $39,443.0 million of the total methane market. However, the fastest-growing regions in the forecast period are expected to be Asia Pacific and Eastern Europe, with impressive Compound Annual Growth Rates (CAGRs) of 12.3% and 11.3%, respectively.
In conclusion, the methane market presents a wealth of growth opportunities for industry players. To harness these opportunities and scale their businesses, players are encouraged to delve into the comprehensive report. This methane market report provides valuable insights into market dynamics, emerging trends, technological innovations, and regional nuances, equipping businesses with the strategic intelligence needed to make informed decisions and stay ahead in this dynamic market landscape.
Methane Global Market Report 2024 by The Business Research Company provides insights on the methane market size, methane market segments, methane market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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