The global gas hydrates market is expected to reach a valuation of US$ 4,548.4 Mn in 2032, with the value growing at an average CAGR of 4.7% from 2022 to 2032. The target market will likely reach an estimated US$ 2,873.4 Mn by the end of 2022. Escalating demand for oil and gas along with the versatility of gas hydrates end-users contribute to the growth of the gas hydrates market during the forecast period.
Gas hydrates, popularly known as methane hydrates, are cage-structured water-molecule lattices that contain methane which is the main ingredient in natural gas. Gas hydrates are found naturally in crystalline ice-like compounds comprised of gas particles formed a bond in a cage-like arrangement. These area strict arrangement of natural gas but less concerted than liquefied natural gas.
Gas hydrates find huge demand in the oil and gas industry and extensive application across a variety of end-users. The target market is considered as a prospects in the gas industry. This is because majority of the global gas and oil players are executing expansive research to bolster processes for extracting gas hydrates from the ocean.
In addition, India and Japan have, in the recent past, revealed enterprising projects to analyze the feasibility of gas hydrates. These prominent nations’ initiatives will help provide answers to important questions regarding the details of the host reservoir, the production system’s design, and the economics and costs of hydrate recovery.
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Again, demand for gas hydrates is high in the transportation sector owing to the fact that its is a productive resource of incredible energy. This has a positive impact on the target market. Likewise, methane hydrate can beget significant quantities of natural gas, with large deposits found all over the world. The methane hydrate or gas hydrates market is also affected by the industrial sector and commercial use. The target market is also being propelled by expanded gas production activities in certain territories. All of these aspects drive the growth of the gas hydrates market during the forecast period.
“Rising demand in transportation industry will likely strengthen the global prospects of the gas hydrates market over the forecast period,” says an FMI analyst.
Key Takeaways:
Competitive Landscape
PetroChina, Royal Dutch Shell, Japan Petroleum Exploration Co. Ltd., Total SA, Valero Energy, Japan Drilling Co. Ltd., Schlumberger Limited, Japan Oil, Gas & Metals National Corporation, and Sinopec among others are some of the major players in the gas hydrates market profiled in the full version of the report.
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Leading market participants are concentrating on new product launches and approvals to increase their sales. These organizations are employing diverse strategies such as partnerships, collaborations, acquisitions, and mergers to strengthen their market position.
Key Segments of Gas Hydrates Industry Survey
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
to be continued…!
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More Insights into Gas Hydrates Market Report
In its latest report, FMI offers an unbiased analysis of the global gas hydrates market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of product type (onshore gas hydrates, offshore/marine gas hydrates), application (gas hydrates for vehicles, gas hydrates for commercial applications, gas hydrates for industrial applications, gas hydrates for other applications), and region.
According to the latest FMI reports, based on segmentation, the offshore gas hydrates segment will contribute immensely to the overall market growth. This segment will account for substantial revenue growth owing to high demand in transportation, commercial, and industrial sectors.
Based on region, the gas hydrates market in North America will present impressive growth during 2022-2032. The target market in this region will hold 28.4% of the global market share. This growth can be attributed to the accelerated consumption rate of gas hydrates as well as heightened demand for oil and gas. In addition, Europe’s gas hydrates market will hold 27.2% of the overall market share owing to growing demand in automotive and industrial sectors, elevated research and development activities, and the use of technologically advanced extraction methods. Asia Pacific region, too, will show steady growth during the forecast period.
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The post Immense Demand in Industrial & Commercial Sectors will Push Gas Hydrates Market to US$ 4,548.4 Mn in 2032 appeared first on Future Market Insights.
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