Methane Market to see growth at a rate of 6.10% and rise from USD 95.4 billion in 2023 to USD 153.2 billion by 2032 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Methane Market Research Report Information By Source (Natural and Synthetic), By Application (Fuel, Natural Gas, Liquefied Natural Gas, Liquid-Methane Rocket Fuel, and Chemical Feedstock), By End Use Industry (Automotive and Aerospace & Defense), and By Region (North America, Europe, Asia-Pacific, and Rest Of The World) – Market Forecast Till 2032
New York (US), June 09, 2023 (GLOBE NEWSWIRE) -- Methane Market Overview
According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Methane Market Information by Source, Application, End Use Industry, and Region - Forecast till 2030", The methane market will expand from USD 95.4 billion in 2023 to USD 153.2 billion by 2032, at a rate of 6.10% over the review period (2023-2032).
One carbon atom and four hydrogen atoms make up the chemical molecule known as methane, which has the chemical formula CH4. The main component of natural gas is the simplest alkane and a group-14 hydride. Methane is an intriguing fuel due to its relative abundance on Earth, but its gaseous state under normal temperature and pressure makes its capture and storage difficult.
The market for methane is expanding due to rising demand for technological goods. Products made of electronics are parts that regulate how electrical currents enter processing systems. These gadgets have an electronic circuit that, while in use, is capable of producing or emitting a radiation field physically. The rise of consumer electronics has been fuelled by the development of new technologies, such as software, app development, robots, and artificial intelligence, which has led to consumer electronics expanding and interacting with many different industries and sectors. The requirement for methane gas to generate materials for cells and other electrical devices has increased as a result of the growth in demand for consumer electronics products.
The market for methane is seeing significant growth in the key trend of technological improvements. An improved methane gas leak detecting system is currently being implemented on the market. The major players in the high-purity liquid gas market are concentrating their efforts on research and development for new tools and technologies to strengthen their market positions.
Another tactic utilised by top players is the acquisition of other businesses in order to potentially get a higher position on the global market. For instance, Zefiro Methane Corp. (ZMC), a company that aims to reduce methane emissions by plugging orphaned and abandoned oil and gas wells while also creating methane emission offsets, announced today that it has acquired a majority ownership stake in Plants & Goodwin, a renowned Pennsylvania-based company that has been providing services to plug orphaned oil and gas wells for more than 50 years. This will happen in March 2023. With this acquisition, Zefiro will be better positioned to deal with the problem of the millions of inactive wells that oil and gas producers have been leaving in communities over the past few decades.
Market Restraints:
The amount of capital needed is the main barrier to methane generation. A production unit, trash collection, gas transportation, and distribution lines must all be established by the industry. Additionally, a lot of projects require government assistance to be completed, but the financing that the government offers is occasionally insufficient. The inefficiency of the technologies utilised to produce methane and the existence of impurities in the finished product are further problems that could limit the market's expansion.
COVID 19 Analysis
All regular everyday activities, including going to work, gatherings, meetings, travelling between nations, and simply stepping foot outside the house, were suspended due to the global turmoil and terror brought on by the COVID-19 epidemic. Forest harvesting and its by-products are essential to the methane industry. Due to the epidemic, the sector is facing a sizable obstacle as key countries have been obliged to impose regional or national movement restrictions. However, biogas methane has continued to be used to produce energy and heat.
The enormous expenditure necessary to start up a production unit is one of the key obstacles that has hindered the expansion of the methane market. A large investment is also needed to set up the biogas distribution and transmission lines. Even if the problems will still exist, their impact might lessen in the years to come.
Source-wise, the methane market has been divided into natural and synthetic segments. The natural category dominated the market in 2022, and this trend is projected throughout the duration of the forecast. The extensive availability of methane in the environment explains this.
By Application
Major applications of methane are fuel, gas, liquefied gas, liquid-methane rocket fuel, and chemical feedstock. The fuel category led the global market for liquid-methane rocket fuel in 2022. This is related to the global increase in petrol demand across numerous industries.
By End Use Industry
The methane market’s top end-use industries are automotive and aerospace & defense. Due to the growing use of methane in the automotive industry, the automotive segment led the methane market in 2022.
In 2022, this market was headed by the North American Methane Market (45.80%). Numerous factors, such as the rapid industrialization rate, increased consumer spending, the existence of significant corporations, and technological advancements, have contributed to the growth of this region. Because of rising car penetration, rising vehicle modernization, and initiatives to promote the use of electric vehicles, the market for high purity methane gas is growing in the region. The expansion of applications in the electrical and electronics sectors is another factor driving growth in this area. In addition, the North American region's methane markets in which the United States had the biggest market share and Canada had the quickest rate of growth.
Between 2023 and 2032, the European methane market will experience tremendous expansion. The two largest end consumers are the booming automobile and chemical industries. Many important players are also producing liquefied natural gas utilising methane gas. Additionally, Germany has the biggest market share, while the United Kingdom will experience the quickest rise going forward.
In 2022, the Asia Pacific Methane market held a sizable proportion. The market in developing countries has great potential. Urbanisation and industrialisation have increased the need for methane, which is used as a chemical feedstock in industry. The expanding automobile industry in the area experiences high demand as well. While India will have the quickest growth, China will continue to be the region's largest market.
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