Allied Market Research recently published a report,
titled, "Methane
Hydrate Extraction Market:
Opportunity Analysis and Industry Forecast, 2021–2025".
According to the report, the methane hydrate extraction market is projected to
reach 66,901.8 thousand cubic meters by 2025, growing at a CAGR of 6.3% during
the period 2021 to 2025.
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Increase in investments for the process of
extraction of methane hydrate and rapid technological advancements in the oil
& gas mining vessels would boost the growth of the methane hydrate
extraction market. Moreover, rise in government initiatives would supplement
the market growth. However, high risks associated with the extraction
activities and threat of surging probabilities of tsunamis owing to sediment
slide that may cause by inefficient hydrate mining are expected to hinder the
market growth. On the contrary, increasing interest in methane hydrate
extraction linked with rising in R&D activities is expected to create
remunerative opportunities in the coming years.
Canada would
dominate the market
The market across Canada is
estimated to hold lion's share in 2021, accounting for more than three-fifths
of the market and would dominate the market throughout the forecast period.
This is due to the rising awareness regarding the potential and benefits of
methane hydrate. Moreover, the increase in governmental assistance from
country-level alliance to exploit hydrate reserves in the region would
contribute to the growth of the market in Canada.
Apart from this, the high availability of methane hydrate in Canada would compel other countries to
collaborate with the country to collectively discover methane hydrate.
The U.S. would portray a gradual market growth
On the other hand, the market across the U.S. is
estimated to portray the fastest CAGR of 7.3% during the period 2021–2025. The
market growth is expected due to the rise in experimental methane hydrate
extraction tests, superior technological capabilities, and expertise in the oil
& gas mining. Additionally, the country's vision to commercialize methane
hydrate after 2020 is estimated to boost the market growth across the U.S.
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Major market players
The market report offers a detailed analysis of the
key market players that have adopted several strategies such as collaborations,
partnerships, and mergers & acquisitions to maintain their foothold in the
market. The major market players are Anadarko Petroleum Company, Schlumberger
Limited, BP p.l.c, ConocoPhillips Company, Equinor ASA, PetroChina Company
Limited, JAPEX, INPEX, Oil and Natural Gas Corporation Ltd., and Indian Oil
Corporation Ltd.
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