(MENAFN- GlobeNewsWire - Nasdaq) The Global gas Hydrates market Size was Valued at USD 2.22 Billion in 2023 and the Worldwide Gas Hydrates Market Size is Expected to Reach USD 3.78 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Chevron Corporation, Woodside Inc., Japan drilling Co., Ltd., Schlumberger Limited, PJSC Gazprom, TotalEnergies SE, Sinopec, Shell Plc., PetroChina Company Limited, Japan petroleum Exploration Company Limited, Oil and Natural gas Corporation, Gail Limited, and Others
New York, United States , Aug. 07, 2024 (GLOBE NEWSWIRE) -- The Global Gas Hydrates Market Size is to Grow from USD 2.22 Billion in 2023 to USD 3.78 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 5.47% during the projected period.
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Gas hydrates are naturally occurring, abundant combinations of gas and water that look like ice. A gas hydrate is made up mostly of water molecules that arrange themselves into a crystalline lattice. The gas hydrate stability zones are the depths at which gas hydrates form spontaneously due to an optimal mix of pressure and temperature. Gas hydrate deposits can be found whenever methane exists in the presence of water at high pressures and relatively low temperatures, such as below freezing or in shallow sediments along deep continental margins. Growing research and development (R&D) into effective extraction technologies, ongoing attempts to analyse global resource potential, and demand for alternative energy sources can all help to drive market expansion. However, the high cost of harvesting machinery, as well as the complex nature of gas hydrate purification, may limit market expansion.
Browse key industry insights spread across 197 pages with 114 Market data tables and figures & charts from the report on the " Global Gas Hydrates Market Size, Share, and COVID-19 Impact Analysis, By Type (Onshore Gas Hydrates, and Offshore/Marine Gas Hydrates), By Origin (Seabed, and Permafrost), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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Offshore gas hydrates occupy a dominant proportion due to the increasing development and extraction of prospective energy sources
Based on type, the global gas hydrates market is divided into onshore gas hydrates and offshore/marine gas hydrates. Among these, offshore gas hydrates occupy a dominant proportion due to the increasing development and extraction of prospective energy sources. Marine gas hydrates, which can be found on continent margins, store a large amount of natural gas. Marine gas hydrates are being regarded as a new energy source due to their high energy density, enormous resource reserves, and purifying properties. It is essential for resource development, environmental conservation, and mitigating global climate change. This massive marine gas hydrate reservoir is still recognized as a critical component of the global carbon cycle and a potential source of energy. Offshore/marine gas hydrates can be recovered in large quantities via a deep-sea extraction process, and they are widely employed for transportation as well as fuel for a range of commercial and industrial purposes. These primary factors are anticipated to make a significant impact on the segment's revenue.
The permafrost holds the largest market share, due to the growing prevalence of natural gas hydrates.
Based on origin, the global gas hydrates market is divided into seabed and permafrost. Among these, the permafrost holds the largest market share, due to the growing prevalence of natural gas hydrates. Permafrost takes over the gas hydrate market and is thought to be the dominating group among others due to gas hydrates are found in sediments of geographic regions the sea margins and permafrost fields where the sea and atmospheric warming may interfere with the hydrate equilibrium field, resulting in the escape of bound methane into surface sediments and soils. The seafloor is expected to dominate the methane hydrate extraction industry. The majority of the world's methane hydrate is located on seabed continental slopes where organic matter has accumulated. This presents an opportunity for governments and enterprises to conduct research and scale up methane capture.
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Asia-Pacific is expected to hold the largest share of the gas hydrates market over the forecast period .
Asia Pacific is expected to account for the largest revenue share during the projection period. Rapid population growth, increased industry, and urbanization in key countries such as India, China, and Japan are increasing fuel consumption, and encouraging regional use of gas hydrates. For example, growing car production and a thriving automotive industry in Japan are boosting broad demand for gas hydrates as a fuel source, which is expected to contribute to market revenue growth. The plethora of venues for carrying out the extraction process for gas hydrates will boost the sector.
Europe is predicted to grow at the fastest pace in the gas hydrates market during the projected timeframe. Growing demand for more environmentally friendly fossil fuels, notably methane fuel, in the European automotive and manufacturing industries, along with the fast depletion of fossil fuels such as coal, are expected to drive market revenue growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the gas hydrates market include Chevron Corporation, Woodside Inc., Japan Drilling Co., Ltd., Schlumberger Limited, PJSC Gazprom, TotalEnergies SE, Sinopec, Shell Plc., PetroChina Company Limited, Japan Petroleum Exploration Company Limited, Oil and Natural Gas Corporation, Gail Limited, and Others.
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Recent Developments
In January 2023, China's upstream authority, the Ministry of Natural Resources (MNR), is moving on with plans to drill a third gas hydrate well in the South China Sea, continuing to research the unconventional resource before commercial production begins in 2030.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global gas hydrates market based on the below-mentioned segments:
Global Gas Hydrates Market, By Type
Onshore Gas Hydrates Offshore/Marine Gas Hydrates
Global Gas Hydrates Market, By Origin
Global Gas Hydrates Market, By Regional
North America Europe Germany Uk France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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