Coal bed methane is an unconventional energy resource which is used as a clean resource for the production of natural gas. Coal bed methane extraction is the process of extracting gas from coal beds. The recovery of methane is done prior to the mining of coal. Coal Bed Methane (CBM) is a clean source of energy is therefore considered an alternative to conventional resources. Decreasing conventional resources and growing demand for clean energy resources are the key drivers for the coal bed methane market. There is a significant number of CBM reserves all over the world, yet most of these reserves remain untapped; this makes the market lucrative. Investment in the CBM market would benefit companies in the long run by increasing their revenue.
There are various mergers and acquisitions taking place to facilitate the development of CBM in potential regions. For instance, Baker Hughes has acquired Tanroc, a Canadian company, to expand their pumping activity for the exploration of gas. The top market players involved in exploration and extraction activities related to CBM are Baker Hughes, Arroe Energy, Encana Corporation, BP PLC, Concophillips, Blue Energy, China United CoalBed Methane Corporation and BG group.
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The gas extracted from CBM is used in various applications such as power generation, industrial, commercial, residential use and transportation. CBM is primarily used to heat homes or businesses and to generate electricity used in industries and residences. In terms of transportation, it is used to propel vehicles.
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KEY MARKET SEGMENTS
The Global Coal Bed Methane market is segmented by application into power generation, industrial use, commercial, residential and transportation.
MARKET BY APPLICATIONS
MARKET BY GEOGRAPHY
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