Artificial Intelligence
Methane Global Market Report 2023
New York, June 15, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Methane Global Market Report 2023” – https://www.reportlinker.com/p06466463/?utm_source=GNW
, AGT International, Air Liquide SA, Axcel Gases, Bhuruka Gases Limited, Chemix Specialty Gases and Equipment, Chengdu Taiyu Industrial Gases Co. Ltd., Linde Plc., Osaka Gas Co. Ltd., and Qingdao Guida Special Gas Co. Ltd.
The global methane market is expected to grow from $97.06 billion in 2022 to $106.65 billion in 2023 at a compound annual growth rate (CAGR) of 9.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The methane market is expected to reach $152.33 billion in 2027 at a CAGR of 9.3%.
The methane market consists of sales of biomethane, fossil methane, compressed methane, and liquefied methane.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Methane refers to a flammable, colorless, odorless, compressed gas with few contaminants that can be used alone or as a component in gas mixes for a range of applications such as power generation, antifreeze ingredient in industries, sanitizing products, and others. It is a hydrocarbon and a primary component of natural gas.
North America was the largest region in the methane market in 2022.Europe was the second-largest region in the methane market.
The regions covered in the methane market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of methane sources are natural and synthetic.Natural methane refers to methane derived from natural wetlands, soil, and chemical reactions in the atmosphere and it is commonly utilized as a fuel to generate heat and light and production of organic compounds.
Major production methods are fermentation and gasification. It is used in various applications such as fuel, natural gas, chemical feedstock, liquified natural gas, liquid-methane rocket fuel, power generation, residential, and others by different end-use industries such as automotive, aerospace and defense, electrical, chemical, and others.
The increasing demand in the automotive industry is expected to boost the growth of the methane market going forward.The automotive sector includes firms engaged in producing, vending, fixing, and customizing motorized vehicles.
Methane in the automotive industry is used to power automobiles due to its various advantages such as being a cheap and clean source (emits less harmful particles) of fuel as compared to conventional gasoline and diesel and is generally utilized in light-duty cars in compressed form (compressed natural gas, CNG, or compressed biogas, CBG) and liquefied form in heavy-duty long-haul vehicles. For instance, according to Zippia, Inc, a US-based company operating in online recruitment services, the overall value of the US automotive and automobile manufacturing market was around $104.1 billion, whereas the United States produced 9.2 million automobiles in 2021, a 4.5% increase over 2020. Furthermore, in June 2021, according to the report published by OICA (International Organization of Motor Vehicle Manufacturers), a France-based international trade association for vehicles, global passenger car sales increased from 53 million in 2020 to 56 million in 2021. Similarly, commercial vehicle sales increased from 24 million in 2020 to 26 million in 2021. Therefore, the increasing demand in the automotive sector is driving the methane market.
Technological advancements are a key trend gaining popularity in the methane market.Major companies operating in the methane market are adopting new technologies to sustain their position in the market.
For instance, in April 2021, Honeywell International Inc, a US-based company that invents and manufactures technologies in energy, introduced a gas cloud imaging (GCI) system known as the Mini GCI system to provide automated and continuous monitoring for methane leaks at oil and gas, chemical, and power-producing plants.Mini GCI devices can be installed throughout an industrial site to continually monitor for gas leaks and send notifications when they occur.
The technology, which is powered by patented hyperspectral gas analytics and artificial intelligence, gives facility operators a colorful visualization of the gas plume type, position, direction, size, and concentration. This enables an earlier and more effective response before leaks turn into larger emissions or safety hazards.
In February 2021, Rosetti Marino S.p.A., an Italy-based engineering and construction services company acquired Green Methane S.R.L for an undisclosed amount. Through this acquisition, Rosetti Marino S.p.A aims to strengthen itself as an integrated contractor for the full biogas treatment line, ensuring plants for the production of green methane, even in liquefied form, as well as green hydrogen for its customers. Green Methane S.R.L is an Italy-based company operating methane gas.
The countries covered in the methane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The methane market research report is one of a series of new reports that provides methane market statistics, including methane industry global market size, regional shares, competitors with a methane market share, detailed methane market segments, market trends, and opportunities, and any further data you may need to thrive in the methane industry. This methane market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06466463/?utm_source=GNW
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