The global gas hydrates market size is expected to register substantial growth at a CAGR of 5.4% from 2023 to 2033. The global market is anticipated to be valued at USD 2,571.2 million in 2023. It would further reach a valuation of USD 4,350.5 million by the end of 2033. The global gas hydrates market was valued at USD 2,455.1 million in 2022. The growth of the market is primarily driven by significant growth in end-use applications.
Gas hydrates are known as potential materials for carbon capture and storage. They comprise unique properties including high storage capacity and stability under appropriate conditions. Gas hydrates are stable and safe when stored in suitable geological formations. These include deep-sea sediments and permanent storage. Attributed to high storage density, they are able to store large amounts of carbon dioxide in a small volume. It makes them a highly efficient storage material.
Over the last five years, significant progress has been made in the development of new technologies. Owing to these technological advancements, the extraction of gas hydrates will be even more efficient. A few of the latest extraction methods are thermal stimulation and depressurization methods. In carbon capture and storage, carbon dioxide is captured from large sources. These include power plants and industrial facilities.
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Report Highlights
Targeting new and latest applications is anticipated to have immense potential for gas hydrates consumption over the evaluation period. High investment returns are a key strategy adopted by manufacturers in the market. Gas hydrates hold promise as a potential material for carbon capture and storage. But, much work is still needed to fully realize their potential in this application.
Carbon dioxide molecules are trapped inside a cage-like structure made of water molecules. Then it forms a solid substance called hydrate. This storage method is known to be efficient and has several advantages. Such advancements have improved significantly and consist of the viability of hydrate extraction. It would further make it a more attractive option for energy production. Increasing demand for clean energy sources would result in high interest in gas hydrates.
According to estimations by FMI, it has been anticipated that the market will flourish in the next decade. The market will be driven by rising demand for fuel. It needs to be supplied for use in the transportation and automotive sectors. Gas hydrates can be a potential source of enormous energy. Gas hydrates are a viable alternative for the storage of bulk gas. They can be used later owing to their quality as a sustainable resource.
Competitive Landscape
The global gas hydrates market is a drastically evolving field. Numerous trends have emerged over recent years. Exploration and production of gas hydrates is a key trend in the industry.
Companies are increasingly investing in research and development activities. They aim to extract gas hydrates from deposits found on the ocean floor. The development of new technologies such as hydraulic fracturing and horizontal drilling can be seen in the market. Key players are investing substantial capital to improve their gas hydrates extraction methods. They are aiming to meet the growing needs of end consumers.
Few of the leading companies operating in the global market are
- TotalEnergies SE
- Sinopec
- Shell Plc.
- PetroChina Company Limited
- Japan Petroleum Exploration Company Limited
- Oil and Natural Gas Corporation
- Gail Limited
- Chevron Corporation
- Woodside Inc.
- Japan Drilling Co., Ltd.
- Schlumberger Limited
- PJSC Gazprom
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Gas Hydrates Market Outlook by Category
By Grade:
- Onshore Gas Hydrates
- Offshore/Marine Gas Hydrates
By Application:
- Residential
- Commercial
- Industrial
- Vehicle Fuel
- Energy
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East and Africa
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