The global coalbed methane (CBM) market could reach US$17.31 billion by 2020, according to a new report from Grand View Research, on CAGR of 5.9% from 2015 – 2020.
“Unconventional CBM research, especially in coal-rish regions, are increasingly gaining the spotlight as the industry strives for energy independence,” said Grand View Research in a press release.
“Exploration and commercialisation of unconventional hydrocarbon energy sources is seen as a critical step by energy agencies to stabilise the energy supply-demand gap in the coming years. With CBM being a pure natural gas form, producers and consumers also have the opportunity to obtain much needed carbon credited and tax incentives.”
The report also forecasts CBM production of 4667 billion ft3 by 2020, up from 2920 billion ft3 – a CAGR of 7%. CBM usage will be dominated by power generation and industrial applications, with the former expected to be the fastest growing CBM market.
Regionally, the US and Canada are the largest markets for CBM with the US accounting for 70% of global production in 2013. Looking forward, however, the Asia Pacific is likely to be the most dynamic regional market with China, India and Indonesia leading the way.
China has already announced plans to produce 16 billion m3 by 2015, while Indonesia has audited 1000 billion ft3 and has a production target of 15 000 billion ft3 2020.
Written by Jonathan Rowland.
Read the article online at: https://www.worldcoal.com/cbm/03072015/cbm-market-to-grow-rapidly-to-2020-/