Gas Hydrates Market Report 2024

This Gas Hydrates market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

The gas hydrates market size has grown strongly in recent years. It will grow from $2.04 billion in 2023 to $2.17 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth observed during the historic period can be attributed to several key factors, including the increasing industrial applications of natural gas, the exploitation of gas hydrate resources, heightened public awareness and support for cleaner energy sources, the expansion of educational and training programs for professionals in the gas hydrate sector, and strategic partnerships between governments and private companies.

The gas hydrates market size is expected to see strong growth in the next few years. It will grow to $2.8 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The anticipated growth during the forecast period can be attributed to several factors, including increasing regulations and initiatives aimed at reducing greenhouse gas emissions, rising global energy consumption, a growing consumer preference for cleaner energy sources, enhancements in the supply chain for materials and equipment, and government and private sector incentives to drive innovation in energy technologies. Key trends expected to shape this period include advancements in extraction and processing technologies, ongoing research into the properties and extraction techniques of gas hydrates, the development of infrastructure for the production, storage, and transportation of gas hydrates, the integration of gas hydrate technologies with other energy systems, and improvements in seismic imaging and other exploration techniques.

The increasing demand for clean and renewable energy is projected to drive the growth of the gas hydrates market in the coming years. This heightened demand is primarily due to rising concerns about climate change, the need for environmental sustainability, and a reduction in reliance on fossil fuels. Gas hydrates are being investigated as a potential future energy source, as they contain substantial reservoirs of methane, which could be utilized as a cleaner alternative to traditional fossil fuels when efficiently extracted. For example, the International Energy Agency reported in July 2024 that the share of renewables in global electricity supply is expected to increase from 30% in 2023 to 35% by 2025. Thus, the growing demand for clean and renewable energy is fueling the expansion of the gas hydrate market.

Key players in the gas hydrates market are concentrating on developing advanced technologies, such as methane hydrate harvesting systems, to secure a competitive advantage. Methane hydrate harvesting technology encompasses the methods and systems designed to extract methane gas from within methane hydrates, which are crystalline structures containing methane molecules encased in water ice. For instance, in October 2022, MODEC Inc., a Japan-based provider of solutions for the floating offshore oil and gas market, began onshore testing for the development of shallow methane hydrate harvesting technology at the Okhotsk Regional Innovation Research Park in Kitami City, Hokkaido, Japan. The primary aim of these tests is to assess drilling performance in a simulated seabed environment made up of polypropylene balls that mimic granular methane hydrate, combined with fluidized treated soil to replicate soft mud conditions found several tens of meters below the seabed. MODEC utilizes a vertical drilling method employing large-diameter disk-shaped drill bits to enhance drilling capacity and facilitate the harvesting of shallow methane hydrates.

In October 2023, the United States Department of Energy, a US government agency, formed a partnership with the Japan Organization for Metals and Energy Security (JOGMEC) and Arctic Slope Regional Corporation Energy Services (AES) to investigate the production potential of gas hydrates in the Alaska North Slope, specifically within the Prudhoe Bay Unit. This partnership's primary goal is to conduct scientific production testing of gas-hydrate-bearing sands, a resource that has been recognized as abundant in the region. JOGMEC is a Japan-based government agency, while AES is a US-based provider of comprehensive operations and maintenance field services.

Major companies operating in the gas hydrates market are China Petroleum and Chemical Corporation, PetroChina Company Limited, ExxonMobil Corporation, Royal Dutch Shell plc, BP PLC, Chevron Corporation, Eni S.p.A., PJSC Gazprom, Mitsui & Co. Ltd, Equinor ASA, Indian Oil Corporation Limited, ConocoPhillips Company, Oil and Natural Gas Corporation Ltd., Schlumberger Limited, Halliburton Company, Weatherford International, Marubeni Corporation, Fugro NV, Japan Drilling Co. Ltd., MODEC Inc., JFE Engineering Corporation.

Asia-Pacific was the largest region in the gas hydrates market in 2023. The regions covered in the gas hydrates market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the gas hydrates market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Gas hydrates are crystalline, ice-like structures formed when gas molecules, predominantly methane, become trapped within a lattice of water molecules under conditions of high pressure and low temperature. Typically found in deep ocean sediments and permafrost regions, gas hydrates represent a significant potential energy resource due to the vast amounts of natural gas they contain.

The primary types of gas hydrates include onshore gas hydrates and offshore or marine gas hydrates. Onshore gas hydrates consist of crystalline structures where natural gas, primarily methane, is encapsulated within water ice. These hydrates typically form under high-pressure and low-temperature conditions, commonly in permafrost regions or beneath the seabed. Various technologies associated with gas hydrates include formation and dissociation processes, production and extraction methods, and storage and transportation systems. Their applications span across transportation fuel, commercial use, industrial applications, and more.

The gas hydrates market research report is one of a series of new reports that provides gas hydrates market statistics, including gas hydrates industry global market size, regional shares, competitors with a gas hydrates market share, detailed gas hydrates market segments, market trends and opportunities, and any further data you may need to thrive in the gas hydrates industry. This gas hydrates 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.

The gas hydrates market consists of sales of hydrate inhibitors, methane hydrate deposits, and clathrate hydrate slurries. 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.

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.


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