Methane Global Market Report 2024

The methane market size has grown strongly in recent years. It will grow from $106.65 billion in 2023 to $117.07 billion in 2024 at a compound annual growth rate (CAGR) of 9.8%. The expansion observed in the historical period can be attributed to factors such as industrialization and energy production, agricultural activities, waste management practices, fossil fuel extraction, and changes in land use, including deforestation. These activities have contributed to the release of methane into the atmosphere.

The methane market size is expected to see strong growth in the next few years. It will grow to $167.09 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to renewable energy initiatives, a shift towards sustainable practices, investments in methane abatement solutions, and the establishment of methane monitoring and reporting standards. Major trends expected in the forecast period include a rising awareness of climate change, increased emphasis on methane emission monitoring, initiatives for reducing agricultural emissions, efforts to reduce industrial emissions, and changes in policies and regulations related to methane emissions.

The anticipated increase in demand within the automotive industry is poised to drive the growth of the methane market in the foreseeable future. The automotive sector encompasses companies involved in the production, sale, maintenance, and customization of motorized vehicles. Methane is utilized in the automotive industry to power vehicles due to its several advantages, including being a cost-effective and clean fuel source (emitting fewer harmful particles) compared to traditional gasoline and diesel. It is commonly used in compressed form, such as compressed natural gas (CNG) or compressed biogas (CBG) in light-duty cars, and in liquefied form in heavy-duty long-haul vehicles. For example, a study from the European Automobile Manufacturers Association in April 2022 reported a global production of 79.1 million automobiles in 2021, representing a 1.3% increase from the previous year. Additionally, a report from the US Department of Energy in March 2022 highlighted an 85% increase in electric vehicle (EV) sales in 2021. Hence, the growing demand in the automotive sector is a driving force for the methane market.

The increasing adoption of clean energy is expected to contribute to the growth of the methane market. Clean energy refers to energy derived from renewable and sustainable sources with minimal environmental impact. Methane is recognized as a cleaner alternative to conventional fossil fuels, playing a crucial role in reducing greenhouse gas emissions, integrating into renewable energy systems, and supporting clean transportation. This aligns with the global shift towards environmentally friendly energy sources. For instance, a report from the International Energy Agency in December 2021 indicated that nearly 95% of the anticipated growth in global power capacity until 2026 is expected to be driven by renewables, with solar photovoltaic (PV) contributing over half of this expansion. The forecasted increase in renewable capacity during the 2021-2026 period is 50% greater than the growth observed from 2015 to 2020. Therefore, the increasing adoption of clean energy is propelling the growth of the methane market.

Technological advancements represent a significant trend gaining traction in the methane market. Major companies in the market are embracing new technologies to sustain their positions. For instance, in April 2021, Honeywell International Inc introduced the Mini Gas Cloud Imaging (GCI) system, utilizing gas cloud imaging to automate and continuously monitor methane leaks at industrial sites. Mini GCI devices can be strategically installed to provide ongoing monitoring and notifications of gas leaks using hyperspectral gas analytics and artificial intelligence. This technology offers a visual representation of gas plume characteristics, enabling a quicker and more effective response to prevent larger emissions or safety hazards.

Major companies operating in the methane market are focusing on innovative products such as methane measurement instruments to expand their customer base, boost sales, and increase revenue. Methane measurement instruments are designed to quantify the concentration of methane gas in a given environment. For example, in October 2023, Schlumberger NV introduced the Methane Point Instrument, a self-installed continuous monitoring system equipped with IoT-enabled sensors. This advanced technology provides a rapid and cost-effective solution for detecting, locating, and quantifying emissions in oil and gas operations. The Methane Point Instrument's industry-leading leak detection sensitivity, combined with its compact and durable 'plug-and-play' design, represents a significant advancement in methane measurement technology, automating continuous monitoring processes and eliminating the need for manual data collection.

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. This strategic move aims to position Rosetti Marino as an integrated contractor for the complete biogas treatment line, ensuring the production of green methane, including in liquefied form, and green hydrogen for customers. Green Methane S.R.L, an Italy-based company, specializes in methane gas operations.

Major companies operating in the methane market report are BP plc, Oil and Natural Gas Corporation, IGas Energy plc, Black Diamond Energy Inc., China National Petroleum Corporation, Senex Energy Limited, Shell plc, China National Offshore Oil Corporation, Dart Energy Corporation, Metgasco Limited, G3 Exploration Ltd., AGT International AG, 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., Qingdao Guida Special Gas Co. Ltd., Primus Green Energy Inc., Gazprom Neft PJSC, Allied Aviation Services Inc., Bharat Petroleum Corp. Ltd., Chevron Corporation, Exxon Mobil Corporation, Honeywell International Inc., TotalEnergies SE, Hess Corporation, Koch Minerals & Trading LLC,.

North America was the largest region in the methane market in 2023. 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, Africa. The countries covered in the methane market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The main types of methane sources are natural and synthetic. Natural methane is derived from natural wetlands, soil, and chemical reactions in the atmosphere. It is commonly used as a fuel for heat and light generation and the production of organic compounds. Major production methods for methane include fermentation and gasification. Methane finds applications in various industries, including as fuel, natural gas, chemical feedstock, liquefied natural gas, liquid-methane rocket fuel, power generation, and residential use. Different end-use industries, such as automotive, aerospace and defense, electrical, chemical, and others, utilize methane for various purposes.

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.

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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