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Gas Hydrates Market increasing popularity of environmental-friendly and sustainable energy sources, such as natural gas, wind, and solar energy.

NEW YORK CITY, U.S., UNITED STATES, May 10, 2023 /EINPresswire.com/ -- The gas hydrates market witnessed significant growth in 2021 and is expected to experience a rapid revenue CAGR throughout the forecast period. This growth is primarily due to the increasing popularity of environmentally friendly and sustainable energy sources such as natural gas, wind, and solar energy, and the rising use of gas hydrates for methane gas storage.

Gas hydrates are crystalline solids formed from a combination of water and gas. These structures, also known as natural gas hydrates, are created when methane gas molecules are surrounded by water molecules at specific temperatures and pressures, resulting in a cage-like structure. These structures have internal bond formation which provides stability, making them an excellent storage method for methane gas molecules. Gas hydrates are found on all continents and exist in large quantities beneath the sea floor, as well as in approximately seven hundred meters thick layers associated with permafrost in the Arctic. However, they are unstable under normal sea-level pressures and temperatures, which makes them difficult to study and analyze.

The increasing popularity of gas hydrates as a sustainable source of energy has led to its growing importance in various industries and energy-producing sectors. Additionally, the transportation of methane gas using gas hydrates is expected to contribute to the market's revenue growth. However, some factors such as the high risk of tsunamis and the disturbance of natural fauna during the extraction of gas hydrates from the seabed may hinder the revenue growth of the global gas hydrates market over the forecast period.

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Gas Hydrates Market Segments:

The global gas hydrates market is segmented based on application, type, and region. The market is segmented based on application into transportation, including automotive, industrial, and commercial sectors. The transportation segment is expected to witness significant growth due to the increasing use of gas hydrates for transportation of methane gas.

Based on type, the market is segmented into on-shore gas hydrates, off-shore gas hydrates, type 3, and type 4. The on-shore and off-shore gas hydrates segments are expected to hold the largest share in the market. Off-shore gas hydrates are found in large quantities below the sea floor and are a major source of methane gas storage.

In terms of region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is expected to dominate the market due to the presence of major players in the region, coupled with increasing use of gas hydrates for transportation and storage of methane gas.

Europe and Asia Pacific are also expected to witness significant growth over the forecast period, due to increasing adoption of sustainable energy sources and rising demand for natural gas. Latin America and the Middle East & Africa are expected to witness moderate growth in the gas hydrates market due to limited usage and low awareness about gas hydrates.

Overall, the global gas hydrates market is expected to witness significant growth over the forecast period, driven by factors such as the increasing popularity of sustainable energy sources and rising use of gas hydrates for methane gas storage and transportation. However, factors such as the risk of tsunamis and disturbance to natural fauna during extraction may hamper revenue growth of the global gas hydrates market in the coming years.

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Gas Hydrates Market Strategic Developments:

Bangladesh announced on January 5, 2022, the presence of 17 to 103 trillion cubic feet of gas hydrate deposits containing methane in the Bay of Bengal. As the country is striving to reduce its reliance on fossil fuels and secure natural gas for energy production for the next 20 years, the newly discovered gas hydrates will be used to generate energy within the country.

Gas Hydrates Market Competitive landscape:

The gas hydrates market includes several major companies operating globally. Chevron Corporation, an American multinational energy corporation, is one of the leading players in the market. The company has been involved in the exploration and production of gas hydrates, and it has significant experience in the field. In addition, the company has also made significant investments in the development of technologies for gas hydrate extraction and production.

The US Department of Energy (DOE) is also a major player in the gas hydrates market. The department has been involved in research and development of gas hydrates for over a decade. The DOE has invested heavily in the development of advanced drilling and production technologies for gas hydrates. Moreover, the department has also conducted several field tests and pilot projects to explore the potential of gas hydrates as an energy source.

The US Geological Survey (USGS) is another major player in the gas hydrates market. The agency has been involved in the research and assessment of gas hydrate resources around the world. The USGS has conducted several studies to estimate the size and distribution of gas hydrate deposits globally. The agency's research has contributed significantly to the understanding of gas hydrates as an energy resource.

Schlumberger, a leading oilfield services company, is also active in the gas hydrates market. The company has been involved in the development of drilling and production technologies for gas hydrates. Schlumberger has also conducted several field tests and pilot projects to evaluate the feasibility of gas hydrate production.

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