Gas Hydrates Market Size Analysis and Top Companies
The global gas hydrates market size is predicted to hit around USD 3.91 billion by 2033 increasing from USD 2.44 billion in 2023, with a CAGR of 4.83%. The top companies in the gas hydrates market are Petro China Company Limited (China), Japan Petroleum Exploration Company Limited (Japan), Oil and Natural Gas Corporation (India), Gail Limited (India), Chevron Corporation (U.S.), Japan Drilling Co., Ltd. (Japan), Schlumberger Limited (U.S.), ConocoPhillips (U.S.), Korea Gas Corporation (KOGAS) (South Korea), ExxonMobil Corporation (U.S.), and Others.
Market Report Coverage
| Report Attributes |
Details |
| Market Size by 2033 |
USD 3.91 Billion |
| Market Size in 2023 |
USD 2.44 Billion |
| Market Growth Rate from 2023 to 2033 |
CAGR of 4.83% |
| Largest Market |
Asia Pacific |
| Base Year |
2023 |
| Forecast Period |
2023 to 2033 |
| Segments Covered |
Type, Origin, and Regions |
| Regions Covered |
North America, Europe, Asia-Pacific, Latin America and Middle East, and Africa |
Gas Hydrates Market Lead Manufacturers
- Petro China Company Limited (China)
- Japan Petroleum Exploration Company Limited (Japan)
- Oil and Natural Gas Corporation (India)
- Gail Limited (India)
- Chevron Corporation (U.S.)
- Japan Drilling Co., Ltd. (Japan)
- Schlumberger Limited (U.S.)
- ConocoPhillips (U.S.)
- Korea Gas Corporation (KOGAS) (South Korea)
- ExxonMobil Corporation (U.S.)
Latest Key Players Announcement
- A scientific drilling mission in the Gulf of Mexico in January 2024 recovered a methane hydrate reservoir situated beneath the sea bed. Methane hydrates are rich in energy globally and hold approximately 15% of the world's organic carbon, though little is known by the scientific community. The successful mission, spearheaded by the University of Texas, will now enable universities and scientific institutions across the country to get their hands on methane hydrates.
Recent Developments
- In October 2023, the National Energy Technology Laboratory (NETL) of the U.S. Department of Energy (DOE) disclosed that it is studying gas hydrate resources within the Prudhoe Bay Unit of Alaska’s North Slope.
- In January 2023, China unveiled that it was willing to drill a third gas hydrate well in the South China Sea further. Additional preceding exploration and evaluation activities are required before commercial development in 2030.
- In December 2022, an expedition sponsored by the National Energy Engineering Laboratory, which belongs to the U.S. Department of Energy and the Japan Organization for Metals and Energy Security, drilled well over 600 meters or 2000 ft of permafrost to extract hydrate-bearing sediments that were deep within the tundra plateaus and basins.
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