Portland, OR -- (SBWIRE) -- 02/20/2018 -- The Global Coal Bed Methane Market was valued at $9,089 million in 2016, and is expected to reach $17,956 million by 2023, registering a CAGR of 9.0% from 2017 to 2023. Coal bed methane (CBM) is the natural gas found in most coal deposits. It is created during coalification process where plant material is converted into coal over millions of years. In addition, CBM consists of pure methane, which is a clean-burning fuel, which contains lesser impurities and require minimal processing. It is considered eco-friendly than oil, coal, or even conventional natural gas.

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Coal bed methane (coal seam methane) is a mixture of methane and trace quantities of light hydrocarbons, nitrogen, and CO2, which are generated during the geological transformation from peat to anthracite coal in underground coal seams.

The reduction in methane emissions associated with conventional fuels and coal mining, lower price of CBM compared to other unconventional natural gases, and generation of direct and indirect employment in the extraction of CBM drive the growth of global CBM market. However, the large initial capital commitment for well drilling, stimulation, and water handling, and the difficulty in estimation of recoverable volumes in evaluation of CBM proposals hamper the market growth. Key market players have adopted agreement as their key strategy to widen their brand portfolios and expand their market outreach.

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The global coal bed methane market is driven by reduction in methane emissions associated with conventional fuels and coal mining, lower pricing of CBM compared to other unconventional natural gases, and generation of direct and indirect employment in the extraction of CBM. However, the large initial capital required for well drilling, stimulation, and water handling, and the difficulty in estimation of recoverable volumes in evaluation of CBM proposals hinder the market growth.