The natural gas market grew from $1029.88 billion in 2023 to $1127.09 billion in 2024, with a CAGR of 9.4%. This growth was driven by electricity generation, industrial applications, and demand in emerging markets. The market is projected to reach $1518.88 billion by 2028, with a CAGR of 7.7%. Key drivers include the transition to cleaner energy, industrial expansion, and global economic trends. Trends include gas transport infrastructure, shale gas production, and renewable natural gas integration.
Major Driver In The Natural Gas Market
The natural gas market is experiencing growth attributed to heightened global economic activity and increased electricity consumption, particularly in developing nations. The surge in the electric power sector's usage further drives the natural gas market as it is extensively utilized in steam and gas turbines for electricity generation, offering cost-effective solutions. According to the U.S. Electricity Information Administration, natural gas accounted for about 37% of the total natural gas used for electricity generation in the United States in 2021, covering 32% of the total electricity used in the country. Consequently, the rise in electric power sector usage is a significant driver for the natural gas market's growth, reflecting anticipated market sizes for 2023, 2024, and 2028.
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Natural Gas Market Competitive Landscape
Sinopec Group, China National Petroleum Company, Exxon Mobil Corporation, PetroChina Co. Ltd., Royal Dutch Shell plc, TotalEnergies SE, Chevron Corporation, Equinor ASA, Gazprom, Eni S.p.A., LUKOIL Lubricants company, Petroleo Brasileiro S.A., Rosneft Oil Company, ConocoPhillips, VNG AG, Occidental Petroleum Corporation, Pioneer Natural Resources Company, Novatek OAO, Devon Energy Corp, Woodside Energy Ltd., Southwestern Energy Company, BP p.l.c., Origin Energy Ltd., NGL Energy Partners LP, Santos Ltd., EQT Corporation, Antero Resources Corporation, Chesapeake Energy Corporation, Range Resources Corporation, Husky Energy Inc., Ascent Resources Upstream LLC, Tellurian Inc., Viper Energy Partners LP, W&T Offshore Holdings LLC
Key Natural Gas Market Trend
Crude oil and natural gas extraction companies are making significant investments in renewable sources of power for the sustainable extraction of crude oil and natural gas from oil fields. Crude oil and natural gas production are energy-intensive and renewable technologies like solar, wind, biomass, and geothermal are being used in producing crude oil and natural gas at lower costs and lower emissions, which are the major trends witnessed in the global natural gas market.
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Natural Gas Market Segmentation
The natural gas market covered in this report is segmented –
1) By Type: Transport, Industrial, Electric Power, and Other Types
2) By Source: Associated Gas, Non Associated Gas, Unconventional Sources
3) By End User: Light Duty Vehicles, Medium Or Heavy Duty Buses, Medium Or Heavy Duty Trucks
By Geography:The regions covered in the natural gas market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
Asia-Pacific was the largest region in the natural gas market in 2023.
The Natural Gas Global Market Report 2024 furnishes information about the global natural gas market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
