Yahoo Finance Natural Gas Market Is Expected to Reach $424.7 Trillion by 2031: Allied Market Research
Rise in demand for natural gas from residential and commercial sectors owing to its beneficial characteristics such as clean burning, versatility, affordability, and good efficiency, and the growing electric power industry in North America due to the increased demand for electricity in the region propel the growth of the global natural gas market. Based on type, the methane segment is expected to hold the largest market share in 2031.
Portland, OR, Dec. 06, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global natural gas market generated $300.4 trillion in 2021, and is estimated to reach $424.7 trillion by 2031, witnessing a CAGR of 3.4% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscape, and competitive scenario. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022–2031 |
Base Year | 2021 |
Market Size in 2021 | $300.4 Trillion |
Market Size in 2031 | $424.7 Trillion |
CAGR | 3.4% |
No. of Pages in Report | 260 |
Segments Covered | Type, Application, and Region |
Drivers | Rise in demand for natural gas from the residential and commercial sectors, owing to its beneficial characteristics such as clean burning, versatility, affordability, and good efficiency |
Increase in use of natural gas for the production of electricity, the running of manufacturing plant, heating and cooling, as a feedstock for a wide range of products, and as a transportation fuel. | |
The growing electric power industry in North America due to the increased demand for electricity in the region | |
Opportunities | Rise in investment in downstream market such as oil & gas pipelines, and import terminals |
Restraints | Discontinuous power supply and power outages in rural areas result in less consumption of power and electricity |
Covid-19 Scenario:
During the outbreak of the COVID-19 pandemic in 2020, there was a decline in demand for natural gas due to disruptions in the supply chain, halt in production, and restrictions on transportation. This slowed down the growth of the natural gas market.
However, the market has fully recovered since the third quarter of 2022, and the trend is expected to continue during the forecast period.
During 2021, Asia, led by China and India experienced a huge growth in the natural gas sector as it has significant policy support in these countries. The industrial sector is the primary driver for the market in these nations.
The report offers a detailed segmentation of the global natural gas market based on type, application, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps the market players, investors, and new entrants in determining the sub-segments to achieve growth in the coming years.
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Based on type, the methane segment held the largest share in 2021, accounting for more than 90% of the global natural gas market revenue, and would maintain its dominance during the forecast period. Moreover, the same segment is estimated to witness the fastest CAGR of 3.5% during the forecast period.
Based on application, the electric power segment held the largest share in 2021, accounting for nearly one-third of the global natural gas market revenue. However, the industrial segment would lead the market in terms of revenue and witness the fastest CAGR of 3.8% during the forecast period.
Based on region, the market in Europe was the largest in 2021, accounting for nearly two-fifths of the global natural gas market share, and is likely to maintain its leadership status during the forecast period. The market in North America, however, is expected to manifest the highest CAGR of 3.9% from 2022 to 2031. The other regions analyzed in the study include Asia-Pacific and LAMEA.
Leading players of the global natural gas market analyzed in the research include ConocoPhillips, Chevron Corporation, Exxon Mobil Corporation, Eni, General Electric Company (GE), Gazprom Neft PJSC, Lukoil, Occidental Petroleum Corporation, and Shell Plc.
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The report analyzes these key players of the global natural gas market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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