Dry Natural Gas Market By Source (Onshore, Offshore), By End Use (Power Generation, Transportation, Residential, Commercial, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global dry natural gas market size was valued at $0.7 trillion in 2021, and is projected to reach $1.4 trillion by 2031, growing at a CAGR of 7.7% from 2022 to 2031.
Dry natural gas is crucial for the formation of compressed natural gas and liquid natural gas. It almost contains methane. After removing all the impurities such as liquefied hydrocarbon and non-hydrocarbon from natural gas, dry gas remains. Dry natural gas is widely used in heating and cooling applications. Compressed dry gas is used as vehicle fuel. Rise in demand for dry natural gas as cleaner alternative to fossil fuel is expected to dominate the growth market during forecast period. For the production of dry gas, onshore is a significant source. Shale gas and tight gas are primarily utilized in the commercial and household sectors for heating, cooling and power generation.
Decarbonization policies have been proposed in several parts of the U.S. as part of the transition to a low-carbon nation. These policies rely on a variety of measures, implement renewable portfolio standards, establish net carbon-neutral clean energy standards, economy-wide targets for carbon reduction, and mandate the adoption of specific technologies. These factors create opportunities for the market. The increased environmental concerns, increased government initiatives for the construction of dry gas processing infrastructure, expensive initial infrastructure investment, and technology advancement are all significant factors influencing the growth of the global dry natural gas market. During the forecast period, each of these variables is expected to have a significant impact on the dry natural gas market.
According to the U.S. Energy Information Administration, natural gas consumption in the U.S. is expected to increase by 3.6 billion cubic feet (Bcf/d) in 2022 compared to 2021 levels to an average of 86.6 Bcf/d per year. In addition, the natural gas consumption of the U.S. in 2022 is expected to rise across all end-use sectors, led by electric power, residential and commercial. The largest consumer of natural gas in the U.S. in 2022 is expected to be the electric power sector, with its annual consumption increasing by 1.2 Bcf/d to average 32.1 Bcf/d, which is 0.3 Bcf/d higher than the previous record set in 2020 of 31.8 Bcf/d. A historical trend shows that this sector is sensitive to changes in natural gas prices concerning coal prices. Power providers typically offset their use of natural gas for electricity generation with coal during times of high natural gas prices. Due to limitations at coal-fired power plants and weather-driven demand, the electric power consumption of natural gas in the U.S. increased in 2022.
The dry natural gas market is bifurcated on the basis of source and end use. On the basis of source, it is fragmented into onshore and offshore. On the basis of end use, the market is divided into power generation, transportation, residential, commercial, industrial, and others. On the basis of end user, the global hydrogen fuel cell market is segmented into fuel cell vehicles, utilities and defense. Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. The report outlines growing drivers, restraints, and opportunities to better understand market dynamics. This report further highlights key areas of investment. In addition, it includes analysis of Porter’s five forces to understand the application competitive scenario and role of each stakeholder.
The report features strategies adopted by key market players to maintain their foothold in the market. Furthermore, it highlights the competitive landscape of key players to increase their market share and sustain intense competition in the application. Coterra Energy, China National Petroleum Corporation, Lukoil, EQT Corporation, ExxonMobil, Chevron, Shell, TotalEnergies, Rosneft and Southwestern Energy are some of the major players discussed in the report. The report explains drivers, restraints, and opportunities are explained in the report. Further, key strategies adopted by potential market leaders to facilitate effective planning have been discussed under the scope of the report.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the dry natural gas market analysis from 2021 to 2031 to identify the prevailing dry natural gas market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the dry natural gas market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global dry natural gas market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy End UseIndustrial
Others
Power Generation
Transportation
Residential
Commercial
By SourceOffshore
Onshore
By RegionNorth America
U.S.
Canada
Mexico
Europe
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
UAE
South Africa
Rest of LAMEA
Key Market Players
EQT Corporation
Chevron
TotalEnergies
ExxonMobil
Rosneft
Coterra Energy
Southwestern Energy
Lukoil
Shell
China National Petroleum Corporation
Please Note: It will take 7-10 business days to complete the report upon order confirmation.