Natural Gas

Natural Gas

Global Natural Gas Market to Reach 5.1 Trillion Cubic Meters by 2030

The global market for Natural Gas estimated at 3.9 Trillion Cubic Meters in the year 2023, is expected to reach 5.1 Trillion Cubic Meters by 2030, growing at a CAGR of 4.0% over the analysis period 2023-2030. Industrial End-Use, one of the segments analyzed in the report, is expected to record a 5.4% CAGR and reach 1.9 Trillion Cubic Meters by the end of the analysis period. Growth in the Electric Power End-Use segment is estimated at 3.7% CAGR over the analysis period.

The U.S. Market is Estimated at 926.2 Billion Cubic Meters While China is Forecast to Grow at 4.3% CAGR

The Natural Gas market in the U.S. is estimated at 926.2 Billion Cubic Meters in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of 501.0 Billion Cubic Meters by the year 2030 trailing a CAGR of 4.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 2.3% and 2.8% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 3.1% CAGR.

Global Natural Gas Market - Key Trends & Drivers Summarized

Natural gas is a crucial component of the global energy mix, serving as a versatile and cleaner-burning alternative to other fossil fuels such as coal and oil. Composed primarily of methane, natural gas is extracted from underground reservoirs through drilling and hydraulic fracturing techniques. Natural gas is used extensively for electricity generation, industrial processes, residential heating, and as a fuel for vehicles. The combustion of natural gas releases fewer pollutants and greenhouse gases compared to coal and oil, making it a preferred choice for power generation in many regions seeking to reduce their carbon footprint. Additionally, natural gas is a key feedstock for the production of chemicals, fertilizers, and hydrogen, further underscoring its importance in various industrial applications. Natural gas is the fastest growing fossil fuel in the market, and is an important source of energy in North America, Western Europe and Eastern Europe as well as in industrialized markets of Asia. Widespread availability and environmental friendliness make natural gas the primary energy resource and a major raw material in the chemical and petrochemical industries, especially in industrialized parts of the world.

Natural gas continues to grow in demand as a reliable, abundant and reasonably cleaner energy source. Compared to renewable energy sources such as wind and solar energy, which show fluctuating production patterns, natural gas, although a non-renewable energy resource, is more dependable in terms of availability, with abundant reserves and no major disruptions seen in production. Natural gas also scores over coal, another fossil fuel resource and currently the largest energy source globally, as it burns more thoroughly, hence resulting in less air pollution. Technological innovations in natural gas extraction methods and quality of equipment used will only make its production more easy, efficient and dependable over the next few years. Recent spike in natural gas production in the US, thanks to unconventional natural gas resources and innovative horizontal drilling and hydraulic fracturing methods, has only increased its supply and driving down prices for consumers globally and in the process driving steady demand for pipeline transportation services and solutions. The development of liquefied natural gas (LNG) technology has revolutionized the natural gas market by enabling the efficient transport of gas over long distances. Furthermore, improvements in pipeline infrastructure and storage facilities have enhanced the reliability and flexibility of natural gas supply chains. The integration of natural gas with renewable energy sources, through technologies like combined cycle gas turbines and power-to-gas systems, is also gaining traction as a means to balance intermittent renewable power generation and ensure grid stability.

The growth in the natural gas market is driven by several factors. The increasing global demand for cleaner energy sources to mitigate climate change and reduce air pollution is a major driver, as natural gas serves as a bridge fuel in the transition from coal and oil to renewable energy. Economic growth and industrialization, particularly in emerging economies, are fueling the demand for natural gas in power generation, industrial applications, and residential heating. Technological advancements in extraction and transportation are making natural gas more accessible and cost-competitive, encouraging its adoption. Additionally, geopolitical factors and energy security concerns are leading countries to diversify their energy sources and invest in natural gas infrastructure. Government policies and incentives aimed at reducing carbon emissions and promoting energy efficiency are also supporting the expansion of the natural gas market. These factors, combined with ongoing innovations in natural gas technologies, are driving the robust growth of the natural gas market, ensuring its pivotal role in the global energy landscape.

Select Competitors (Total 145 Featured) -

• BP Plc
• Chesapeake Energy Corp.
• Chevron Corp.
• China National Petroleum Corporation
• Conoco Philips, Co.
• EQT Corp.
• Equinor ASA
• Exxon Mobil Corp.
• Hess Corp.
• Saudi Arabian Oil Company (Saudi Aramco)
• Shell Plc
• The PJSC Lukoil Oil Company
• TotalEnergies SE

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