Wilmington, Delaware, Nov. 17, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, "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". As per the report, the global dry natural gas market is projected to generate a revenue of $1.4 trillion by 2031. The market was worth $0.7 trillion in 2021 and is set to rise at a CAGR of 7.7% during the 2022-2031 period.
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Primary growth drivers of growth
The growth of the global dry natural gas market can be attributed to extensive shift towards cleaner energy sources and extensive demand for carbon emission reductions across the globe. A surge in demand for dry natural gas from commercial and residential sectors will also ultimately help the market to thrive. However, power outages in rural and remote areas might create hurdles in the growth of the market. Moreover, the rising pace of urbanization in developing countries will create massive growth opportunities in the market.
The power generation segment to be highly profitable by 2031
By end use, the power generation segment accounted for the largest market share in 2021 and will continue to maintain the pole position in the coming period. The exponential rise in global population is projected to become the primary growth driver of this segment. However, the transportation segment is estimated to have the fastest CAGR of 8.1% in the 2022-2031 period. Huge investments in hydrogen cars and an increase in fuel cell-based vehicles will boost the segment in the analysis period.
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The onshore segment to be the fastest growing during the analysis period
By source, the onshore segment generated the maximum revenue in 2021 and will be highly dominant in the analysis timeframe. This segment is predicted to grow at a CAGR of 7.9% in this period. The emergence of natural gas sources such as shale gas deposits will expand the scope of the segment in the coming period.
North America to be the most lucrative by 2031
By region, the North America dry natural gas market held the highest market share and is set to top the charts in the analysis period. The same region is anticipated to have the highest CAGR of 8.1% in the same period. Increasing expansion of the power generation sector and the residential and commercial sectors is estimated to help the market to achieve its fullest potential in this region.
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Key Companies in the Market:
- EQT Corporation,
- Rosneft
- Lukoil
- Chevron
- Coterra Energy
- Shell
- TotalEnergies
- Southwestern Energy
- China National Petroleum Corporation
- ExxonMobil
The report covers the dynamic nature of the dry natural gas market with different strategies adopted by the companies in the industry such as collaborations, partnerships, and acquisitions.
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