Natural Gas Market Size Worth USD 443.8 Trillion in 2032 | Emergen Research

Vancouver, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The global natural gas market size was USD 310.5 Trillion in 2022 and is expected to register a rapid revenue CAGR of 3.7% during the forecast period. Rising demand for sustainable and cleaner energy solutions and increasing utilization of electricity and refined petroleum from developing countries are key factors driving market revenue growth.

Increasing global economic activity, rising electricity consumption, as well as refined petroleum from developing countries are other key factors driving revenue growth of the market. Electricity plants that generate, transmit, and distribute electricity are used in the electric power sector, while gas and steam turbines use natural gas as a fuel to produce energy, which lowers the cost of producing electricity. For example, the U.S. electrical information administration, a federal organization situated in the U.S., estimates that in 2021, the U.S. consumed approximately 30.28 trillion cubic feet (Tof) of natural gas, or roughly 37% of the entire amount of natural gas used to generate power globally. This account for 32% of total electricity use in the U.S.

The natural gas supply disruptions in important supply locations and geopolitical tensions and wars continue to represent an imminent danger to the global natural gas market. Supply chain uncertainty, price volatility, and possible disruptions resulting from geopolitical are key factors, which could restrain market revenue growth. Unexpected shifts in the political landscape can lead to supply instability, which can impact pricing patterns and market stability.

The companies that extract crude oil and natural gas are making large investments in renewable energy sources to ensure the long-term production of crude oil and natural gas from oil fields. The key trends observed in the global natural gas market are reduced costs and emissions associated with the production of natural gas and crude oil, which are energy-intensive. Renewable technologies, such as geothermal, biomass, solar, and wind, are being employed to produce these resources at lower costs.

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Segment Insights

Type Insights:

On the basis of type, the global natural gas market is segmented into methane, ethane, propane, and others. The methane segment accounted for largest revenue share in the global natural gas market in 2022. This is because methane, the main component of natural gas, is responsible for 16% of the global Greenhouse Gas (GHG) emissions caused by human activity. Methane is a potent GHG that has a short half-life when compared to Carbon Dioxide (CO2), therefore reducing it will have a big impact on the potential for atmospheric warming quickly.

Application Insights:

On the basis of application, the global natural gas market is segmented into industrial, electric power, transportation, commercial, residential, and others. The residential segment is expected to register steadily fast revenue growth rate in the global natural gas market during the forecast period. This is due to increasing population base and urbanization and rising consumption of energy levels. According to the Environmental Impact Assessment (EIA), the residential sector is expected to account for approximately 15% of total U.S. natural gas consumption in 2022, and natural gas would account for approximately 42% of U.S. residential sector final utilization of energy consumption. Natural gas is used in about 60% of American homes for cooking, drying clothing, and space and water heating.

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Regional Insights:

The North America accounted for largest revenue share in the global natural gas market in 2022. This is attributed to increasing investments and initiatives by different governments, along with rising number of offshore as well as onshore natural gas projects. As of 2021, the middle & western Gulf of Mexico accounted for nearly all offshore Oil & Gas (O&G) lease and development activity. Multiple platforms function in waters as deep as 6,000 feet. There are certain platforms that work at 10,000 feet or deeper. In addition, about 69% of all dry natural gas produced in the U.S. in 2020 came from 5 of the 34 states that produce natural gas, and private companies are investing in additional areas to increase gas production.

The Asia Pacific market is expected to register fastest revenue growth rate in the global natural gas market over the forecast period due to rising natural resource prices. India and China, two of the countries with the greatest population density, are the ones with the most methane gas consumption in both households and enterprises.  According to a report, China's government announced its 14th Five-Year Plan (2021–25) in March 2022. This plan establishes a goal for domestic natural gas output at 22.3 billion cubic feet per day by 2025, which is 3.0 billion cubic feet per day greater than domestic production in 2021.

Scope of Research

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Major Companies and Competitive Landscape

The global natural gas market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective natural gas products in the market. Some major players included in the global natural gas market report are:

• Lukoil
• Eni S.p.A.
• TotalEnergies
• BP Plc
• Chevron Corporation
• ConocoPhillips Company
• Exxon Mobil Corporation
• PetroChina Company Limited
• Shell International B.V.
• Saudi Arabian Oil Co.
• Suncor Energy Inc.
• Gazprom International Limited
• NGL Energy Partners LP
• Cenovus Energy Inc.
• Occidental Petroleum Corporation

Strategic Development

• In July 2022, Sempra Infrastructure and Mexico's Federal Electricity Commission signed an agreement to advance the joint development of critical energy infrastructure initiatives in Mexico. This will include the rerouting of Guaymas-El Oro pipeline in Sonora, proposed Vista Pacifico LNG project in Topolobampo, Sinaloa, and potential development of a gasoline terminal in Salina Cruz, Oaxaca.
• In March 2022, China Petroleum & Chemical Corporation announced to invest approximately USD 12 billion in upstream exploitation, focusing on crude oil bases in the Shunbei and Tahe regions, as well as natural gas reserves in Sichuan province and the Inner Mongolia region. The fields are expected to yield 12,567 billion cubic feet of natural gas and 281.2 million barrels of crude oil in 2022.

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For the purpose of this report, Emergen Research has segmented the global natural gas market on the basis of type, end-use, source, application, and region:

• Type Outlook (Revenue, USD Trillion; 2019-2032)
  • • • Methane
      • Ethane
      • Propane
      • Others
• End-Use Outlook (Revenue, USD Trillion; 2019-2032)
  • Industrial
    1. Cement
    2. Food & Beverages (F&B)
    3. Metal
    4. Power Plants
    5. Others
  • Electric Power
  • Transportation
  • Commercial
    1. Hotels
    2. Hospitals
    3. Educational Institutes
    4. Government Buildings
    5. Others
  • Residential
  • Others
• Source Outlook (Revenue, USD Trillion; 2019-2032)
  • Associated Gas
  • Non-Associated Gas
  • Unconventional Sources
    1. Gas
       • Shale Gas
       • Tight Gas
       • Others
    2. Transfer Mode
       • LNG
       • LPG
       • CNG
       • Others
• Application Outlook (Revenue, USD Trillion; 2019-2032)
  • • • Light Duty Vehicles
      • Medium or Heavy Duty Buses
      • Medium or Heavy Duty Trucks
• Regional Outlook (Revenue, USD Trillion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

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