Natural gas market is anticipated to grow at a CAGR of 7.5% during the forecast period (2023-2030). Natural gas accounts for about 30% of the energy used in the US Hot weather tends to increase the demand for air conditioning in homes and buildings, which in general increases the power industry’s demand for natural gas. Natural gas can be used in different ways, including for the production of electricity, the running of manufacturing plant, as a fuel for a wide range of products, for heating and cooling, and transportation, among others. According to US Energy Information Administration, in 2022, the commercial sector accounted for about 11% of total US natural gas consumption, and natural gas was the source of about 24% of the commercial sector end-use energy consumption. Natural gas is one of the primary sources of energy in US commercial buildings. Some consumers in the commercial sector also use natural gas as a fuel to generate electricity and in combined heat and power systems.
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Among the applications, the electric power sub-segment is expected to hold a considerable share of the global natural gas market. Rapid urbanization is the key factor driving the growth of industrialization by fulfilling the requirement of urban population such as electricity, food, and other application. This is expected to fuel the growth of the natural gas market. According to US Energy Information Administration in 2022, the electric power sector uses natural gas to generate electricity and produce useful thermal output. The electric power sector accounted for about 38% of total U.S. natural gas consumption, and natural gas was the source of about 33% of the US electric power sector’s primary energy consumption.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Natural Gas Market by Type
- Methane
- Ethane
- Propane
- Butane
Global Natural Gas Market by Application
- Industrial
- Electric Power
- Transportation
- Residential
- Commercial
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- ConocoPhillips
- Devon energy corp.
- Eni S.p.A.
- Exxon Mobil Corp.
- GAZPROM NEFT PJSC
- General Electric
- Husky energy Inc.
- PJSC LUKOIL
- NGL Energy Partners LP
- Occidental Petroleum Corp .
- Petrochina Co Ltd.
- Shell Plc.
- Virginia Natural Gas, Inc.
- VNG AG?
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global natural gas market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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