The global natural gas market is anticipated to grow at a CAGR of 7.5% during the forecast period (2024-2031). Increasing pollution and global warming has impacted almost every industry globally. industries are shifting on the use of natural gas as fuel for production as well as the households as it’s a cost efficient, affordable and eco-friendly. There is an exponential increase in the number of methane gas users which has broaden the application of natural gas in the residential, commercial, and industrial markets. Thus, another key factor bolstering the market growth includes the rising demand for natural gas from residential and commercial sector. The natural gas has 2 major applications in residential market including heating and cooling. According to US energy information administration.
According to the Environmental Impact Assessment (EIA), in 2022, the residential sector accounted for about 15% of total the US natural gas consumption, and natural gas was the source of about 42% of US residential sector end-use energy consumption. About 60% of U.S. homes use natural gas for space and water heating, cooking, and drying clothes. Additionally, due to the Russia-Ukraine war Russian has halted the supply of natural gas to the other European countries which seems to impact the global market adversely. However, during the same time-period, the US grabbed the opportunity and became the largest exporter of natural gas around the globe. For instance, in April 2023, the US assured to keep sending large supplies of liquefied natural gas (LNG) to European Union (EU) ports as the continent aims to continue weaning itself off Russian energy supplies.
Another factor supporting the market growth includes the growing adoption of strategic initiatives such as mergers and acquisitions, partnerships, and product launches by various organizations. For instance, in June 2021, the United States, the European Union, with 11 countries launched the Global Methane Pledge Energy Pathway to catalyze methane emissions reductions in the oil and gas sector, advancing both climate progress and energy security. Tackling methane emissions in the oil and gas sector is critical to achieving the Global Methane Pledge target and will also bolster global energy security by preventing the needless waste of valuable gas resources.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
Segment Covered-
- By Type
- By Application
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- includes Chevron Corp., ConocoPhillips, Devon energy, Eni, Exxon Mobil Corp., and others.
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Natural Gas Market Report Segment
By Type
- Methane
- Ethane
- Propane
- Butane
By Application
- Industrial
- Electric Power
- Transportation
- Residential
- Commercial
Natural Gas Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East and Africa
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?
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