What Will Dry Natural Gas Market Look Like In The Future?

The dry natural gas market was valued at $650.90 billion in 2021, and is estimated to reach $1390.4 billion by 2031, growing at a CAGR of 7.7% from 2022 to 2031. Dry natural gas is a type of natural gas that is primarily composed of methane and does not contain significant amounts of other hydrocarbons or impurities such as water vapor, carbon dioxide, or hydrogen sulfide.

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Dry natural gas is produced from underground reservoirs and is typically transported through pipelines to processing facilities where impurities are removed before it is distributed to consumers for various uses such as heating, cooking, and electricity generation.

The major companies profiled in this report include Coterra Energy, China National Petroleum Corporation, Lukoil, EQT Corporation, ExxonMobil, Chevron, Shell, TotalEnergies, Rosneft and Southwestern Energy.

Dry natural gas is also considered a relatively clean-burning fossil fuel and has become increasingly important as a source of energy in recent years due to its abundance, lower emissions compared to coal and oil, and flexibility for use in a variety of applications.

North America is expected to exhibit CAGR of 8.1% during 2021-2031.

By source, onshore is expected to exhibit CAGR of 7.9% during 2021-2031.

By end use, transportation had the largest market share in 2021.

Rise in preference for cleaner energy sources is the key growth factor for the global dry natural gas market. In addition, the increase in demand for carbon emissions reduction is expected to fuel the dry natural gas market growth.

Government initiatives and measures such as subsidies bolster the market expansion. Moreover, factors such as improved economic conditions and rapid urbanization in leading economies propel the natural gas market.

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Rise in natural gas demand in nations such as India and Japan, Asia-Pacific is anticipated to offer profitable growth prospects for the dry natural gas market in the future.

Electric power, residential, commercial, petrochemical industry, and pharmaceuticals are major end users of natural gas across the globe.

The characteristics of natural gas such as clean burning, versatility, affordability, and good efficiency make it unique from other fossil fuels.

Natural gas can be utilized in different ways, such as for producing electricity, the running of manufacturing plants, as a feedstock for a wide range of products, for heating and cooling, and as transportation fuel.

The dry natural gas market size is driven by a rise in demand from the residential and commercial sectors. It is used for cooling and heating in household.

Developing electric power industry in North America region with increase in demand for electricity in U.S. is expected to drive the global natural gas market growth during the forecast period.

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It is used as a fuel in boilers and furnaces in several manufacturing industries such as chemical, petrochemical, refineries, and others.

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