Natural gas market Size to reach USD 443.8 Trillion 2032 | Emergen Research

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. As the global energy landscape shifts towards sustainability and cleaner alternatives, the natural gas market continues to witness significant growth. A recent market research report has outlined key factors driving this growth, including increasing demand for cleaner energy solutions and the rising utilization of electricity and refined petroleum products, particularly in developing countries.

Natural gas, a versatile and cleaner-burning fuel, is experiencing heightened demand amidst global efforts to reduce carbon emissions. As awareness of environmental issues and climate change rises, industries and consumers alike are transitioning away from carbon-intensive fuels such as coal and oil.

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Key End-Users and Strategies:
Major end-users of natural gas include the electric power, residential, commercial, petrochemical, and pharmaceutical industries. Governments worldwide are implementing strategies to increase the share of clean energy in their energy mix, further bolstering the demand for natural gas.
In the United Arab Emirates (UAE), for example, the Energy Strategy 2050 aims to significantly increase the share of clean energy while reducing carbon emissions from power generation. This highlights natural gas's role as a preferred option for meeting energy needs while minimizing environmental impact.

Market Dynamics:
The report identifies increasing global economic activity, rising electricity consumption, and geopolitical tensions as key drivers of market growth. However, supply disruptions and price volatility pose challenges to market stability.
For instance, geopolitical tensions, such as the 2022 Russian pipeline cutoff to Europe, have led to supply disruptions and price fluctuations, impacting global natural gas demand.

Trends and Investments:

Companies in the natural gas sector are making significant investments in renewable energy sources to ensure sustainable production. Trends include reduced costs and emissions associated with natural gas production, driven by the adoption of renewable technologies such as geothermal, biomass, solar, and wind energy.
Recent investments, such as BP PLC's acquisition of Archaea Energy, highlight the industry's commitment to transitioning towards cleaner energy sources and reducing carbon intensity.

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Market Segmentation:

The report segments the global natural gas market based on type, application, and source. Methane, the primary component of natural gas, dominates the market due to its role in reducing greenhouse gas emissions. The residential segment is expected to witness steady growth, driven by increasing urbanization and energy consumption.
Additionally, the transportation segment is projected to experience significant growth, fueled by rising trading and transportation activities globally.

Outlook:
Looking ahead, the natural gas market is expected to continue its growth trajectory, driven by increasing demand for cleaner energy solutions and strategic investments in renewable technologies. However, challenges such as supply disruptions and geopolitical tensions may impact market dynamics.

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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.

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)
o Methane
o Ethane
o Propane
o Others

• End-Use Outlook (Revenue, USD Trillion; 2019-2032)
o Industrial
1. Cement
2. Food & Beverages (F&B)
3. Metal
4. Power Plants
5. Others
o Electric Power
o Transportation
o Commercial
1. Hotels
2. Hospitals
3. Educational Institutes
4. Government Buildings
5. Others
o Residential
o Others

• Source Outlook (Revenue, USD Trillion; 2019-2032)
o Associated Gas
o Non-Associated Gas
o Unconventional Sources
o Gas
1. Shale Gas
2. Tight Gas
3. Others
o Transfer Mode
1. LNG
2. LPG
3. CNG
4. Others

• Application Outlook (Revenue, USD Trillion; 2019-2032)
o Light Duty Vehicles
o Medium or Heavy Duty Buses
o Medium or Heavy Duty Trucks

• Regional Outlook (Revenue, USD Trillion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Europe
o Germany
1. France
2. UK
3. Italy
4. Spain
5. Benelux
6. Russia
7. Rest of Europe
o Asia Pacific
1. China
2. Japan
3. South Korea
4. India
5. ASEAN Countries
6. Oceania
7. Rest of APAC
o Latin America
1. Brazil
2. Mexico
3. Rest of LATAM
o Middle East & Africa
1. GCC Countries
2. Israel
3. Turkey
4. South Africa
5. Rest of Middle East & Africa

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