Press release
Rising Demand for Sustainable Energy Solutions Drives Growth in Global Natural Gas Market
Natural Gas Market
Natural gas has a broad range of applications across sectors, including electric power generation, residential, commercial, and industrial uses. For example, the UAE's Energy Strategy 2050 aims to increase clean energy's share in its energy mix from 25% to 50% by 2050, while also reducing carbon emissions by 70% in power generation. The shift to natural gas enables countries to meet energy needs while minimizing environmental impact.
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Key Market Drivers
The natural gas market's expansion is also bolstered by increasing global economic activity and rising energy consumption. Natural gas is heavily utilized in electricity plants, where it fuels gas and steam turbines to reduce electricity production costs. In the U.S. alone, about 37% of the natural gas used in 2021 was for electricity generation, accounting for 32% of the country's total electricity consumption, as reported by the U.S. Energy Information Administration.
Market Challenges
Despite its growth, the natural gas market faces challenges related to supply chain disruptions, particularly in key supply regions affected by geopolitical tensions. Uncertainties in supply, price fluctuations, and the potential impact of conflicts pose risks to the market's stability. For instance, Europe experienced a significant impact from the 2022 Russian pipeline cutoff, which led to high spot prices and reduced demand.
Emerging Market Trends
Energy companies are making significant investments in renewable energy sources to ensure long-term energy sustainability. Natural gas and crude oil extraction processes are adopting renewable technologies like solar, wind, and geothermal to lower costs and reduce emissions. Notably, BP's acquisition of Archaea Energy in 2022 for $3.3 billion highlights the growing importance of bioenergy. This strategic move positions BP to support decarbonization and reduce the carbon intensity of its energy offerings, marking a major step forward in the company's commitment to sustainability.
Segment Insights
Within the natural gas market, methane holds the largest share due to its role as a potent greenhouse gas (GHG). Efforts are underway to mitigate methane emissions, as seen in the Global Methane Pledge (GMP), which was initiated in 2021 by world leaders to cut methane emissions by 30% by 2030. Supported by over 150 countries, the GMP emphasizes the rapid reduction of methane emissions to lessen the global warming potential quickly.
The residential segment of natural gas consumption is witnessing robust growth, driven by urbanization and increasing energy demand. In 2022, the U.S. residential sector was expected to account for 15% of total natural gas use, with natural gas providing about 42% of the energy consumed by U.S. households. Similarly, the transportation sector is seeing a significant uptake of natural gas due to expanded global trade and transport activities. In 2022, the transportation industry contributed about 4% of total U.S. natural gas consumption, with most of it used to power compressors for gas distribution.
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Sources of Natural Gas
The market is further segmented by source, with unconventional sources expected to dominate during the forecast period. As countries aim to reduce dependency on imports, focus has increased on utilizing local unconventional gas reserves. For example, Oman is a frontrunner in the Gulf region's push toward unconventional gas production. Globally, about 420 trillion cubic meters of natural gas reserves are estimated to be theoretically recoverable, with unconventional sources such as coalbed methane, tight gas, and shale gas representing a substantial portion of this volume.
With ongoing global shifts towards sustainable and renewable energy, the natural gas market is poised to maintain steady growth, fulfilling rising energy demands while addressing environmental considerations.
Natural Gas Top 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
Natural Gas Latest Industry Updates
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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Natural Gas Market Segmentation Analysis
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
Cement
Food & Beverages (F&B)
Metal
Power Plants
Others
Electric Power
Transportation
Commercial
Hotels
Hospitals
Educational Institutes
Government Buildings
Others
Residential
Others
Source Outlook (Revenue, USD Trillion; 2019-2032)
Associated Gas
Non-Associated Gas
Unconventional Sources
Gas
Shale Gas
Tight Gas
Others
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
U.S.
Canada
Europe
Germany
France
UK
Italy
Spain
Benelux
Russia
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
ASEAN Countries
Oceania
Rest of APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East & Africa
GCC Countries
Israel
Turkey
South Africa
Rest of Middle East & Africa
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A Journey Through Market Analysis: Exploring Related Reports
Natural Gas Market Size @ https://www.emergenresearch.com/industry-report/natural-gas-market/market-size
Natural Gas Market Share @ https://www.emergenresearch.com/industry-report/natural-gas-market/market-share
Natural Gas Market Trends @ https://www.emergenresearch.com/industry-report/natural-gas-market/market-trends
Natural Gas Regional Market Demand @ https://www.emergenresearch.com/industry-report/natural-gas-market/regional-market-demand
Natural Gas Market Analysis @ https://www.emergenresearch.com/industry-report/natural-gas-market/market-analysis
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Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyse consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.
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