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Industrial And Commercial Natural Gas Distribution Market Insights, Demand, and Forecast to 2033
Industrial And Commercial Natural Gas Distribution Market Insights
According to The Business Research Company's, The industrial and commercial natural gas distribution market size has grown strongly in recent years. It will grow from $812.85 billion in 2023 to $882.52 billion in 2024 at a compound annual growth rate (CAGR) of 8.6%. The growth in the historic period can be attributed to economic growth, energy diversification strategies, expansion of gas pipeline infrastructure, government incentives and policies, environmental regulations.
The industrial and commercial natural gas distribution market size is expected to see strongly grown in the next few years. It will grow to $1206.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%. The growth in the forecast period can be attributed to transition to low-carbon economy, shale gas and lng developments, rise of distributed energy resources, increased adoption of cogeneration systems, hydrogen production from natural gas. Major trends in the forecast period include digitalization and smart gas networks, innovation in gas storage technologies, technological advancements in gas equipment, renewable natural gas (rng) adoption, carbon capture and storage (ccs) integration.
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Market Drivers and Trends:
The growth in the industrial and commercial natural gas distribution market is due to the higher disposable income, and rising demand from commercial customers. The rising demand from commercial customers is expected to propel the growth of the industrial and commercial natural gas distribution market going forward. A commercial customer means a customer who performs or produces a service or product which is a source of revenue to the customer. Commercial customers use natural gas for the household purposes such as cooking and operating refrigeration and cooling equipment. For instance, according to the U.S electricity information administration, a US-based government agency, In the year 2021, commercial usage accounted for about 11% of total U.S. natural gas consumption, and natural gas sources for about 19%. Therefore, rising demand from commercial customers is driving the growth of the natural gas distribution market.
The establishment of new city gas distribution plants is the key trend gaining popularity in the industrial and commercial natural gas distribution market. Major companies operating in the market are introducing gas distribution plants in every city to sustain their position in the market. For instance, in January 2022, Bharat Petroleum Corporation Ltd (BPCL), an India-based petrol and gas distribution company, launched city gas distribution networks in 6 cities throughout India which helps in the easy supply of natural gas. Bharat Petroleum invested INR 10000 cores in developing this project.
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Major Key Players of the Market:
Gas Natural Sdg SA; Ultrapar Participacoes SA; Air Liquide SA; Korea Gas Corp.; Sempra Energy; National Grid plc; Dominion Energy Inc.; Enbridge Inc.; Southern Company Gas; Atmos Energy Corporation; ONEOK Inc.; CenterPoint Energy Inc.; DTE Energy Company; Xcel Energy Inc.; Duke Energy Company; Southwest Gas Holdings Inc.; Spire Inc.; New Jersey Resources Corporation; Northwest Natural Holding Company; South Jersey Industries Inc.; Eversource Energy; Chesapeake Utilities Corporation; Black Hills Corporation; AltaGas Ltd.; Emera Incorporated; Connecticut Natural Gas Corporation.; Avista Corporation; MDU Resources Group Inc.; Summit Utilities Inc.; UGI Utilities Inc.
Industrial And Commercial Natural Gas Distribution Market 2024 Key Insights:
• The industrial and commercial natural gas distribution market size will grow to $1206.29 billion in 2028 at a compound annual growth rate (CAGR) of 8.1%.
• Rising Commercial Demand Drives The Industrial And Commercial Natural Gas Distribution Market
• Establishment Of New City Gas Distribution Plants
• Asia-Pacific was the largest region in the industrial and commercial natural gas distribution market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide."
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