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Household Natural Gas Distribution Market 2024 - By Key Players, Regional Overview, Opportunities, Challenges And Outlook By 2033
Household Natural Gas Distribution Market
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According to The Business Research Company's, The household natural gas distribution market size has grown strongly in recent years. It will grow from $178.27 billion in 2023 to $189.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to urbanization trends, population growth, energy efficiency concerns, government policies and incentives, consumer preferences.
The household natural gas distribution market size is expected to see strong growth in the next few years. It will grow to $240.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to renewable natural gas integration, smart metering and IoT integration, decentralized energy systems, energy transition initiatives, hydrogen blending. Major trends in the forecast period include advancements in gas storage technologies, technological advancements, transition to renewable natural gas (RNG), demand response programs, infrastructure modernization.
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Market Drivers and Trends:
The rising demand for natural gas is expected to propel the growth of the household natural gas distribution market going forward. Natural gas refers to a naturally occurring mixture of gaseous hydrocarbons, mainly methane but also including a number of other higher alkanes in smaller amounts. In household application, natural gas is used to heat a home and supply the energy source for cooking, clothes drying, and water heating using it with the appropriate appliances. The rise in applications of for natural gas for household purposes will increase the demand for behold natural gas distribution services, and will propel the growth of market. For instance, in November 2022, according to a report shared by the US Energy Information Administration., a US-based government agency, natural gas consumption in the US grew by 3.6% in 2021 compared with 2020. And US natural gas exports established a new record in 2021 with the averaging of 10.5 billion cubic feet per day. Further, in 2021, the US used about 30.66 trillion cubic feet (TCF) of natural gas. These numbers are expected to rise in the future. Therefore, the rising demand for natural gas is driving the growth of the household natural gas distribution market.
Product innovation is a key trend gaining popularity in the household natural gas distribution market. Major companies operating in household natural gas distribution are focused on developing innovative solutions to strengthen their position in the market. For instance, in December 2022, ABB Ltd., a Switzerland-based automation company, launched the Sensi+ technological product for natural gas quality monitoring. This new solution simplifies and reduces the cost of pipeline operation and maintenance. It enables safer, easier, and more efficient pipeline monitoring and operations through a single device that can analyze up to three contaminants in any natural gas stream accurately and in real time and that provides experts with actions and insights directly from the device. Capabilities include built-in self-diagnostics, automated laser line-locking, and real-time cross-interference compensation, which will help natural gas pipeline operators.
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Major Key Players of the Market:
Saudi Arabian Oil Group, China Petroleum & Chemical Corporation, PetroChina Company Limited, ExxonMobil Corporation, China National Petroleum Corporation, Royal Dutch Shell plc, TotalEnergies SE, Chevron Corporation, BP plc, Eni S.p.A, PJSC Rosneft Oil Company, PJSC Gazprom, ConocoPhillips Company, Suncor Energy Inc., Oil and Natural Gas Corporation, PJSC Lukoil Oil Company, Centrica plc, Tokyo Gas Co. Ltd., Osaka Gas Co. Ltd., Sempra Energy, Williams Companies Inc., Southwest Gas Corporation, Atmos Energy Corporation, New Jersey Resources Corporation, South Jersey Industries Inc., ONE Gas Inc., WGL Holdings Inc., National Fuel Gas Company, Spire Inc., Chesapeake Utilities Corporation, UGI Corporation, Northwest Natural Holding Company, CentralPoint Energy Inc
Household Natural Gas Distribution Market 2024 Key Insights:
• The household natural gas distribution market size is expected to see strong growth in the next few years. It will grow to $240.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Surging Demand For Natural Gas Propels Growth In Household Distribution Services Market
• Innovative Gas Quality Monitoring Technology Redefines Efficiency In Household Natural Gas Distribution
• Asia-Pacific was the largest region in the household natural gas distribution market in 2023
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