Press release
Top Factor Driving Natural Gas Market Growth in 2025: Economic Expansion And Rising Electricity Demand Fuel Growth In The Natural Gas Market
Natural Gas
The expansion of the natural gas market can be attributed to the escalation of international economic activities, a surge in electricity consumption, and a higher demand for refined petroleum from emerging economies. These factors are anticipated to significantly influence the market's future trajectory. The growth of the natural gas market is also likely to be spurred by an increase in the demand from the electric power sector. This sector comprises electricity plants that ensure the generation, transmission, and distribution of power. Natural gas is commonly used in both steam turbines and gas turbines to produce electricity. This remains a more cost-effective approach to electricity production. For example, the global demand for gas is projected to witness an increase of over 2.5% by 2024. Consequently, the upsurge in the utilization of the electric power sector is acting as a crucial factor in driving the growth of the natural gas market.
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What is the projected compound annual growth rate (CAGR) of the natural gas market from 2025 to 2034, and what factors influence it?
The size of the natural gas market has witnessed robust growth in recent years. It is expected to expand from $1160.38 billion in 2024 to $1262.5 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.8%. The previous growth can be credited to factors such as power generation, industrial uses, heating in households and businesses, fuel for transportation, and rising demand in emerging markets.
With a forecast for robust expansion in the coming years, the natural gas market is predicted to reach a valuation of $1670.84 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.3%. This projected growth can be attributed to factors like the increasing adoption of cleaner energy, industrial growth, power generation scaling up, infrastructure progression, and worldwide economic trends. Among the standout trends during this forecast period include the worldwide gas transport infrastructure development, the escalating utilization of natural gas within industrial operations, the use of natural gas within the transportation sector, market dynamics being moulded by the production of shale gas, and the integration of renewable natural gas (RNG).
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How are the latest trends influencing the growth of the natural gas market?
Firms involved in the extraction of crude oil and natural gas are heavily investing in renewable energy sources to ensure more sustainable oil and gas extraction processes. Crude oil and natural gas production demands high amounts of energy, prompting the use of renewable technologies such as solar, wind, biomass, and geothermal energy. These not only reduce costs but also decrease emissions, representing the primary trends observed in the worldwide natural gas marketplace.
What are the major segments of the natural gas market and their role in driving growth?
The natural gas market covered in this report is segmented -
1) By Type: Transport, Industrial, Electric Power, and Other Types
2) By Source: Associated Gas, Non Associated Gas, Unconventional Sources
3) By End User: Light Duty Vehicles, Medium Or Heavy Duty Buses, Medium Or Heavy Duty Trucks
Subsegments:
1) By Transport: Compressed Natural Gas (CNG), Liquefied Natural Gas (LNG), Natural Gas Vehicles (NGVs)
2) By Industrial: Natural Gas for Manufacturing Processes, Natural Gas for Chemical Production, Natural Gas for Heating and Power
3) By Electric Power: Natural Gas Power Plants, Combined Cycle Gas Turbine (CCGT) Power Plants, Natural Gas for Grid Stability
4) By Other Types: Residential Use (Heating, Cooking), Natural Gas for Agriculture (Fertilizers, Heating Greenhouses), Natural Gas as Feedstock in Various Industries
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Which regions are key players in the growth of the natural gas market?
Asia-Pacific was the largest region in the natural gas market in 2024. The regions covered in the natural gas market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the natural gas market?
Major companies operating in the natural gas market include Sinopec Group, China National Petroleum Company, Exxon Mobil Corporation, PetroChina Co. Ltd., Royal Dutch Shell plc, TotalEnergies SE, Chevron Corporation, Equinor ASA, Gazprom, Eni S.p.A., LUKOIL Lubricants company, Petroleo Brasileiro S.A., Rosneft Oil Company, ConocoPhillips, VNG AG, Occidental Petroleum Corporation, Pioneer Natural Resources Company, Novatek OAO, Devon Energy Corp, Woodside Energy Ltd., Southwestern Energy Company, BP p.l.c., Origin Energy Ltd., NGL Energy Partners LP, Santos Ltd., EQT Corporation, Antero Resources Corporation, Chesapeake Energy Corporation, Range Resources Corporation, Husky Energy Inc., Ascent Resources Upstream LLC, Tellurian Inc., Viper Energy Partners LP, W&T Offshore Holdings LLC
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What Is Covered In The Natural Gas Global Market Report?
•Market Size Forecast: Examine the natural gas market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the natural gas market for a structured understanding.
•Key Players Overview: Analyze major players in the natural gas market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the natural gas market.
•Segment Contributions: Evaluate how different segments drive overall growth in the natural gas market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the natural gas market.
•Industry Challenges: Identify potential risks and obstacles affecting the natural gas market.
•Competitive Landscape: Review strategic developments in the natural gas market, including expansions, agreements, and new product launches.
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