Press release
Global Natural Gas Market Expansion at 7.2% CAGR, Valued at $1951.63 Billion by 2029
Natural Gas Market
What Are the Natural Gas Market Size Forecast for 2025?
The size of the natural gas market has significantly expanded in the past few years. The market worth is predicted to rise from $1384.33 billion in 2024 to $1478.66 billion in 2025, with a compound annual growth rate (CAGR) of 6.8%. The surge in growth during the historic period can be credited to factors like electricity generation, industrial use, heating for residential and commercial purposes, fuel for transportation, and increasing demand in emerging markets.
What Is the Market Size Outlook for Natural Gas Until 2029?
The market size of natural gas is predicted to experience pronounced growth in the forthcoming years. It is forecasted to reach a value of $1951.63 billion by 2029, with a compound annual growth rate (CAGR) of 7.2%. The predicted increase during the forecasting stage can be linked to the accelerated shift towards cleaner energy sources, industrial sector development, power generation ramp-up, improved infrastructure, and worldwide economic patterns. Key trends throughout the forecast timeframe include global progression in gas transportation infrastructure, escalating use of natural gas for industrial applications, usage of natural gas within the transportation industry, market dynamics formulated by shale gas production, and integration of renewable natural gas (RNG).
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What Are the Major Factors Driving Demand in the Natural Gas Market?
The natural gas market is experiencing growth due to the rise in global economic activity, increased electricity consumption, and the use of refined petroleum in emerging nations, all of which are expected to boost the market in the future. The expected increase in the application in the electric power sector is anticipated to further stimulate the growth of the natural gas market. The electric power sector refers to facilities that offer services encompassing electricity generation, transmission, and distribution. Natural gas is employed in steam and gas turbines for the generation of electricity, providing a less expensive means of electricity production. For example, the demand for gas globally is predicted to increase by over 2.5% in 2024. Consequently, the heightened use in the electric power sector is contributing to the expansion of the natural gas market.
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How Are End-Use Segments Shaping the Natural Gas Market Outlook?
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
What Are the Strategic Trends Transforming the Natural Gas Market Landscape?
Companies involved in extracting crude oil and natural gas are significantly investing in green energy for a more eco-friendly extraction process from oil fields. The production of crude oil and natural gas requires high energy, hence the adoption of renewables such as solar, wind, biomass, and geothermal. These technologies not only reduce costs but also limit the emission, making this a key trend in the worldwide natural gas market.
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Who Are the Prominent Companies in the Natural Gas Market by ?
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
Which Region Is Expected to See the Highest CAGR in 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.
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