PUBLISHER: Allied Market Research | PRODUCT CODE: 1193027
PUBLISHER: Allied Market Research | PRODUCT CODE: 1193027
The global natural gas market was valued at $300.4 trillion in 2021, and is projected to reach $424.7 trillion by 2031, growing at a CAGR of 3.4% from 2022 to 2031.
Natural gas is a mixture of gaseous hydrocarbons that commonly occurs in deep underground reservoirs of porous rocks encased in impervious strata. It is a combination of various hydrocarbons such as methane, ethane, propane, butane, pentane, and other impurities including hydrogen sulfide, carbon dioxide, nitrogen, and water. Natural gas finds a wide range of applications in the field of industrial, residential, commercial, and other applications. However, natural gas burns cleanly and produces fewer potentially dangerous byproducts in the air compared to other fossil fuels.
The increase in infrastructural developments, interdependencies on electricity and gas, as well as the rise in transportation worldwide, along with the growing food industry, metallurgic industry, etc. across the globe are the major drivers that boost the growth of the global natural gas market. Suge in significant investment by major players in industrial facilities is projected to drive the growth of the natural gas market in the coming years. Moreover, government initiatives & investments toward different industrial projects and the power generation industries are expected to create opportunities for key players that operate in the market during the forecast period.
The natural gas market is segmented based on type, application, and region. By type, the market is classified into methane, ethane, propane, and others. By application, it is divided into industrial, electric power, transport, residential, commercial, and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America Middle East & Africa).
The global natural gas market covers in-depth information about the participants of the major natural gas industry. Some major natural gas market players include Royal Dutch Shell Plc, Exxon Mobil, Gazprom Neft, Chevron Corporation, Total, Statoil, Lukoil, British Petroleum, and others.
Other players that operate in the value chain of the global natural gas market include Oil and Natural Gas Corporation, Black Diamond Energy Inc., G3 Exploration, IGas Energy, China National Offshore Oil Company, China National Petroleum Corporation, BP PLC, TLOU Energy Ltd, and others.
Key players have adopted numerous strategies such as product launches, agreements, partnerships, acquisitions, and business expansion to stay competitive in the natural gas market.
The natural gas market is analyzed and estimated by the impacts of drivers, restraints, and opportunities. The period studied in this report is 2021-2031. The report includes a study of the natural gas market concerning growth prospects and restraints based on regional analysis. The study includes Porter's five forces analysis of the industry to determine the impact of suppliers, competitors, new entrants, substitutes, and buyers on the market growth.
Key Benefits For Stakeholders
By Type
By Application
By Region