According to a new report published by Allied Market Research, titled, “Natural Gas Market,” The natural gas market size 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 primarily composed of methane, which accounts for approximately 90% of its makeup, along with smaller quantities of other hydrocarbons such as ethane, propane, and additional compounds. It also contains trace amounts of nitrogen, hydrogen sulfide, helium, carbon dioxide, and other gases.
Natural gas has proven to be highly valuable across both commercial and residential sectors, driving robust growth in the global natural gas market. Its versatility and benefits include applications in heating, industrial processes, and electricity generation. To boost global sales and market reach, natural gas producers are actively expanding their distribution networks through strategic partnerships, increased investments, and various growth initiatives.
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The global natural gas market is experiencing significant growth driven by several key factors. Rising demand from residential consumers, rapid expansion of smart city infrastructure, and increased investments aimed at upgrading aging government facilities are major contributors to this upward trend.
Additionally, the transportation sector is increasingly adopting natural gas as a vehicle fuel, particularly in trucks and other commercial vehicles, further boosting market demand. Other important applications span across agriculture, food and beverage industries, where natural gas serves as a crucial energy source in the manufacturing of plastics, fertilizers, fabrics, and various other products.
The growth of the electric power industry, particularly with the expansion of power stations in countries like China and the United States, also fuels demand for natural gas. It plays a vital role in electricity generation, transmission, and distribution. For instance, in 2021, the U.S. retail electricity sales reached USD 424.3 billion, reflecting an 8% year-over-year increase from USD 401 billion in 2019 and USD 406.4 billion in 2018.
However, the market faces some challenges, such as the relatively low energy density and volatility of natural gas, which may restrain growth to some extent. On the upside, increased downstream investments by major producers are expected to open new growth opportunities for key players in the sector.
Among natural gas types, methane dominates the market, accounting for approximately 94% of the share in 2021. This dominance is largely due to its widespread use across various end-user sectors, including households, nursing homes, and hotels. Natural gas remains a preferred fuel for cooking and heating purposes, which is expected to sustain demand and support market growth in the coming years.
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The natural gas market analysis covers in-depth information on the major natural gas industry participants. The report profiled key players that operate in the market, including ConocoPhillips, Chevron Corporation, Exxon Mobil Corporation, Eni, General Electric, GAZPROM NEFT PJSC, Lukoil, Occidental Petroleum Corporation, Royal Dutch Shell Plc, and Total SE.
Other players that operate in the value chain of the global natural gas market include China National Petroleum (CNPC), Saudi Arabian Oil Co, BP, Rosneft Oil Co., Cabot, Range Resources, Ascent Resources Utica Holdings, Chesapeake, EQT, CNX Resources, Gulfport Energy, Devon Energy, Anadarko, EOG Resources, Ultra Petroleum, etc.
The report provides a detailed analysis of these key players in the global natural gas industry. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
Key findings
- In 2021, the methane segment accounted for about 90% of the share in the global natural gas market and is expected to maintain its dominance till the end of the forecast period.
- In 2021, the industrial segment accounted for 37.32% global natural gas market share in the year 2021 and is anticipated to grow at a rate of 3.9% in terms of revenue, increasing its share in the global natural gas market.
- Industrial sector is also the fastest-growing application segment in the global natural gas market forecast for 2022-2031 with a CAGR of 3.9%.
- North America is expected to grow at the fastest rate, registering a CAGR of 3.9%, throughout the forecast period.
- In 2021, Europe dominated the global natural gas market with more than 37.0% of the share, in terms of revenue.
