The Global Natural Gas Market size is expected to reach USD 739.1 billion by 2028, growing at a CAGR of 4% from 2021 to 2028. Increasing demand for natural gas in the power generation and industrial sectors is projected to drive the growth of this market during the forecast period. Moreover, its wide applicability in various industries such as the chemical industry, household fuel, automotive fuel, and others will boost the demand for it across regions. The residential sector consumes nearly 40% of total natural gas consumption globally.
Natural Gas is a combustible, odorless, colorless gaseous form of hydrocarbons. It has the chemical formula CHN and it consists primarily of methane (CH), ethane (C), and propane (C). Other compounds such as butanes are often also present in small percentages. Natural gas can be found underground either in natural accumulations or trapped within porous rock formations that have been sealed by water pressure which forces them into wells.
On the basis of Types, the market is segmented into Methane, Ethane, Propane, and Others.
Methane is one of the three main hydrocarbons and natural gas. It's a colorless, odorless, non-toxic gas that burns cleanly with no soot or ash. Methane can be found all over the world since it occurs naturally in both animal manure and decomposing plant matter.
The most common form is methane hydrate which accumulates below sediments on the ocean floor because of its low solubility in water (just like ice cubes will not dissolve if left under inches of water). Flammable concentrations also occur in coal beds, especially those containing bituminous coal.
Ethane is a hydrocarbon and the second member of natural gas, which can be separated from other members by fractional distillation. It was first liquefied in 1898 under low-pressure conditions. However, it's heavier than air so its density makes it difficult for this to happen without compressor assistance or some type of heating process that significantly increases the vaporization rate.
Ethane is used as a petrochemical feedstock for the production of ethylene, which has many industrial applications. It's also widely used in chemical reactions such as those involved with gasoline refining and nylon manufacturing. Along with methane (natural gas), it can be converted into liquid fuels like methanol or natural gas liquids that are valuable to transportation industries both on-road and off-road. Ethane could also have potential use as an alternate fuel source because it burns cleaner than other fossil fuels.
Propane is a hydrocarbon and the simplest member of the alkanes. It has three carbon atoms per molecule, with two hydrogen atoms attached to each one. Propane gas can be used as fuel in place of gasoline or diesel for transportation purposes, but it's also commonly used for heating homes during winter months when temperatures drop below 60 degrees Fahrenheit.
Propane gas is used in the manufacturing of plastics, and as a feedstock for industrial chemicals. It's also found in cigarette lighters, where it's stored compressed under pressure before being heated with an electric spark to produce a flame.
On the basis of Application, the market is segmented into Power Generation, Industrial Fuel, Household Fuel, and Automotive Fuel.
Power generation is the largest application of natural gas in terms of consumption. It accounts for about 70% of global demand. Natural gas power plants are an important substitute for coal-fired and nuclear-generating units because they emit less carbon dioxide (CO²) than other fossil fuel or renewable energy sources. The CO² emissions from a natural gas plant, which creates electricity by burning methane, are half that of a comparable coal plant; while a wind farm emits no CO² at all.
The usage of natural gas as fuel has grown steadily over the past decade on account of its abundance, low price relative to petroleum fuels, favorable environmental credentials, and availability across nearly all regions worldwide.
The primary use of natural gas in the industrial fuel sector is for energy production. Natural gas has a high calorific value, which makes it valuable as an alternative or replacement to coal and other fossil fuels. It can be used either on its own or mixed with oil products such as diesel and kerosene to produce heat (thermal) or electricity (electrical).
The use of natural gas in household fuel is increasing rapidly because it can be used directly without the need for extensive changes to house construction, and new houses are being built with systems that allow natural gas service installation. This has led the industry to forecast a near doubling or even tripling of demand by 2028 as compared with today's levels. Natural Gas fuels about 81% of all US homes.
Natural gas can also be utilized for automotive fuel. It is used in a variety of vehicles, from those powered by natural gas to hybrid cars and even traditional gasoline-powered cars that are converted to use the alternate fuel source. The increased availability of natural gas coupled with its lower cost relative to other fuels has led the number of automobiles on American roads fueled by it to grow steadily since 2010.
On the basis of Region, the market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The market in the North American region is expected to lead the global natural gas market by 2028 due to rapidly expanding shale gas production from unconventional sources such as coal bed methane (CBM), tight gas sands, and shale formations. By 2021-2028 this segment is anticipated to grow significantly for various applications like power generation, household fuel, industrial fuel, etc., predominantly driven by demand for cleaner energy alternatives than other fossil fuels like oil or coal.
The growth factors for the global natural gas market include:
Up Market Research published a new report titled “Natural Gas Market research report which is segmented by Types (Methane, Ethane, Propane, Other), By Applications (Power Generation, Industrial Fuel, Household Fuel, Automotive Fuel, Chemical Industry), By Players/Companies BG Group plc, Apache Corporation, Cheniere Energy, ConocoPhillips, Dominion Resources, Kinder Morgan, Qatar Petroleum, Sempra Energy, Veresen Inc., Woodside Petroleum, China National Petroleum, Sinopec Group, CNOOC”.
|Report Attributes||Report Details|
|Report Title||Natural Gas Market Research Report|
|By Type||Methane, Ethane, Propane, Other|
|By Application||Power Generation, Industrial Fuel, Household Fuel, Automotive Fuel, Chemical Industry|
|By Companies||BG Group plc, Apache Corporation, Cheniere Energy, ConocoPhillips, Dominion Resources, Kinder Morgan, Qatar Petroleum, Sempra Energy, Veresen Inc., Woodside Petroleum, China National Petroleum, Sinopec Group, CNOOC|
|Regions Covered||North America, Europe, APAC, Latin America, MEA|
|Historical Year||2018 to 2019 (Data from 2010 can be provided as per availability)|
|Number of Pages||226|
|Number of Tables & Figures||159|
|Customization Available||Yes, the report can be customized as per your need.|
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Type Methane, Ethane, Propane, Other and By Application Power Generation, Industrial Fuel, Household Fuel, Automotive Fuel, Chemical Industry.
Some of the companies that are profiled in this report are:
Natural Gas Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Natural Gas Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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