Natural Gas Market Industry Analysis 2024: Market Size, Share, and Growth Insights

Overview and Scope
Natural gas refers to a natural mixture of gaseous hydrocarbons consisting of methane in addition to various smaller amounts of other higher alkanes. In combined heat and power systems, natural gas is used as a fuel. It is also used for heating and generating electricity.

Sizing and Forecast
The natural gas market size has grown strongly in recent years. It will grow from $1029.88 billion in 2023 to $1127.09 billion in 2024 at a compound annual growth rate (CAGR) of 9.4%.  The  growth in the historic period can be attributed to electricity generation, industrial applications, residential and commercial heating, transportation fuel, emerging market demand.

The natural gas market size is expected to see strong growth in the next few years. It will grow to $1518.88 billion in 2028 at a compound annual growth rate (CAGR) of 7.7%.  The growth in the forecast period can be attributed to growing transition to cleaner energy, industrial sector growth, power generation expansion, infrastructure development, global economic trends. Major trends in the forecast period include global infrastructure development for gas transport, increasing use of natural gas in industrial processes, natural gas in transportation sector, market dynamics shaped by shale gas production, integration of renewable natural gas (rng).

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Segmentation & Regional Insights
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

Asia-Pacific was the largest region in the natural gas market in 2023. 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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Major Driver Impacting Market Growth
The growth in the natural gas market is due to increased global economic activity, an increase in usage of electricity, and refined petroleum from developing nations is expected to drive the market in the future. An increase in the usage of the electric power sector is expected to propel the growth of the natural gas market going forward. The electric power sector refers to electricity plants that provide services through electricity generation, transmission, and distribution. Natural gas is used in steam turbines and gas turbines to generate electricity. This is used to generate electricity for a cheaper cost. For instance, according to the U.S electricity information administration, a US-based government agency, in the year 2021, the United States used about 30.28 trillion cubic feet (Tcf) of natural gas which is about 37% of total natural gas used for the generation of electricity. This is used to cover 32% of the total electricity used in the US. Therefore, an increase in usage of the electric power sector is driving the growth of the natural gas market.

Key Industry Players
Major companies operating in the natural gas market report are 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

The natural gas market report table of contents includes:

1. Executive Summary
2. Natural Gas Market Report Structure
3. Natural Gas Market Trends And Strategies
4. Natural Gas Market – Macro Economic Scenario
5. Natural Gas Market Size And Growth
…..
27. Natural Gas Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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