What is the current size and annual growth rate of the natural gas market?
The natural gas market size has grown strongly in recent years. It will grow from $1160.38 billion in 2024 to $1262.5 billion in 2025 at a compound annual growth rate (CAGR) of 8.8%. 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 $1670.84 billion in 2029 at a compound annual growth rate (CAGR) of 7.3%. The growth in the forecast period can be attributed to the 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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Which industry factors have accelerated the natural gas market’s expansion?
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, global gas demand is forecast to rise by more than 2.5% in 2024 . Therefore, an increase in usage of the electric power sector is driving the growth of the natural gas market.
What are the primary segments of the natural gas market?
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
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Which firms are leading the natural gas market?
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 market trends are set to define the future of the natural gas market?
Crude oil and natural gas extraction companies are making significant investments in renewable sources of power for the sustainable extraction of crude oil and natural gas from oil fields. Crude oil and natural gas production are energy-intensive and renewable technologies like solar, wind, biomass, and geothermal are being used in producing crude oil and natural gas at lower costs and lower emissions, which are the major trends witnessed in the global natural gas market.
Which geographic trends are shaping the natural gas market, and which region has the highest market share?
The countries covered in the natural gas market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa.
What Does The Natural Gas Market Report 2025 Offer?
The natural gas market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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