The Natural Gas Market Is Estimated To Reach $1.37 Trillion By 2027 At A CAGR Of 7.5% – Includes Natural Gas Market Overview
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
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 are expected to drive innovation in natural gas manufacturing, thus driving the market during the forecast period.
The global natural gas market is expected to grow from $0.95 trillion in 2022 to $1.02 trillion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The natural gas market size is expected to grow from $1.37 trillion in 2027 at a CAGR of 7.5%.
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Global Natural Gas Market Segments Include:
- By Type: Transport, Industrial, Electric Power, and Other Types
- By Source: Associated Gas, Non Associated Gas, Unconventional Sources
- By End User: Light Duty Vehicles, Medium Or Heavy Duty Buses, Medium Or Heavy Duty Trucks
- By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global natural gas market in 2021.
Major Market Players in the natural gas market include PetroChina Co. Ltd., Husky Energy Inc., NGL Energy Partners LP, Devon Energy Corp, and VNG – Verbundnetz Gas Aktiengesellschaft.
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.
The Natural Gas Global Market Report 2023 provides a natural gas market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The natural gas market forecast analyzes natural gas market size, natural gas market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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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