2024-2033 Natural Gas Market Outlook: Unlocking Growth Potential
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What is the Anticipated CAGR of the Natural Gas Market Over the 2024-2033 Forecast Period?
The scale of the natural gas market has considerably expanded in the past few years. It’s predicted to advance from $1029.88 billion in 2023, escalating to $1127.09 billion in 2024, with a compound annual growth rate (CAGR) of 9.4%. The growth experienced in the historical period is linked to factors such as power generation, industrial applications, residential and commercial heating requirements, transportation fuel, and the burgeoning demand in emerging markets.
There is an anticipation for robust expansion in the natural gas market size over the next few years. The market is set to escalate to $1518.88 billion in 2028, with a compound annual growth rate (CAGR) of 7.7%. The projected growth during the forecast period is due to factors such as the increased transition to cleaner energy sources, the expansion of the industrial sector, development in power generation, infrastructure progression, and worldwide economic trends. Significant trends for the projection period include the global construction of gas transport infrastructure, a rise in the utilization of natural gas in industrial operations, the application of natural gas in the transport sector, market dynamics influenced by shale gas production, and the incorporation of renewable natural gas (rng).
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What Are the Driving Forces Behind the Growth of the natural gas Market?
The burgeoning development in the natural gas sector can be ascribed to increased global economic activities, coupled with an escalation in electricity usage and refined petroleum intake from burgeoning nations; these are all predicted to fuel the market’s growth in the future. Projected increases in the function of the electric power sector, which includes power plants that generate, transmit, and distribute electricity, will act as a driving force for the natural gas market. Natural gas is deployed in steam and gas turbines to produce electricity at a nominal cost. For example, in 2021, as per the U.S electricity information administration, the United States expended approximately 30.28 trillion cubic feet (Tcf) of natural gas, equating to 37% of the total natural gas used for electric power generation. This met 32% of the total electricity demand in the country. Therefore, the expansion of the electric power sector is instrumental in driving the growth in the natural gas market.
What Are the Core Segments of the Natural Gas Market?
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
What Are the Key Innovations Reshaping the Natural Gas Market?
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What Regions Are Influencing the Dynamics of the Natural Gas Market?
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.
The Natural Gas Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the natural gas market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Natural Gas Market Include
1. Natural Gas Market Executive Summary
2. Natural Gas Market Segments
3. Natural Gas Market Size And Template Market Growth Rate
4. Key Natural Gas Market Trends
5. Major Natural Gas Market Drivers
……
25. Key Mergers And Acquisitions In The Natural Gas Market
26. Top Natural Gas Companies
27. Natural Gas Market Opportunities And Strategies
28. Natural Gas Market, Conclusions And Recommendations
29. Appendix
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