Natural Gas Market is expected to grow at a CAGR of 7.9% through 2030F
The global Natural Gas Market is
expected to be led by North America, driven by Pricing Volatility and Energy
Transition during the forecast period 2026-2030F
According to TechSci Research
report, “Natural Gas Market
- Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2030F, The Global Natural Gas Market was valued at USD 1.2
trillion in 2024 and is expected to reach USD 1.9 trillion by 2030 with a CAGR
of 7.9% through 2030. One significant
factor is the increasing global energy demand, particularly in developing
economies. As nations in Asia, Africa, and Latin America experience rapid
industrialization and urbanization, the demand for energy continues to rise,
and natural gas is often the preferred choice due to its abundance and lower
emissions compared to other fossil fuels.
Another
important driver is the advancement in exploration and production technologies.
Innovations in horizontal drilling and hydraulic fracturing (fracking) have
unlocked previously inaccessible shale gas reserves, significantly boosting
natural gas supply, particularly in North America. This has led to greater
production efficiency and lower production costs, making natural gas more
competitive in the global market. Furthermore,
the growing shift toward natural gas in the power sector is a significant
driver. As countries work to reduce their carbon footprints and meet
international climate targets, natural gas offers a cleaner alternative to coal
for power generation. It is seen as a transition fuel in the journey toward
renewable energy, offering flexibility in grid management and lower greenhouse
gas emissions, which supports its growing adoption worldwide. These factors
collectively contribute to the continued expansion of the natural gas market.
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Based on Type, Piped Natural Gas segment
dominated the Natural Gas Market in 2024 and maintain its leadership throughout
the forecast period, due to its established infrastructure and reliability as a
primary method for transporting natural gas. PNG is widely used in residential,
industrial, and commercial sectors, making it a vital component in energy
distribution. The ability to provide a continuous and stable supply of natural
gas has made it the preferred option for many consumers, especially in urban
areas where pipeline networks are readily available. The infrastructure for PNG
has been in place for several decades, with many countries, particularly in
North America, Europe, and parts of Asia, investing heavily in expanding and
modernizing their pipeline networks to ensure efficient transportation and
reduce the risk of supply disruptions.
One of the major drivers of PNG’s
dominance is the cost-effectiveness and safety it offers compared to other
transportation methods, such as liquefied natural gas (LNG) or compressed
natural gas (CNG). Unlike LNG, which requires liquefaction and regasification
processes, and CNG, which requires pressurized storage, piped natural gas is
delivered in its gaseous state through an extensive network of pipelines,
making it a more efficient and economical solution for both consumers and
suppliers. This is especially true for areas that are located near natural gas
reserves or distribution hubs, where the cost of transporting natural gas
through pipelines is relatively low.
Moreover, PNG has become increasingly
important in the power generation and industrial sectors, where it serves as a
cleaner alternative to coal and oil. Many countries are transitioning to
natural gas as a fuel source for power plants to reduce carbon emissions and
meet environmental targets. Piped natural gas is also crucial for industries
that rely on a consistent and uninterrupted supply of energy for their
operations, such as chemical manufacturing, cement production, and steel mills.
The growing demand for natural gas as a cleaner, more reliable source of energy
has led to increased investments in pipeline infrastructure, further cementing
the dominance of the PNG segment.
In addition, government policies and
regulations promoting natural gas as a transition fuel toward cleaner energy
have supported the growth of the PNG segment. Incentives and subsidies for
natural gas infrastructure development, along with stricter emissions
regulations for traditional fossil fuels, have encouraged both private and
public investments in piped natural gas systems. As the global push for energy
efficiency and sustainability continues, the Piped Natural Gas segment is
expected to maintain its leading position in the natural gas market, supported
by its established infrastructure, economic benefits, and growing demand across
various sectors.
Asia Pacific is emerging as the
fastest-growing region for the Natural Gas Market, driven by a combination of
economic growth, industrialization, and increasing energy demand. Countries
like China, India, Japan, and South Korea are witnessing a surge in natural gas
consumption due to their expanding populations and industrial sectors. The
region is also prioritizing natural gas as a cleaner alternative to coal and
oil, in line with global efforts to reduce carbon emissions and address
environmental concerns. As these countries aim to meet their energy needs while
also transitioning to more sustainable energy sources, natural gas offers a
reliable, lower-emission solution for power generation, heating, and industrial
processes.
Additionally, the Asia Pacific region is
investing heavily in the infrastructure necessary to support natural gas
distribution, such as liquefied natural gas (LNG) terminals, pipeline networks,
and storage facilities. This development facilitates greater access to natural
gas, enhancing supply security and reducing dependence on traditional energy
sources. The growing demand for LNG in the region has spurred trade and
partnerships with natural gas-rich countries, further boosting the market. As
urbanization accelerates and more industries shift towards cleaner energy, Asia
Pacific is set to continue leading the way in natural gas consumption, marking
it as a key driver in the global market.
Key market players in the Natural Gas
Market are: -
- Exxon Mobil Corporation
- Royal Dutch Shell plc
- Chevron Corporation
- BP p.l.c.
- TotalEnergies SE
- Gazprom PJSC
- ConocoPhillips
- Eni S.p.A.
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“The global natural gas market presents
significant opportunities driven by the increasing demand for cleaner energy
solutions and the transition to lower-carbon fuels. As industries and power
generation sectors shift from coal to natural gas for reduced emissions, there
is growing potential for investment in infrastructure such as LNG terminals,
pipelines, and storage facilities. Emerging markets, particularly in Asia
Pacific and Africa, offer opportunities for expansion due to rapid urbanization
and industrialization. Additionally, the rise of natural gas vehicles (NGVs)
presents a new avenue for growth, while technological advancements in
extraction methods continue to improve efficiency and reduce costs.” said Mr.
Karan Chechi, Research Director of TechSci Research, a research-based global
management consulting firm.
“Natural Gas Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Type (Compressed Natural Gas, Piped Natural Gas, Liquified Petroleum Gas), By Application (Industrial, Electric Power, Transportation, Residential, Commercial, Others), By Region & Competition, 2020-2030F” has evaluated the future
growth potential of Natural Gas Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers
take sound investment decisions. Besides the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Natural Gas Market.
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