India Natural Gas Market to be dominated by Piped Natural Gas (PNG) Segment in the forecast period
Growing environmental concerns
and favorable government initiatives are driving the India Natural Gas Market
According to TechSci Research
report, “India Natural Gas Market- By Region, Competition Forecast &
Opportunities, 2029,” the India Natural Gas Market is predicted to
grow during the forecast period due to government initiatives, which are
boosting its investments in LNG terminals and oil and gas pipelines as a result
of the rise in gas imports. As a result, the market is anticipated to be driven
by rising investments. The estimated reserves of natural gas in India
as of 1 April 2021 was 1,372.62 BCM, increasing by 0.52% from the previous
year. The largest reserves of natural gas are in the Eastern Offshore (40.6%)
and the Western Offshore (23.7%).
Due to several causes, including
growing concerns about carbon emissions along with the nation's burgeoning
output and infrastructural development, the demand for natural gas is rapidly
rising in India. Power generation, transportation, residential fuel, and fertilizers
are the main natural gas application sectors in India. It is anticipated that
demand from these sectors would continue to be strong during the next five
years and natural gas consumption would rise in the nation as a result of
advantages like cost-effectiveness, clean burning, and operational safety
compared to other traditional fuels.
According to proposals
authorized by the Board of Indian Oil Corporation Limited (IOCL), in March
2022, the building of the City Gas Distribution (CGD) network in 9 geographical
areas (GAs) will cost INR 7,282 crore (USD 932.6 million). The Numaligarh
petrochemical project would get an investment of INR 6,555 crore (USD 839.49
million) from the Board of Oil India in March 2022.
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Figures spread through 70 Pages and an in-depth TOC on "India Natural Gas Market”
India Natural Gas market is
segmented based on type, application, region and competitive landscape. Based
on type, the market can be segmented into compressed natural gas, piped natural
gas and liquified petroleum gas. Based on application, the market can be
segmented into Industrial, Electric Power, Transportation, Residential,
Commercial, Others.
Based on the type, the Piped
Natural Gas segment will dominate the market as gas is continuously delivered
into the system, eliminating the need for storing, handling, and replacing
cylinders. This allows for safe, simple, and secure handling. PNG is directly
supplied at locations via pipelines. In comparison, pipeline delivery protects
against the inflation of transportation costs. High consumer safety is ensured
by the absence of storage on the customers’ property. Since PNG is lighter than
air, any leaks disperse quickly, preventing spontaneous combustion. SGL's gas
supply has verifiably been for all intents and purposes totally solid. Fuel
will be accessible to PNG persistently and dependably all through the day. A
solid environment is given by moo toxin emanations and less strong squander.
Based on the Application,
Industrial segment is expected to dominate the market in the forecast period.
The industrial application holds the highest market share and is projected to
expand at a rapid CAGR. Rapid urbanization is a significant factor in the
development of industrialization and is anticipated to fuel the India natural
gas market's expansion.
Key market players in the India
Natural Gas Market include:
- GAIL (India) Limited
- Gujarat State Petronet Limited (GSPL)
- Indraprastha Gas Limited (IGL)
- Mahanagar Gas Limited (MGL)
- Oil and Natural Gas Corporation (ONGC)
- Oil India Limited (OIL)
- Reliance Industries Limited
- Cairn Oil & Gas vertical of Vedanta
Limited
- Essar Global Fund Limited
- Petronet LNG Limited (PLL)
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The government has implemented a
number of programs to meet the rising demand for natural gas. The government
has permitted 100 percent foreign direct investment (FDI) in a number of
industry categories, including refineries, natural gas, and petroleum products,
among others. Without any disinvestment or diluting of domestic ownership in
already-existing PSUs, the FDI limit for public sector refining projects has been
increased to 49%. As seen by the existence of businesses like Reliance
Industries Ltd (RIL) and Cairn India, it now draws both domestic and global
investment.
“The biggest natural gas
consumption in India is for power generation, mostly as a result of the
favorable economic and environmental effects of using natural gas for
electricity generation. Due to the projected commissioning of several natural
gas power plants across the nation during the next five years, the power
production sector is predicted to continue being the greatest consumer of
energy. Moreover, a number of other factors will also propel the market
growth.,” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“India Natural Gas Market By
Type (Compressed Natural Gas, Piped Natural Gas and Liquified Petroleum Gas),
By Application (Industrial, Electric Power, Transportation, Residential,
Commercial, Others), By Region, Competition Forecast and Opportunities,
2029, ” has evaluated the future growth potential of India Natural
Gas Market and provides statistics and information on market structure, size,
share, and future growth. The report is intended 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 present in the India Natural
Gas Market.
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