According to a new report published by K D Market Insights, titled, Demand for “Natural Gas Market Insights, Trends, Opportunity & Forecast, 2020–2025,” the global natural gas market size is anticipated to witness exponential growth during the forecast period i.e. 2020–2025. The burgeoning demand for natural gas owing to the rising environmental concerns, the increasing government support to promote the use of natural gases over other conventional fuels and more polluting energies on a larger scale, the rapidly surging global economic activity, energy intensity & substitution and the growing population and industrial development leading to enhanced demand for energy across the world are the primary factors driving the growth of the global natural gas market.

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Moreover, factors such as the high consumption of refined petroleum, the escalating investments by oil and gas operators in mature oil and gas fields across the world, the proliferating number of CNG vehicles coupled with the growing government support for the development of CNG infrastructure, the rising number of natural gas supply hubs  and the increasing availability of domestic natural gas resources are expected to further create ample growth opportunities for the global natural gas market during the forecast period.

The Asia Pacific region accounted for the largest share in the natural gas market in 2020 and is projected to continue with the trend over the forecast period. This can be attributed to the high demand, consumption and production of natural gas, strong policy support, rapid urbanization and development and the increasing concerns relating to air quality in the region. The Middle East and Africa held the second largest share in the market in 2020 and is expected to maintain its position in the market over the forecast period.

According to application, the residential & commercial segment and the power generation segment are expected to jointly attain the highest growth rates in the market during the forecast period. The industry segment on the other hand, is also anticipated to account for a significant portion of the market share over the forecast period due to the increasing production volume and the surging energy demand.

The global natural gas market is segmented into type, application and region. Based on type, the market is bifurcated into liquefied natural gas and compressed natural gas. Based on application, it is classified into power generation, industry, residential & commercial and other.

The global natural gas market is analyzed across North America (U.S. & Canada), Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, India, Japan, South Korea, Indonesia, Thailand, Australia, New Zealand, and Rest of Asia Pacific), Latin America (Brazil, Mexico, and the Rest of Latin America) and Middle East & Africa (GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, and Rest of Middle East & Africa). Countries such as India and China in Asia Pacific, the U.S., Canada and Mexico in North America, Germany and Russia in Europe and the Iran in Middle East are among the major contributors to the growth of the market.

Key Insights of Natural Gas Market

  • On the basis of application, the residential & commercial segment and the power generation segment are expected to jointly register the highest growth rates in the market during the forecast period.
  • On the basis of region, Asia Pacific region accounted for the largest share in the natural gas market in 2020 and is projected to continue with the trend over the forecast period.
  • On the basis of region, Middle East and Africa held the second largest share in the market in 2020 and is expected to maintain its position in the market over the forecast period.

Some of the major natural gas companies profiled in the report include Oil and Natural Gas Corporation Ltd., Chevron Corporation, Exxon Mobil Corporation, Petrochina, Total SA, StatOil, Eni S.p.A., Royal Dutch Shell, Conoco Philips and BP Plc.

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