Global Natural Gas Market to Gain from Rising Environmental Concerns Over Carbon Emissions, says Fortune Business Insights
Fortune Business Insights
7 min read
Companies Covered in Natural Gas Market Report Are: Gazprom, Exxon Mobil Corporation, China National Petroleum Corporation, Royal Dutch Shell Plc, BP Plc, Chevron, Total S.A., Statoil ASA, Conoco Philips, Eni.SpA, EOG Resources, Encana, Cimarex Energy, Exco Resources, EQT, Chesapeake Energy, Hess Corp., SM Energy Company, and Anadarko Petroleum
Pune, India, Jan. 27, 2022 (GLOBE NEWSWIRE) -- The global natural gas market is likely to gain impetus from a rise in the demand for light-duty vehicles. According to a report by Fortune Business Insights, titled, “Natural Gas Market Size, Share and Global Trend by Type (Ethane, Propane, Methane, Others), by Source (Conventional Gas, Unconventional Gas), by Application (Automotive, Power Generation, Household, Industrial Fuel), and Geography Forecast till 2026,” natural gas burns cleaner than petroleum or coal. This in turn, reduces the emission of carbon dioxide in the atmosphere. Hence, it has led to a huge demand for natural gas which is one of the major factors that is likely to contribute to the growth of the global natural gas market. Moreover, the governments of several countries are encouraging the populace to make more usage of natural gas and reduce the consumption of carbon-intensive liquid and coal fuels.
The report classifies the global natural gas market on the bases of type, source, application, and geography. In terms of type, the market is segmented into propane, methane, ethane, and others. By source, the market is divided into conventional gas and unconventional gas. By source, the market is grouped into automotive, household, power generation, and industrial fuel. Amongst these, natural gas is one of the key fuels that is used persistently in power generation and industrial sectors.
Rapid Urbanization and Increasing Demand for Energy to Favor Growth in Asia Pacific
The global natural gas market is geographically divided into Asia Pacific, Europe, the Middle East and Africa, North America, and Latin America. Amongst these regions, the U.S. in North America is the largest producer and consumer of natural gas. In North America, natural gas is used widely in the residential, commercial, and industrial applications as well as in the field of electric power generation. Mexico in Latin America is the highest consumer of natural gas. In Europe, on the other hand, Russia is the largest producer of natural gas. The country also exports natural gas to other countries. India and China are the major consumers of natural gas in Asia Pacific. This is because of a rise in urbanization and an increasing demand for energy. The region is projected to grow during the forecast period.
COVID-19 Impact-
The global pandemic has plummeted the growth of several industries and markets, including the biogas market. The lockdowns, social distancing norms, and curfews have caused massive disturbances in the operations and the supply chain networks. Delayed projects, unavailability of raw materials, reduced available workforce, etc., are stagnating the growth of the market. The global impact of the COVID-19 crisis is expected to gradually fade away as nations are trying to return to pre-pandemic levels. It is uncertain to say how long the situation may persist this way. Nonetheless, our research report’s in-depth analysis will help you gain an exhaustive understanding of this niche market.
Regional Insights:
Rising Waste Production in the U.S. Drives Market in North America
Regionally, North America is anticipated to grow considerably in the global waste to energy market during the forecast period. Among countries in this region, the U.S. produces the maximum waste and the country is putting conscious efforts to convert this waste into different forms of energy such as heat and electricity. Apart from North America, Europe is also expected to expand as countries such as Denmark and Sweden have been successful in generating a vast amount of energy from waste.
The market in Asia Pacific is likely to grow considerably in the forecast years. This is primarily on account of extensive use of waste to energy incinerators in the region. Countries in this region are actively adopting incineration technology to convert waste into energy. Presently, Japan is leading in Asia Pacific. This is followed by India, UAE, and China. Rapid urbanization and industrialization are driving the market in regions such as India and China.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
Countries and Energy Companies Focus on Strategic Transactions to Strengthen Position in Market
Saudi Arabia announced in January 2019 that it will venture into the U.S. natural gas as liquefied natural gas investment. This venture will aid Saudi Arabia in competing with Qatar as Qatar is planning to invest more than $20 billion. NRG Energy, a nuclear electric power generation company, based in the U.S., announced in May 2019, that it has purchased Dallas-based Stream Energy’s retail electricity and natural gas business for $300M. Stream Energy provides more than 600,000 residential customer equivalents in Washington, DC and nine other states. The transaction is projected to strengthen NRG Energy’s position in the market and it will also increase the company’s market share in Pennsylvania, Texas, and the other markets in the U.S. In February 2019, Exxon Mobil Corporation, a multinational oil and gas corporation, headquartered in the U.S. and Qatar Petroleum announced their plan to finance a $10 billion-plus project to export natural gas from Texas. Qatar Petroleum also said that its main aim is to focus on the expansion of natural gas business of the country. Both the companies have worked together previously in Brazil, Mozambique, and Argentina.
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