The global natural gas market is expected to witness strong growth during the forecast period between 2021 and 2031.
Natural gas is a non-renewable type of fuel, comprising methane and other flammable hydrocarbons and is generally deployed as a power source for cooking and heating purposes.
With oil and gas production witnessing a decrease globally due to environmental concerns, the demand for natural gas, which is cleaner and more efficient as compared to oil and gas, could increase in the coming years.
Growth in industrial development worldwide could also lead to increased demand for natural gas, in the years ahead.
The COVID-19 pandemic adversely affected the natural gas market. With disruptions to demand and supply and fluctuating oil prices, the natural gas demand nosedived significantly which, in turn, negatively impacted the overall market.
But with the global reduction in cases and vaccine availability, it is expected that the natural gas demand will increase in the years ahead.
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Rising preference for cleaner energy sources is the key growth driver for the global natural gas market.
In addition to this, the increasing need to decrease carbon emissions is expected to fuel the growth in the natural gas market, in the upcoming years.
Also, government initiatives and measures such as subsidies could help increase the demand for natural gas and bolster the overall market.
Other factors such as improving economic conditions and rapid urbanization in leading economies could propel the natural gas market, in future.
Methane product segment is expected to contribute the most to the overall natural gas market in the coming years as its consumption leads to the least amount of carbon emission.
The automotive end-use industry is expected to make the largest contribution to the natural gas market due to increased product deployment as a fuel in different vehicles, worldwide.
The global natural gas market is highly competitive, with the presence of several well-established players. Many of these players are expected to account for a large share in the overall market, in the coming years.
Prominent players in the natural gas market could look to establish research and development centers in different parts of the world in a bid to produce improved quality of natural gas products, which would meet the customer requirements and could help increase the product demand.
The smaller players in the natural gas market will seek support from governments and private investors, which would help them in their long-term growth.
Some of the leading players in the natural gas market include Exxon Mobil, Royal Dutch Shell PLC, Total, Chevron Corporation, and Bahrain Natural Gas.
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The global natural gas market is classified into five regions, namely, North America, Asia Pacific, Europe, Latin America, and Middle East and Africa.
North America is anticipated to be the dominant region in the natural gas market owing to increased natural gas consumption for commercial, industrial, and residential purposes in countries such as the U.S and Canada.
Asia Pacific is expected to provide profitable growth opportunities for the natural gas market in future owing to increasing natural gas demand in developing countries such as India and Japan as well as rapid urbanization witnessed in these countries.
Middle East and Africa is expected to witness strong growth in the natural gas market due to the increasing focus on the production of unconventional gas production in countries such as Saudi Arabia, in the last few years.
Other regions of the world such as Latin America and Europe are expected to witness moderate growth in the global natural gas market in future.
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