Global Natural Gas Market

Natural Gas Market Size, Share, Growth Analysis, By Type(Conventional Natural Gas, Unconventional Natural Gas (Shale Gas, Tight Gas, Coalbed Methane)), By End-Use(Residential, Commercial, Industrial, Power Generation), By Distribution Channels(Pipelines, Liquefied Natural Gas (LNG) Terminals, Compressed Natural Gas (CNG) Stations), By Region - Industry Forecast 2024-2031


Report ID: SQMIG10D2045 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 93 |Figures: 76

Natural Gas Market Insights

Global Natural Gas Market size was valued at USD 118.35 billion in 2022 and is poised to grow from USD 127.9 billion in 2023 to USD 238.6 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).

In recent years, the global natural gas market has been changing consumer preferences and demands due to the growing emphasis on cleaner energy alternatives, with natural gas positioned as a transitional fuel due to lower emissions.

Increasing industrialization, especially in emerging economies, contributes to rising demand. However, regulatory challenges, geopolitical uncertainties affecting supply routes, and the volatility of gas prices present notable restraints. Regional dynamics play a crucial role, with the Middle East, North America, and Asia-Pacific emerging as key players.

Key market trends include the expansion of liquefied natural gas (LNG) infrastructure, advancements in extraction technologies, and the integration of natural gas into renewable energy systems for a more sustainable energy mix. These insights reflect the complex interplay of factors influencing the global natural gas market.

Market Snapshot - 2024-2031

Global Market Size

USD 118.35 billion

Largest Segment

Conventional natural gas

Fastest Growth

Unconventional Natural Gas

Growth Rate

8.1% CAGR

Global Natural Gas Market ($ Bn)
Country Share for Middle East Region (%)

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Natural Gas Market Segmental Analysis

The global natural gas market is segmented into four major segments i.e. by type, end-use, distribution channels, and region. Based on type, it is divided into conventional natural gas, unconventional natural gas (shale gas, tight gas, coalbed methane). Based on end-use, it is bifurcated as residential, commercial, industrial, power generation, and transportation. Based on the distribution channel it is segregated into pipelines, liquefied natural gas (LNG) terminals, compressed natural gas (CNG) stations. Based on region, the market is segmented into Middle East, North America, Africa, Asia-Pacific, Europe, South America.

Analysis by Type

Conventional natural gas, extracted from reservoirs using traditional drilling methods, has historically dominated the market due to its accessibility and established extraction infrastructure. Many mature gas fields globally primarily produce conventional natural gas, supporting its ongoing dominance.

RNG, derived from organic waste through processes like anaerobic digestion or gasification, is gaining traction due to its environmentally friendly profile. As the global focus on sustainability increases, RNG's role in decarbonizing the gas supply chain makes it a potential fastest-growing segment. Governments and industries are showing interest in RNG to meet renewable energy targets and reduce greenhouse gas emissions.

Analysis by End-Use

The power generation sector has traditionally been a dominant consumer of natural gas. Its relatively low carbon emissions compared to coal make it an attractive choice for electricity generation. The global emphasis on cleaner energy sources and the transition away from coal contributes to the dominance of natural gas in the power sector.

The transportation sector, particularly natural gas vehicles (NGVs) and advancements in natural gas infrastructure for heavy-duty transport, is positioned for significant growth. Natural gas is considered a cleaner alternative to traditional gasoline and diesel, contributing to reduced emissions. Governments and industries are increasingly adopting compressed natural gas (CNG) and liquefied natural gas (LNG) for buses, trucks, and ships, driving the fastest growth in this segment.

Global Natural Gas Market By Type, 2022 (%)

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Natural Gas Market Regional Insights

The Middle East has historically been a dominant player in the natural gas market due to its substantial proven reserves. Countries like Qatar and Iran have significant natural gas resources and well-established infrastructure for production and export. The region's strategic position as a major supplier to global markets, particularly through LNG, contributes to its dominance.

The Asia-Pacific region is anticipated to be the fastest-growing market for natural gas. Rapid industrialization, economic growth, and population expansion in countries like China and India are driving increased demand for energy. Additionally, policies promoting cleaner energy sources and efforts to reduce air pollution contribute to the growing use of natural gas. The region's focus on expanding LNG infrastructure and importing natural gas further supports its status as the fastest-growing market.

Global Natural Gas Market By Region, 2024-2031
  • Largest
  • Fastest

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Natural Gas Market Dynamics

Drivers

Increasing Global Emphasis on Cleaner Sustainable Energy Sources

  • The increasing global emphasis on cleaner and more sustainable energy sources. Natural gas, being a relatively low-carbon fossil fuel, is positioned as a transitional fuel in the transition towards a greener energy mix. Additionally, the rising demand for energy, particularly in rapidly industrializing regions like Asia-Pacific, fuels the need for natural gas, which is widely used in power generation and industrial processes. The expansion of liquefied natural gas (LNG) infrastructure and the growth of natural gas as a transportation fuel further contribute to market dynamics.

Restraints

High Geopolitical Uncertainties and Geopolitical Tensions

  • One of the main market restraints is the geopolitical uncertainties and geopolitical tensions, especially in key natural gas-producing regions, can disrupt supply chains and lead to market volatility. Regulatory challenges, including environmental concerns and stringent emissions regulations, pose constraints on the use of natural gas, particularly in comparison to renewable energy alternatives. The price volatility of natural gas, influenced by factors such as supply-demand imbalances and geopolitical events, presents a challenge for market stability.

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Natural Gas Market Competitive Landscape

The competitive environment of the natural gas market is dynamic and characterized by a diverse array of players, each contributing to the industry's dynamics. The independent exploration and production companies, often specializing in specific regions or unconventional gas sources, add dynamism to the market. The sector is marked by strategic alliances, joint ventures, and collaborations to optimize production and distribution. Technological advancements in extraction and exploration techniques further intensify the competition, with companies continually investing in research and development.

Top Player’s Company Profiles

  • Gazprom (Russia)
  • Exxon Mobil (USA)
  • BP (UK)
  • TotalEnergies (France)
  • Rosneft (Russia)
  • Novatek (Russia)
  • Lukoil (Russia)
  • Gazprom Neft (Russia)
  • Surgutneftegas (Russia)
  • GAIL (India)
  • Indian Oil Corporation (India)
  • Oil & Natural Gas Corporation (India)
  • Petrobras (Brazil)
  • Qatar Petroleum (Qatar)
  • Petronas (Malaysia)
  • Pertamina (Indonesia)

Recent Developments

  • In June 2023, Chevron Corporation (NYSE: CVX) disclosed its definitive agreement with Hess Corporation for the acquisition of all outstanding shares of Hess in an all-stock deal valued at USD 53 billion. This amounts to $171 per share based on Chevron’s closing price on October 20, 2023. Pursuant to the agreement, Hess shareholders are slated to obtain 1.0250 shares of Chevron for each Hess share. The overall enterprise value, encompassing debt, for this transaction stands at USD 60 billion.
  • In October 2023, Exxon Mobil Corporation and Pioneer Natural Resources have officially disclosed a conclusive agreement, outlining ExxonMobil's acquisition of Pioneer in an all-stock deal valued at USD 59.5 billion, equivalent to USD 253 per share based on ExxonMobil's closing price on October 5, 2023. As per the agreement, Pioneer shareholders are set to receive 2.3234 shares of ExxonMobil for each Pioneer share during the closing. The comprehensive enterprise value of the transaction, encompassing net debt, is estimated to be around USD 64.5 billion.
  • In October 2023, Ferrara Candy Company made another move in the mergers and acquisitions (M&A) landscape by acquiring Jelly Belly Candy Company, a fellow confectioner based in the United States. The deal, which remains undisclosed in terms of financial details, was jointly announced by both privately-owned companies.

Natural Gas Key Market Trends

Rising Role of Natural Gas as a Transition Fuel

  • The increasing role of natural gas as a transition fuel in the global energy landscape. Governments and industries are adopting natural gas as a cleaner alternative to traditional fossil fuels, contributing to lower carbon emissions. The expansion of liquefied natural gas (LNG) infrastructure is another significant trend, enhancing the flexibility of global natural gas trade. Technological innovations, such as advancements in extraction methods and digitalization in the natural gas sector, are improving operational efficiency and reducing environmental impact.

Natural Gas Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Global natural gas market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by increasing demand for cleaner energy, with natural gas serving as a transitional fuel. Technological advancements in extraction and production methods drive market growth. However, regulatory challenges and geopolitical tensions act as restraints, impacting supply dynamics. In terms of product types, conventional natural gas and shale gas dominate, with the Middle East and Asia-Pacific emerging as key regions. Key trends include the expansion of LNG infrastructure, rising interest in renewable natural gas, and the integration of natural gas into renewable energy systems, reflecting the industry's commitment to sustainability.

Report Metric Details
Market size value in 2022 USD 118.35 billion
Market size value in 2031 USD 238.6 billion
Growth Rate 8.1%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Type
    • Conventional Natural Gas, Unconventional Natural Gas (Shale Gas, Tight Gas, Coalbed Methane)
  • End-Use
    • Residential, Commercial, Industrial, Power Generation, Transportation
  • Distribution Channels
    • Pipelines, Liquefied Natural Gas (LNG) Terminals, Compressed Natural Gas (CNG) Stations
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Gazprom (Russia)
  • Exxon Mobil (USA)
  • BP (UK)
  • TotalEnergies (France)
  • Rosneft (Russia)
  • Novatek (Russia)
  • Lukoil (Russia)
  • Gazprom Neft (Russia)
  • Surgutneftegas (Russia)
  • GAIL (India)
  • Indian Oil Corporation (India)
  • Oil & Natural Gas Corporation (India)
  • Petrobras (Brazil)
  • Qatar Petroleum (Qatar)
  • Petronas (Malaysia)
  • Pertamina (Indonesia)
Customization scope

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  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Natural Gas Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Natural Gas Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Natural Gas Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Natural Gas Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Natural Gas Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Natural Gas Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Natural Gas Market size was valued at USD 118.35 billion in 2022 and is poised to grow from USD 127.9 billion in 2023 to USD 238.6 billion by 2031, growing at a CAGR of 8.1% in the forecast period (2024-2031).

The competitive environment of the natural gas market is dynamic and characterized by a diverse array of players, each contributing to the industry's dynamics. The independent exploration and production companies, often specializing in specific regions or unconventional gas sources, add dynamism to the market. The sector is marked by strategic alliances, joint ventures, and collaborations to optimize production and distribution. Technological advancements in extraction and exploration techniques further intensify the competition, with companies continually investing in research and development. 'Gazprom (Russia)', 'China National Petroleum (China)', 'Sinopec (China)', 'Exxon Mobil (USA)', 'BP (UK)', 'Chevron (USA)', 'Royal Dutch Shell (Netherlands)', 'TotalEnergies (France)', 'Rosneft (Russia)', 'Novatek (Russia)', 'Lukoil (Russia)', 'Gazprom Neft (Russia)', 'Surgutneftegas (Russia)', 'GAIL (India)', 'Indian Oil Corporation (India)', 'Oil & Natural Gas Corporation (India)', 'Petrobras (Brazil)', 'Qatar Petroleum (Qatar)', 'Petronas (Malaysia)', 'Pertamina (Indonesia)'

The increasing global emphasis on cleaner and more sustainable energy sources. Natural gas, being a relatively low-carbon fossil fuel, is positioned as a transitional fuel in the transition towards a greener energy mix. Additionally, the rising demand for energy, particularly in rapidly industrializing regions like Asia-Pacific, fuels the need for natural gas, which is widely used in power generation and industrial processes. The expansion of liquefied natural gas (LNG) infrastructure and the growth of natural gas as a transportation fuel further contribute to market dynamics.

The increasing role of natural gas as a transition fuel in the global energy landscape. Governments and industries are adopting natural gas as a cleaner alternative to traditional fossil fuels, contributing to lower carbon emissions. The expansion of liquefied natural gas (LNG) infrastructure is another significant trend, enhancing the flexibility of global natural gas trade. Technological innovations, such as advancements in extraction methods and digitalization in the natural gas sector, are improving operational efficiency and reducing environmental impact.

The Middle East has historically been a dominant player in the natural gas market due to its substantial proven reserves. Countries like Qatar and Iran have significant natural gas resources and well-established infrastructure for production and export. The region's strategic position as a major supplier to global markets, particularly through LNG, contributes to its dominance.

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Global Natural Gas Market

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