The global natural gas market has the potential to grow by USD 137.51 billion during 2020-2024, and the market’s growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.
This report provides a detailed analysis of the market by resource type (conventional and unconventional) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including BP Plc, Chevron Corp., ConocoPhillips Co., Exxon Mobil Corp., PetroChina Co. Ltd., PJSC Gazprom, Royal Dutch Shell Plc, Saudi Arabian Oil Co., Suncor Energy Inc., and TOTAL SA.
Market Overview
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Market Competitive Analysis
The natural gas market is currently highly fragmented, and the degree of fragmentation will remain the same during the forecast period. Vendors are focusing on unconventional exploration and production activities to increase revenue generation. BP Plc, Chevron Corp., ConocoPhillips Co., and Exxon Mobil Corp. are some of the major market participants. Although the investments in upstream projects will offer immense growth opportunities, the environmental concerns related to drilling will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
To help clients improve their market positions, this natural gas market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. Moreover, this natural gas market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.
This report provides information on the production, sustainability, and prospects of several leading natural gas companies, including:
- BP Plc
- Chevron Corp.
- ConocoPhillips Co.
- Exxon Mobil Corp.
- PetroChina Co. Ltd.
- PJSC Gazprom
- Royal Dutch Shell Plc
- Saudi Arabian Oil Co.
- Suncor Energy Inc.
- TOTAL SA
Natural Gas Market: Segmentation by Region
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North America was the largest market for natural gas in 2019, and the region will continue to offer maximum growth opportunities to vendors. The natural gas production output in North America has increased significantly in recent years owing to unconventional exploration and production activities, such as drilling, in shale reserves in the region.
Over 36% of the market’s growth will originate from North America during the forecast period. The growing number of onshore and offshore natural gas projects and rising investments and initiatives undertaken by various governments will contribute to the natural gas market size growth in the region. The US and Canada are the key markets for natural gas in North America. Market growth in this region will be faster than the growth of the market in other geographies.
Natural Gas Market: Segmentation by Resource Type
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Oil and natural gas production from conventional resources hold a significant share in the oil and gas industry. The availability of conventional resources of natural gas is high in natural gas-producing countries such as Russia, Iran, Qatar, and China. The rising demand for natural gas and increasing investments in the upstream sector are driving the growth of the global natural gas market by the conventional segment.
However, market growth by the conventional segment will be slower than the growth of the market by the unconventional segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the natural gas market size.
Natural Gas Market: Key Drivers and Trends
The growing population and industrial development have been increasing the demand for energy across the world. Therefore, many countries are exploring untapped oil and gas resources with the help of technological advances in the oil and gas industry. Moreover, oil and gas operators are increasingly investing in mature oil and gas fields to overcome the issue of declining conventional oilfields and maximize their revenue. Such increasing investments in the upstream oil and gas sector across the world will drive natural gas exploration and production activities, fueling natural gas market size growth. Furthermore, increasing oil and gas production is considered part of government initiatives in various countries to ensure energy security.
- The increasing demand and rise in the supply of LNG are essential for the growth of this commodity market.
- The commoditization of LNG has resulted in increased LNG trading activities, which is one of the key natural gas market trends.
- The reduced prices of LNG have increased its use, driving the shift from coal to natural gas.
- The emergence of a transparent and competitive marketplace is expected to have a positive impact on the demand for LNG, which, in turn, will boost the demand for natural gas.
- The commoditization of LNG gas will be one of the key trends in boosting the demand for natural gas, thereby propelling the growth of the natural gas market size during the forecast period.
- During 2020-2024, the market will grow at a CAGR of about 5%.
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Natural Gas Market: Key Highlights of the Report for the Forecast Period 2020-2024
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will accelerate the natural gas market growth during the next five years
- Precise estimation of the global natural gas market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behavior
- The growth of the natural gas industry across APAC, Europe, MEA, North America, and South America
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of natural gas vendors
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