New York, April 11, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Natural Gas Global Market Report 2023" - https://www.reportlinker.com/p06320385/?utm_source=GNW
Major players in the natural gas market include PetroChina Co Ltd., Husky Energy Inc., NGL Energy Partners LP, Devon Energy Corp, and VNG - Verbundnetz Gas Aktiengesellschaft.
The global natural gas market will grow from $955.74 billion in 2022 to $1025.99 billion in 2023 at a compound annual growth rate (CAGR) of 7.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The natural gas market is expected to grow from $1372.08 billion in 2027 at a CAGR of 7.5%.
The natural gas market consists of sales of methane, ethane, butane, and propane.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Natural gas refers to a natural mixture of gaseous hydrocarbons consisting of methane in addition to various smaller amounts of other higher alkanes.Natural gas is used as fuel in combined heat and power systems.
It is also used for heating and generating electricity.
Asia-pacific was the largest region in the natural gas market in 2021. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The major types of natural gas are transportation, industrial, electric power, and other gases.Natural gas transportation refers to the numerous means by which natural gas is transported from one area to another.
The major sources of natural gas are associated, non-associated, and unconventional sources. Natural gas is used by several end-users, such as light-duty vehicles, medium- or heavy-duty buses, and medium- or heavy-duty trucks.
The growth in the natural gas market is due to increased global economic activity, an increase in usage of electricity,and refined petroleum from developing nations is expected to drive the market in the future.An increase in the usage of the electric power sector is expected to propel the growth of the natural gas market going forward.
The electric power sector refers to electricity plants that provide services through electricity generation, transmission, and distribution.Natural gas is used in steam turbines and gas turbines to generate electricity.
This is used to generate electricity for a cheaper cost. For instance according to the U.S electricity information administration, a US-based government agency, in the year 2021, the United States used about 30.28 trillion cubic feet (Tcf) of natural gas which is about 37% of total natural gas used for the generation of electricity. This is used to cover 32% of the total electricity used in the US. Therefore, an increase in usage of the electric power sector is driving the growth of the natural gas market.
Crude oil and natural gas extraction companies are making significant investments in renewable sources of power for the sustainable extraction of crude oil and natural gas from oil fields. Crude oil and natural gas production are energy-intensive and renewable technologies like solar, wind, biomass, and geothermal are being used in producing crude oil and natural gas at lower costs and lower emissions, which are the major trends witnessed in the global natural gas market.
In October 2022, BP PLC, a UK-based multinational oil and gas company, acquired Archaea Energy for an amount of $3.3 billion. With this transaction, BP’s strategic bioenergy transition growth engine would expand more quickly. By acquiring Archaea, bp would strengthen its position in the US biogas market, improving its capacity to support customers’ decarbonization objectives and advancing its ambition to lower the typical carbon intensity of the energy products it sells. Archaea Energy is a US-based biogas company and one of the largest renewable natural gas (“RNG”) producers in the country.
The countries covered in the l natural gas market report are Argentina, Australia, Austria, Belgium, Brazil, Canada, Chile, China, Colombia, Czech Republic, Denmark, Egypt, Finland, France, Germany, Hong Kong, India, Indonesia, Ireland, Israel, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Nigeria, Norway, Peru, Philippines, Poland, Portugal, Romania, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Sweden, Switzerland, Thailand, Turkey, UAE, UK, USA, Venezuela, Vietnam.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The natural gas market research report is one of a series of new reports that provides natural gas market statistics, including natural gas industry global market size, regional shares, competitors with a natural gas market share, detailed natural gas market segments, market trends and opportunities, and any further data you may need to thrive in the natural gas industry. This natural gas market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06320385/?utm_source=GNW
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