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Natural Gas is widely acceptable fuel due to it is efficient and clean burning. The technological advancement in the extraction of natural gas, the production of natural gas has substantially increased all over the world. The growing environmental considerations over carbon emissions and low prices of natural gas as compared to other substitutes has led to an increase in demand for natural gas. It’s application in electricity generation and industrial sectors have helped the market to grow at a good rate.
On the basis of type, the global natural gas market can be segmented into methane, ethane, propane, and others. Methane is the widely used component of natural gas in various applications due to less carbon emission. On the basis of source, the global natural gas market can be segmented into conventional gas and unconventional gas such as shale gas, tight gas, and CBM. These types of gases are used in different sectors such as automotive, industrial, residential, and others. The natural gas is environment-friendly and is highly used in light-duty vehicles. The increase in demand for light-duty vehicles has helped the natural gas market to grow owing to its environmental advantages over other fuels.
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The key market driver for the global natural gas market is the drift towards a cleaner source of energy and application of natural gas in various fields. Natural gas can be used to generate electricity, heat buildings, heat water, bake foods, power industrial furnaces, etc. Also, the growing need to reduce the carbon emissions and subsidies provided by governments for the usage of natural gas has helped the global natural gas market to grow.
The key market restraint for the global natural gas market is volatility in prices of crude oil. The risk of leakages during transportation and storage and high cost incurred for the storage of natural gas are the other factors which can restrain the growth of the global natural gas market.
Some of the major companies that are present in the global natural gas industry 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.
· Conventional Gas
· Unconventional Gas
o Light Duty Vehicles
o Heavy Duty Vehicles
· Power Generation
· Industrial Fuel
· North America (the USA and Canada)
· Europe (UK, Germany, France, Spain, Norway, Russia and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
· Latin America (Brazil, Mexico, and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
The global natural gas market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. In the North America region, the United States has the maximum production and consumption of natural gas. The natural gas is widely used in the field of electric power generation, industrial, residential, and commercial application, etc. In Latin America, Mexico is the country with the highest consumption of natural gas. In the Europe region, Russia is the highest producer of natural gas, it also exports its produced natural gas to other countries. In the Asia Pacific region, the main consumers of natural are China and India. The growing energy demand and urbanization have helped the natural gas market to grow in this region.
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