Rise in preference for cleaner energy sources, increase in demand for carbon emissions reduction, and government initiatives and measures such as subsidies drive the growth of the global dry natural gas market.
PORTLAND, Ore., April 4, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Dry Natural Gas Market by Source (Onshore, Offshore), by End Use (Power Generation, Transportation, Residential, Commercial, Industrial, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031". According to the report, the global dry natural gas industry generated $0.7 trillion in 2021, and is anticipated to generate $1.4 trillion by 2031, witnessing a CAGR of 7.7% from 2022 to 2031.
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Prime determinants of growth
Rise in preference for cleaner energy sources, increase in demand for carbon emissions reduction, a rise in demand from the residential and commercial sectors, and government initiatives and measures such as subsidies drive the growth of the global dry natural gas market. However, discontinued power supply and power outages in rural areas result in less consumption of power and electricity, which restricts the market growth. Moreover, factors such as improved economic conditions and rapid urbanization in leading economies present new opportunities in the coming years.
Covid-19 Scenario
The outbreak of the Covid-19 pandemic had a negative impact on the global dry natural gas market, owing to a global disruption in oil and gas supply during the lockdown.
Moreover, the Russia-Ukraine war disrupted the chances of the global economic recovery from the COVID-19 pandemic, at least in the short term.
The power generation segment to maintain its leadership status throughout the forecast period
Based on end use, the power generation segment held the highest market share in 2021, accounting for nearly one-third of the global dry natural gas market, and is estimated to maintain its leadership status throughout the forecast period. The rapid increase in population is the key driver for the power generation market. However, the transportation segment is projected to manifest the highest CAGR of 8.1% from 2022 to 2031, owing to various factors such as an increase in investments in hydrogen cars, and a rise in the number of fuel cell-based vehicles.
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The onshore segment to maintain its leadership status throughout the forecast periodBased on source, the onshore segment held the highest market share in 2021, accounting for more than two-thirds of the global dry natural gas market, and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 7.9% from 2022 to 2031. The emergence of natural gas sources, like shale gas deposits, and the resulting price pressure are expanding the global ....