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 is expected to grow from $841.
New York, Sept. 23, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Natural Gas Global Market Report 2022" - https://www.reportlinker.com/p06320385/?utm_source=GNW
62 billion in 2021 to $942.68 billion in 2022 at a compound annual growth rate (CAGR) of 12.0%. The natural gas market is expected to grow to $1231.4 billion in 2026 at a compound annual growth rate (CAGR) of 6.9%.
The natural gas market consists of sales of natural gas by entities (organizations, sole traders, and partnerships) that are used as fuel in combined heat and power systems.Natural gas is a natural mixture of gaseous hydrocarbons consisting of methane in addition to various smaller amounts of other higher alkanes.
It is also used for heating and generating electricity.
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.
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.
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.Which 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. Which 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 May 2019, NRG Energy, a US-based natural gas and electric power generation company acquired Stream Energies for a deal amount of $300 million.By this acquisition NRG Energy buys retail electricity and natural gas businesses which helps to strengthen NRG’s position as a growing, customer-driven energy company.
Stream Energy is a US-based company that produces electricity and natural gas.
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
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