New York, Sept. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the “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 reach $1,231.4 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 proprietorships, and partnerships) that are used as fuel in combined heat and power systems. Natural gas is a natural mixture of gaseous hydrocarbons composed of methane in addition to various smaller amounts of other higher alkanes.
It is also used for heating and power generation.
The growth of the natural gas market is driven by the increase in global economic activity, an increase in electricity consumption, and refined oil from developing countries which is expected to drive the market in the future.
Asia-Pacific was the largest region in the natural gas market in 2021. 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 use of the electric power sector is expected to propel the growth of the natural gas market in the future. The electric power sector refers to power plants that provide electricity generation, transmission and distribution services.
Natural gas is used in steam turbines and gas turbines to generate electricity. Which is used to generate electricity at lower cost.
For example, according to the U.S. Electricity Information Administration, a U.S.-based government agency, in 2021 the U.S. used approximately 30.28 trillion cubic feet (Tcf) of natural gas, or about 37% of the total natural gas used for production. of electricity. Which is used to cover 32% of the total electricity used in the United States. Hence, an increase in the use of the electric power sector is driving the growth of the natural gas market.
Crude oil and natural gas extraction companies invest heavily in renewable energy sources for the sustainable extraction of crude oil and natural gas from oil fields. The production of crude oil and natural gas is energy intensive and renewable technologies such as solar, wind, biomass and geothermal energy are used to produce lower cost and lower emission crude oil and natural gas, which are the main trends observed in global natural gas. market.
In May 2019, NRG Energy, a US-based natural gas and power generation company, acquired Stream Energies for $300 million. , a customer-oriented energy company.
Stream Energy is an American company that produces electricity and natural gas.
The countries covered in the 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, United Arab Emirates, United Kingdom, United States, Venezuela, Vietnam
Read the full report: https://www.reportlinker.com/p06320385/?utm_source=GNW
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