Dry Natural Gas Market to reach US$ 1.6 Trn by the end of 2031: TMR Study
Rise in demand for cleaner alternative to fossil fuel is driving the Dry Natural Gas Market
Increase in usage of shale gas and tight gas for household and commercial applications will bolster the Dry Natural Gas Market expansion during the forecast period
Surge in the number of research & development activities is expected to propel industry development
WILMINGTON, Del., Dec. 7, 2022 /PRNewswire/ -- The Global Dry Natural Gas Market is projected to grow at a CAGR of 7.1% from 2022 to 2031. Dry natural gas, also known as dry gas, is entirely composed of methane. It is what remains after all impurities have been removed from natural gas. To create better, efficient, and environmentally friendly dry natural gas, impurities such as liquid or gaseous hydrocarbons including octane, hexane, and others, as well as non-hydrocarbons such as nitrogen, helium, and others, must be excluded from natural gas. Dry natural gas is widely used in cooling and heating applications, as well as electrical power generation, across the world.
According to TMR report, the global Dry Natural Gas Market was valued at US$ 841.7 Bn in 2021 and is likely to reach US$ 1.6 Trn by the end of 2031. Vehicles can run on compressed dry gas. Natural gas supply is safe, readily available, and cost efficient. Thus, the demand for dry natural gas is steadily increasing, while conventional gas has been declining rapidly. This is projected to bolster the dry natural gas industry during the forecast period.
Advent of Latest Equipment for Producing Dry Natural Gas to Spur Growth: Advancement in natural gas drying equipment is a major market trend. Players are projected to grab this opportunity to gain market share during the forecast period. However, issues related to usage of dry natural gas such as high price and significant clean-up costs could hamper market development.
Rise in Demand for Cleaner Alternatives to Fuel Market Progress: Natural gas can be used for multiple purposes such as cooking, heating water, and space heating, and for providing energy to appliances in homes. Usage as an alternative fuel will reduce carbon emissions, which in turn is anticipated to augment the Dry Natural Gas Market in the near future.
Key Drivers
Increase in demand for electricity across all the three sectors such as industrial, residential, and commercial is projected to propel the global Dry Natural Gas Market size during the forecast period.
Rise in number of offshore drilling activities to augment the Dry Natural Gas Market demand in the near future
North America held major market share in 2021. This is likely to continue during the forecast period, owing to the increasing rate of onshore drilling activities in the U.S. The continuously rise in need for electricity will boost the demand for dry natural gas. This, presents significant market opportunities in North America during the forecast period.
Europe held 22.6% share of the global market in 2021. This is ascribed to current developments for improving energy efficiency requirements in countries such as Germany, France, and the U.S.
Key Players
The global Dry Natural Gas Market is consolidated, with the presence of a small number of prominent vendors. Increase in onshore and offshore activities is expected to fuel market competition. Furthermore, joint ventures, collaborations, and merger & acquisition strategies will enable players to boost market share during the forecast period.
Prominent players in the global Dry Natural Gas Market are
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
Western Energy Services Corp. ("Western" or the "Company") today announces the director election results from its 2024 annual meeting of shareholders held on April 24, 2024. According to the proxies received and ballots cast at the meeting, the...
- Africa Oil Corp. ("Africa Oil" or the "Company") announces that its Annual General Meeting of Shareholders will be held on Thursday, May 23, 2024 at 09:00 am (Pacific Time) at Bennett Jones LLP Fraser Boardroom, Park Place, 666 Burrard Street,...
Whitecap Resources Inc. ("Whitecap" or the "Company") is pleased to report its operating and unaudited financial results for the three months ended March 31, 2024.
Selected financial and operating information is outlined below and should be read...
Marathon Oil Corporation announced today that the Company's board of directors has declared a dividend of 11 cents per share on Marathon Oil Corporation common stock. The dividend is payable on June 10, 2024, to stockholders of record on May 15,...
Southwest Gas Holdings, Inc. ("Southwest Gas" or the "Company") today announced that it will report 2024 first quarter results prior to market opening on May 8, 2024. The Company will host an earnings conference call on May 8, 2024, at 11:00 AM ET...