Dry Natural Gas Market to Reach $1.4 Trillion, Globally, by 2031 at 7.7% CAGR: A… – Press Release

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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 RussiaUkraine 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…

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