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The natural gas market expected to reach a value of nearly $1031.55 billion by 2022, significantly growing at a CAGR of 7.7% during the forecast period.Natural gas is the third most powerful source of energy after oil and coal. Natural gas is quickly gaining popularity, and by 2030, it is projected to overtake coal as the second most common fuel. The global natural gas industry has changed drastically over the last two decades. The sector became more dynamic and competitive as a result of these changes, attracting a slew of new entrants on both the sell and buy sides of the equation.
Natural Gas’s share of the global energy mix is projected to rise at a rate of 2% per year, displacing oil (which is increasing at 0.7 percent per year) and, to a lesser extent, coal (which is also growing at 0.7 percent per year) and nuclear energy. This expansion is taking place both inside and outside of national boundaries, as well as across borders and around the world. All sectors, including electricity, heating, industry, petrochemistry, and transportation, are increasing their use of gas. New technologies like GTL and CNG can unlock additional gas demand in the future until the problems and efficiencies unique to these concepts can be solved on a larger scale.
Natural gas demand was negatively impacted in early 2020 by an unusually warm winter in the northern hemisphere, following a decline in annual growth in 2019. In almost all countries and territories across the world, this was immediately followed by the imposition of partial or full lockdown steps in reaction to Covid-19, as well as an economic downturn. As of early June, all major gas markets, including the People’s Republic of China (hereinafter “China”), are experiencing a drop in demand or slow growth at best. Europe has been hit the hardest, with a 7% year-over-year fall so far in 2020. Global oversupply has driven major natural gas spot indices to new lows, as the oil and gas industry is reducing spending and deferring or cancelling some investment decisions to compensate for the extreme revenue shortfall.
Despite the fact that a gradual recovery is expected in 2021, the Covid-19 crisis would have long-term consequences for natural gas markets. This is due to the fact that many main medium-term demand drivers are subject to significant uncertainty. While the purpose of this forecast is to provide early estimates for natural gas’s medium-term recovery path, it does not mean that market conditions will immediately return to pre-crisis levels. Due to low prices, natural gas demand in mature markets is expected to gradually recover in 2021, while demand in emerging markets is expected to rise. However, the effect of the 2020 crisis on growth is projected to result in 75 billion cubic metres of lost annual demand by 2025, the same amount as the global annual rise in demand in 2019.
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