- 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.
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Key Findings of Study
- 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
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Regional Growth Dynamics
- 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
- Ovintiv,
- Conocophilips,
- Chevron,
- Shell,
- British Petroleum BP,
- Coterra Energy,
- Southwestern Energy,
- Chesapeake Energy,
- Exxon Mobil,
- EQT Corporation, and others.
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Dry Natural Gas Market Segmentation
Source
- Offshore
- Onshore
End-use
- Electric Power
- Residential
- Transportation
- Industrial
- Commercial
- Others (petrochemical, aviation, etc.)
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
Countries
- U.S.
- Canada
- Germany
- U.K.
- France
- Spain
- Italy
- Russia & CIS
- China
- India
- Japan
- ASEAN
- Brazil
- Mexico
- GCC
- South Africa
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