Market Size of Africa Natural Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 4.50 % |
| Market Concentration | Low |
Major Players.webp)
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Africa Natural Gas Market Analysis
Africa's natural gas market is expected to record a CAGR of more than 4.5% throughout the forecast period 2022-2027. COVID-19 had an adverse impact on the market, which was reflected in fewer drilling operations in 2020, owing to low oil and gas demand during the outbreak. Sub-Saharan Africa experienced its first recession in 25 years after the global Covid-19 virus hit, severely affecting fossil fuel production, supply chains, and foreign direct investment. Growing demand for cleaner energy sources and the use of natural gas to generate electricity, heat buildings, heat water, drive industrial furnaces, etc., as well as the need to reduce carbon emissions and government subsidies for using natural gas, are driving the market to grow. The risk of leaks during transportation and storage and the high cost of storing natural gas are among other factors that could limit the market's growth.
- The increasing usage of natural gas in power generation and automobiles reduce GHG emissions. Therefore, governments are moving toward cleaner energy sources driving the market.
- The African region is still dependent on wood and other conventional fuels like petrol and diesel for domestic use, power generation etc., increasing economies of a number of countries in the region is expected to provide significant opportunity as natural gas usage is expeetcd to rise with it.
- Nigeria is expected to dominate the market during the forecast period due to its many proven oil reserves available in Africa, the increasing residential construction activities, and growing oil and gas production.
