North America Natural Gas Industry Overview
|Study Period:||2019 - 2028|
|CAGR:||> 5 %|
*Disclaimer: Major Players sorted in no particular order
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North America Natural Gas Market Analysis
The North America Natural gas Market is expected to rise at a CAGR of 5.0% during the forecast period of 2022-2027. The COVID-19 pandemic has significantly negatively impacted the market in the region. Factors such as increasing exploration and production of natural gas reserves are mainly driven due to the rise in the industrial demand from the refining, petrochemical, particular chemical, and fertilizer industries. However, the seasonal and volatile nature of demand, coupled with supply and demand imbalance, is expected to hinder the growth of the natural gas market.
• Power generation is the fastest growing segment in the North America Natural gas market. Globally, Natural gas in power generation increased by 2.6% in 2021, although its share decreased from 23.7% in 2020 to 22.9% in 2021.
• Moreover, increasing exploration and production of natural gas reserves are mainly driven due to the rise in the industrial demand from the refining, petrochemical, particular chemical, and fertilizer industries are expected to drive the demand for natural gas during the forecast period.
• United states is the fastest growing country in the North America Natural gas market during the forecast period.
North America Natural Gas Industry Segments
The Natural gas market report includes:
North America Natural Gas Market Trends
This section covers the major market trends shaping the North America Natural Gas Market according to our research experts:
Power generation to Dominate the Market
- Natural gas in power generation increased by 2.6% in 2021, although its share decreased from 23.7% in 2020 to 22.9% in 2021 globally.
- Further, renewable energy continued to grow strongly and is now 13% of total power generation. Clean energy generation increased by almost 17% in 2021, accounting for over half of the increase in global power generation over the past two years.
- Moreover, the total electricity generation in North America is 5383.5 terawatt hours in 2021 compared to 5259.7 terra watts in 2020.
- Hence, owing to the above points, the Power generation segment will likely see significant market growth during the forecast period.
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United States Expected to see Significant the Market Growth
• The United States is a major crude oil and natural gas producer in the world, and the country is expected to cover around 60% of the world oil demand in the coming years if the shale oil and gas production follows the same trend as it was witnessed before 2020.
• Further, the LNG sector in the United States has historically received significant investments to transform the country into a central exporting hub. As of June 2020, Most of the proposed liquefaction capacity additions are in North America (599.6 MTPA), with 350.5 MTPA located in the United States, 221.8 MTPA in Canada, and 27.4 MTPA in Mexico. The only LNG export project in North America and globally to reach FID in 2020 was the Costa Azul export plant in Mexico, developed by Sempra Energy. During the forecast period, around six LNG liquefaction terminals are expected to reach the FID stage, leading to a positive market outlook in the United States.
• As of 2021, approximately all offshore oil and natural gas leasing and development activity occurred in the central and western Gulf of Mexico. Thousands of platforms operate in waters up to 6,000 feet deep. A few platforms operate in depths of 10,000 feet or more.
• 5 of the 34 natural gas producing states accounted for about 69% of total U.S. dry natural gas production in 2020, and private players are investing in other regions to increase gas production.
• Hence, owing to the above points, the United States is expected to see significant market growth in the Natural gas market during the forecast period.
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North America Natural Gas Market Competitor Analysis
The Natural gas market is moderately consolidated. Some of the key players in this market are Eni SpA, BP PLC, Total Energies SE, Royal Dutch Shell PLC, and Exxon Mobil Corporation.
North America Natural Gas Market Top Players
Total Energies SE
Royal Dutch Shell PLC
Exxon Mobil Corporation.
*Disclaimer: Major Players sorted in no particular order
North America Natural Gas Market Recent Developments
- In July 2022, Sempra Infrastructure signed an agreement with Mexico's Federal Electricity Commission to advance the joint development of critical energy infrastructure projects in Mexico, including the rerouting of the Guaymas-El Oro pipeline in Sonora, the proposed Vista Pacífico LNG project in Topolobampo, Sinaloa, and the potential development of a liquefied natural gas (LNG) terminal in Salina Cruz, Oaxaca.
North America Natural Gas Market Report - Table of Contents
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.6 Supply Chain Analysis
4.7 Porter's Five Force Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Conventional Gas
5.1.2 Unconventional gas
5.2.2 Power generation
5.2.4 Industrial Fuel
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Mergers, Acquisitions, Collaboration and Joint Ventures
6.2 Strategies Adopted by Key Players
6.3 Company Profiles
6.3.1 Royal Dutch Shell
6.3.2 Exxon Mobil Corporation
6.3.3 BP PLC
6.3.4 Equinor ASA
6.3.5 Marathon Petroleum Corp
6.3.6 Chevron Corp
6.3.7 ENI SPA
6.3.8 Total SA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
North America Natural Gas Market Research FAQs
What is the study period of this market?
The North America Natural Gas Market is studied from 2019 - 2028.
What is the growth rate of North America Natural Gas Market ?
The North America Natural Gas Market is growing at a CAGR of >5% over the next 5 years.
Who are the key players in North America Natural Gas Market ?
Eni SpA, BP PLC , Total Energies SE, Royal Dutch Shell PLC, Exxon Mobil Corporation. are the major companies operating in North America Natural Gas Market .
North America Natural Gas Industry Reports
In-depth industry statistics and market share insights of the North America Natural Gas Market sector for 2020, 2021, and 2022. The North America Natural Gas Market research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the North America Natural Gas Market report PDF.