Market Size of North America Natural Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.00 % |
| Market Concentration | Medium |
Major Players
*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.
