Market Size of United States 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 | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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US Natural Gas Market Analysis
The US natural gas market is projected to register a CAGR of over 5% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has reached pre-pandemic levels.
- The 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 subsidies provided by governments for using natural gas, are driving the market to grow.
- On the other hand, 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.
- Nevertheless, decarbonization policies have been proposed or introduced in several parts of the United States as part of the transition to a low-carbon society. By implementing renewable portfolio standards, setting net carbon-neutral clean energy standards, setting economy-wide targets for carbon reduction, and mandating the use of certain technologies, these policies rely on a range of actions. These factors can open up new opportunities for the market.
