The global natural gas utilities market was valued at around USD 302 billion in 2016 and is expected to reach around USD 321 billion by 2021.
Procurement market intelligence analysts have announced its latest market research report on natural gas utilities for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that will influence the growth of the natural gas utilities market during the forecast period. Some of the top vendors listed in this industry analysis include PJSC Gazprom, Sempra Energy, PETRONAS, Centrica, and Osaka Gas.
In terms of geographical analysis, the Americas dominated the global market by accounting for around 38% of the overall market share during 2016. The region will continue to see rapid growth during the forecast period owing to the market expansion in the region.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “Natural gas can be easily and economically converted into other fuels such as gasoline, which can be further utilized in various industries such as automobiles, energy, and chemicals. The process is easy and economical and hence, is being utilized increasingly to leverage the scope of its usage.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Preference for cleaner fuel alternatives
Spurred by rising environmental concerns pertaining to carbon dioxide emissions from the use of fossil fuels, countries are increasingly adopting natural gas as an alternative fuel source, as it is cleaner. This is resulting in the increased demand for natural gas utilities, as pipelines and storage facilities are required for efficient distribution of natural gas across geographies.
Discovery of large volumes of natural gas reserves in US
The production of natural gas experienced an exponential rise due to the discovery of shale gas reserves worldwide. This resulted in countries such as the US shifting toward natural gas to replace coal for heating and generating electricity, and emerging as the leader in the global natural gas utilities market in a short span of time. Furthermore, the discovery of large reserves of natural gas is resulting in its availability at low costs.
Investments by large companies in utilities infrastructure
Companies are investing heavily in building infrastructure to reach these economies due to the demand for energy from emerging economies such as China and India. China Petroleum & Chemical is planning to invest more than USD 420 million in 2017 to build additional pipelines and storage facilities. Technavio’s industry analysts predict such investments to foster growth of the natural gas utilities market during the forecast period.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global Natural Gas Utilities – Procurement Market Intelligence 2017’.
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