Europe Gas Market Size (2024 - 2029)

The European gas market is projected to experience growth over the forecast period, driven by rising demand for natural gas in key countries like Germany, the United Kingdom, and Italy. Despite challenges posed by the increasing integration of renewables and volatile natural gas prices, the market has rebounded to pre-pandemic levels. Technological advancements and enhanced production from significant gas fields are anticipated to offer substantial opportunities for market participants. Norway is expected to lead the market due to its growing natural gas output.

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Market Size of Europe Gas Industry

Europe Gas Market - Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 2.50 %
Market Concentration Medium

Major Players

Europe Gas Market Major Players

*Disclaimer: Major Players sorted in no particular order

Europe Gas Market Analysis

The European gas market is expected to register a CAGR of over 2.5% during the forecast period.

The COVID-19 pandemic negatively impacted the market in 2020. Presently, the market has reached pre-pandemic levels.

  • Over the long term, factors such as the surge in demand for natural gas within countries, namely Germany, the United Kingdom, and Italy, are expected to drive the market during the forecast period.
  • On the other hand, the increasing benefits of renewables, and the region's plan to increase the share of renewables in the energy mix, complemented by volatile natural gas prices, are expected to restrain the growth of the studied market.
  • Nevertheless, technological improvements and increased natural gas production from numerous gas fields, such as the Groningen natural gas field, Snohvit gas field, and Troll oil and gas fields, are expected to create ample opportunities for the market players.
  • Norway is expected to dominate the market due to its increasing natural gas production during the forecast period.

Europe Gas Industry Segmentation

Natural gas is a fossil energy source that is found deep beneath the earth's surface. Natural gas contains many different compounds and smaller amounts of natural gas liquids (NGLs, which are also hydrocarbon gas liquids) along with non-hydrocarbon gases, such as carbon dioxide and water vapor.

The European Gas Market is Segmented by Application (Utilities, Industrial, and Commercial) and Geography (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe). The report offers the market size and forecasts in production capacity in billion cubic meters for all the above segments.

By Application
Utilities
Industrial
Commercial
By Geography
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
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Europe Gas Market Size Summary

The European gas market is poised for steady growth, driven by increasing demand for natural gas in key countries such as Germany, the United Kingdom, and Italy. Despite the initial setbacks caused by the COVID-19 pandemic, the market has rebounded to pre-pandemic levels. However, the growth trajectory is tempered by the region's shift towards renewable energy sources and the inherent volatility of natural gas prices. Technological advancements and enhanced production from significant gas fields like Groningen, Snohvit, and Troll are expected to offer substantial opportunities for market participants. Norway is anticipated to lead the market, bolstered by its expanding natural gas production capabilities.

Natural gas plays a crucial role in Europe's power generation, with a significant portion of electricity generated from this source due to its cost-effectiveness and abundant domestic reserves. The utility sector is expected to maintain its dominance in the European gas market, supported by ongoing investments in natural gas-fired power plants, particularly in Germany. Norway's strategic position as a top natural gas producer and supplier to the EU, alongside its investments in new gas fields, underscores its pivotal role in the market. The European gas market remains moderately fragmented, with key players including BP PLC, Equinor ASA, TotalEnergies SE, Chevron Corporation, and Exxon Mobil Corporation, all contributing to the region's dynamic energy landscape.

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Europe Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 European Union Natural Production Forecast In Billion Cubic Meters, Till 2027

    3. 1.3 European Union Natural Imports And Exports, Till 2021

    4. 1.4 Government Policies And Regulations

    5. 1.5 Recent Trends And Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Application

      1. 2.1.1 Utilities

      2. 2.1.2 Industrial

      3. 2.1.3 Commercial

    2. 2.2 By Geography

      1. 2.2.1 Germany

      2. 2.2.2 United Kingdom

      3. 2.2.3 France

      4. 2.2.4 Italy

      5. 2.2.5 Spain

      6. 2.2.6 Rest of Europe

Europe Gas Market Size FAQs

The Europe Gas Market is projected to register a CAGR of greater than 2.5% during the forecast period (2024-2029)

BP Plc, Equinor ASA, TotalEnergies SE, Chevron Corporation and Exxon Mobil Corporation are the major companies operating in the Europe Gas Market.

Gas Market in Europe Report Snapshots

European Gas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)