North America Natural Gas Market Size (2024 - 2029)

The North America Natural Gas Market is anticipated to experience growth, driven by increased exploration and production activities, particularly due to rising industrial demand from sectors such as refining, petrochemicals, and fertilizers. Despite challenges posed by the seasonal and volatile nature of demand and supply imbalances, the market's expansion is supported by the power generation segment, which is witnessing rapid growth. The United States is identified as the fastest-growing country in the region, contributing significantly to the market's overall development.

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Market Size of North America Natural Gas Industry

North America Natural gas Market Summary
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

North America Natural gas Market Major Players

*Disclaimer: Major Players sorted in no particular order

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 Segmentation

The Natural gas market report includes:

Source
Conventional Gas
Unconventional gas
Application
Automotive
Power generation
Household
Industrial Fuel
Countries
Canada
USA
Mexico
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North America Natural Gas Market Size Summary

The North America natural gas market is poised for growth, driven by increasing exploration and production activities, particularly in the United States. This growth is largely fueled by rising industrial demand from sectors such as refining, petrochemicals, and fertilizers. Despite the challenges posed by the COVID-19 pandemic and the inherent volatility in demand, the market is expected to expand, with power generation emerging as the fastest-growing segment. The United States, a leading producer of crude oil and natural gas, is anticipated to play a significant role in this growth, supported by substantial investments in liquefied natural gas (LNG) infrastructure, which aim to position the country as a central exporting hub.

The market landscape is moderately consolidated, with key players like Eni SpA, BP PLC, Total Energies SE, Royal Dutch Shell PLC, and Exxon Mobil Corporation actively participating. The LNG sector, in particular, is witnessing significant developments, with several liquefaction terminals expected to reach the final investment decision stage during the forecast period. Additionally, offshore oil and natural gas activities are concentrated in the Gulf of Mexico, with private investments aimed at boosting production in various regions. Collaborative efforts, such as Sempra Infrastructure's agreement with Mexico's Federal Electricity Commission, further underscore the strategic initiatives underway to enhance energy infrastructure and market dynamics in North America.

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North America Natural Gas Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD billion, till 2027

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

      2. 1.5.2 Restraints

    6. 1.6 Supply Chain Analysis

    7. 1.7 Porter's Five Force Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION

    1. 2.1 Source

      1. 2.1.1 Conventional Gas

      2. 2.1.2 Unconventional gas

    2. 2.2 Application

      1. 2.2.1 Automotive

      2. 2.2.2 Power generation

      3. 2.2.3 Household

      4. 2.2.4 Industrial Fuel

    3. 2.3 Countries

      1. 2.3.1 Canada

      2. 2.3.2 USA

      3. 2.3.3 Mexico

North America Natural Gas Market Size FAQs

The North America Natural Gas Market is projected to register a CAGR of greater than 5% during the forecast period (2024-2029)

Eni SpA, BP PLC , Total Energies SE, Royal Dutch Shell PLC and Exxon Mobil Corporation. are the major companies operating in the North America Natural Gas Market.

North America Natural Gas Report Snapshots

North America Natural gas Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)