The Household Natural Gas Distribution Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Household Natural Gas Distribution Global Market Report 2024, The household natural gas distribution market size has grown strongly in recent years. It will grow from $178.27 billion in 2023 to $189.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historic period can be attributed to urbanization trends, population growth, energy efficiency concerns, government policies and incentives, consumer preferences.
The household natural gas distribution market size is expected to see strong growth in the next few years. It will grow to $240.62 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to renewable natural gas integration, smart metering and IoT integration, decentralized energy systems, energy transition initiatives, hydrogen blending. Major trends in the forecast period include advancements in gas storage technologies, technological advancements, transition to renewable natural gas (RNG), demand response programs, infrastructure modernization.
The rising demand for natural gas is expected to propel the growth of the household natural gas distribution market going forward. Natural gas refers to a naturally occurring mixture of gaseous hydrocarbons, mainly methane but also including a number of other higher alkanes in smaller amounts. In household application, natural gas is used to heat a home and supply the energy source for cooking, clothes drying, and water heating using it with the appropriate appliances. The rise in applications of for natural gas for household purposes will increase the demand for behold natural gas distribution services, and will propel the growth of market. For instance, in November 2022, according to a report shared by the US Energy Information Administration., a US-based government agency, natural gas consumption in the US grew by 3.6% in 2021 compared with 2020. And US natural gas exports established a new record in 2021 with the averaging of 10.5 billion cubic feet per day. Further, in 2021, the US used about 30.66 trillion cubic feet (TCF) of natural gas. These numbers are expected to rise in the future. Therefore, the rising demand for natural gas is driving the growth of the household natural gas distribution market.
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The household natural gas distribution market covered in this report is segmented –
1) By Type: Pipelines, LNG Vessels
2) By Type of Operator: Public Operator, Private Operator
3) By Source: Conventional Gas, Unconventional Gas
Major companies operating in the household natural gas distribution market are adopting a strategic collaboration approach to distribute renewable natural gas. Strategic collaboration refers to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in June 2023, Vanguard Renewables, a US-based company that produces renewable natural gas, announced a collaboration with AstraZeneca Plc, a UK-based biotechnological and pharmaceutical company, for the supply of renewable natural gas (RNG) to all of its US locations. AstraZeneca will begin procuring Vanguard Renewables RNG for its Newark Campus in Delaware, where the company processes 26 pharmaceuticals for delivery across the United States and manufactures drug formulations for worldwide supply. Vanguard Renewables’ Farm Powered method will be used in this arrangement, allowing Vanguard Renewables to collaborate with dairy farmers, food and beverage producers, retailers, and distributors to create RNG utilizing farm-based anaerobic breakdown (AD) from food and dairy cow waste. Once the RNG has been created and collected via AD, it will be fed into existing natural gas pipelines for use in AstraZeneca’s pharmaceutical research and production activities.
The household natural gas distribution market report table of contents includes:
- Executive Summary
- Household Natural Gas Distribution Market Characteristics
- Household Natural Gas Distribution Market Trends And Strategies
- Household Natural Gas Distribution Market – Macro Economic Scenario
- Global Household Natural Gas Distribution Market Size and Growth
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- Global Household Natural Gas Distribution Market Competitive Benchmarking
- Global Household Natural Gas Distribution Market Competitive Dashboard
- Key Mergers And Acquisitions In Household Natural Gas Distribution Market
- Household Natural Gas Distribution Market Future Outlook and Potential Analysis
- Appendix
Top Major Players :
- Saudi Arabian Oil Group
- China Petroleum & Chemical Corporation
- PetroChina Company Limited, ExxonMobil Corporation
- China National Petroleum Corporation
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