Dynamics and Prospects of the Development of the Global Natural Gas Market

Abstract

The natural gas market is one of the main components of the fuel and energy complex, the development and functioning of which significantly affect the level of energy security and the availability of energy sources for each country. The aim of the article is to study the dynamics and prospects of the development of the global natural gas market. The article analyzes the volumes of global trade in pipeline gas and liquefied natural gas (LNG). It is proved that during the analyzed period, international trade in LNG grew at a significantly faster pace compared to the trade in pipeline gas. The change in demand for natural gas by countries and regions from 2000 to 2024 is analyzed. A forecast growth of the global natural gas market is proposed. The forecast growth is explained by the transition to clean and renewable energy, the development of the industrial sector in the economies of developing countries, the increased use of natural gas in the transportation sector, the growth in the pace and volumes of electricity production based on natural gas, as well as the development of transportation infrastructure and maritime support for natural gas transportation. Among the main trends characterizing the global natural gas market, it is worth noting investments in renewable energy sources for sustainable extraction from fields, strategic cooperation in the production of propane from renewable sources, as well as mergers and acquisitions of oil and gas enterprises. Overall, it is expected that in the coming years, the volume of the natural gas market will significantly increase and reach USD 1670.84 billion by 2029. Promising areas for further research include the analysis of the state and dynamics of the impact of renewable energy development on the natural gas market, as well as the study of the transformation of regional markets.

Keywords

• dynamics
• development
• global market
• pipeline trade
• natural gas
• projected growth