Natural gas industry consists of businesses such as transmitting, distributing, and sell self-producing or purchasing associated to fuel gas. The firms in natural gas industry consists of primarily mines and infrastructure dealing in transportation of gas to end consumers. The Natural gas industry also consists of firms engaged in buying and selling gas from the well or mine and selling it to into a distribution system, and there is one more category of gas brokers or the agents which arrange for gas to be sold by a distribution system operated by other firms or the agencies operating. The production activities in natural gas industry includes the coal gasification, petroleum cracking, and gas extraction, and the natural gas refinement. The prices of natural gas vary as per the market supply and demand economics. The other type of natural gas includes shale gas, and it is produced by extraction from shale formations.
According to study, “Natural Gas Global Market Report 2019” the key companies operating in the global natural gas market are BP Plc., ConocoPhillips Co., Exxon Mobil Corp. Chevron Corp., and Petro China Co. Ltd. B . To utilise the maximum opportunities the gas providers additionally focus closer to the increase prospects in the fast-developing segments, while maintaining their positions within the slow-developing segments.
Based on resource type, natural gas market is segmented into conventional and unconventional. Based on type, natural gas market is segmented into packaging transportation gas and pipeline transportation gas. Moreover, based on application, market is segmented into commercial use and industrial use.
The natural gas industry is gaining strength & promotion from consumers and industries that are more conscious of the environmental apprehensions and desire to use clean fuel thereby reducing carbon emission and leaving carbon footprint that have made almost all industries to reconsider and reevaluating their production, budgets and spending. The pursuit of an environment-friendly society has been the top priority for most growing and advanced countries, and a few governments have taken a robust stand and measures to alter the usage and distribution for business purposes
The crude oil & natural gas extraction companies have started making large scale investments in renewable sources for increasing the sustainability of extraction in crude oil & natural gas activities over different oil fields. The crude oil & natural gas production is an energy intensive activity and renewable technologies like solar, wind, biomass, and geothermal are now being used over producing the crude oil & natural gas at a much lower costs and lower emissions. The natural gas market is registering a rapid rise in production activities, owing to the technological innovations. Further, the use of Marine vessels in the market are leading to unprecedented increase in production, as these make significant efforts with efficient movement of fuel. Some of key end user segments residential, commercial, and industrial sectors further emerged as an important consumers of the natural gas liquids. The domestic use of fuel have helped in majorly driving significant sale across the global market.
The natural gas market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these Asia-pacific natural gas market account for the significant share in the natural gas market.
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Ankur Gupta, Head Marketing & Communications