The World GCC Natural Gas Market is growing tremendously. It has a market size that is expected to surpass $50 billion U.S. dollars by 2024, according to the latest study published in Global Market Insights, Inc.
Another report conducted by Grand View Research predicts that yield improvement, cost reduction, and performance optimization are factors that will lead to the drive in the global specialty gas market over a six-year span from 2014 to 2020.
There are a lot of concerns that might be leading to this rise in the market, though. One being that maintaining fossil fuel sustainability along with other regulation to reduce environmental impact will continue to drive up the market size. Another thing is the need for electricity from high energy intensive industries. Because natural gas has the ability to offer low electricity generation cost, environmental proximity, and other cost-effective characteristics, GCC anticipates seeing a growth of over 60% by 2040.
Another reason the natural gas market may be expected to climb is that it offers lower emissions rates. For example, it is used primarily as a clean transportation fuel because it has significantly lower emissions compared to diesel or gasoline. Compressed natural gas, the form used for vehicle fuel, is segmented mainly into light-duty trucks, medium to heavy-duty trucks, and medium to heavy-duty buses.
According to CMFE News, nearly 93% of the global compressed natural air vehicle fleet is taken up by light-duty trucks. They only accounted for 50.2% of the global consumption, though. This is thought to be because medium to heavy-duty trucks consume significantly more fuel than light-duty trucks and passenger cars.
Other external factors are expected to play a role in the growth of the global natural gas market. The expansion of the Panama Canal, China’s commercial shale gas production, and a downward pressure on gas prices in the Asian-Pacific area may or may not drive the growth and consumption of the natural gas market.