Industrial And Commercial Natural Gas Distribution Global Market Report 2022 – Benzinga
New York, Sept. 23, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report "Industrial And Commercial Natural Gas Distribution Global Market Report 2022" – https://www.reportlinker.com/p06320392/?utm_source=GNW
The global industrial and commercial natural gas distribution market is expected to grow from $608.17 billion in 2021 to $657.16 billion in 2022 at a compound annual growth rate (CAGR) of 8.1%. The industrial and commercial natural gas distribution market is expected to grow to $756.34 billion in 2026 at a compound annual growth rate (CAGR) of 3.6%.
The industrial and commercial natural gas distribution market consists of sales of industrial and commercial natural gas distribution by entities (organizations, sole traders, and partnerships) that are used to operate gas distribution systems. Industrial and commercial natural gas refers to natural gas used for industrial and commercial purposes such as steam generation, metal casting, metal tempering, electricity generation, and as a fuel for commercial vehicles.
The various source include associated gas, non associated gas and unconventional sources, which are used by various end users including light duty vehicles, medium or heavy duty buses, medium or heavy duty trucks.
The Asia Pacific was the largest region in the industrial and commercial natural gas distribution market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The growth in the industrial and commercial natural gas distribution market is due to the higher disposable income, and rising demand from commercial customers.
The rising demand from commercial customers is expected to propel the growth of the industrial and commercial natural gas distribution market going forward.A commercial customer means a customer who performs or produces a service or product which is a source of revenue to the customer.
Commercial customers use natural gas for the household purposes such as cooking and operating refrigeration and cooling equipment. For instance according to the U.S electricity information administration, a US-based government agency, In the year 2021, commercial usage accounted for about 11% of total U.S. natural gas consumption, and natural gas sources for about 19%. Therefore rising demand from commercial customers is driving the growth of the natural gas distribution market.
The establishment of new city gas distribution plants is the key rend gaining popularity in the industrial and commercial natural gas distribution market.Major companies operating in the market are introducing gas distribution plants in every city to sustain their position in the market.
For instance, in January 2022, Bharat Petroleum Corporation Ltd (BPCL), an India-based petrol and gas distribution company, launched city gas distribution networks in 6 cities throughout India.Which helps in the easy supply of natural gas.
Bharat Petroleum invested INR 10000 cores in developing this project.
Many countries are focusing on the adoption of decarbonization which aims in the reduction of emission of greenhouse gases.This adoption reduces the use of coal and encourages the use of natural gas for generating electricity.
This has resulted in a rapid expansion of renewable energy and the evolution of the industrial and commercial market in the upcoming years.
The countries covered in the industrial and commercial natural gas distribution market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, USA.
Read the full report: https://www.reportlinker.com/p06320392/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need – instantly, in one place.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.