CLEVELAND, Nov. 26, 2019 /PRNewswire/ — US natural gas demand is projected to grow 1.6% annually in volume terms through 2023, according to Natural Gas: United States, a report recently released by Freedonia Focus Reports. Advances will derive from increased demand for energy in the electric power and industrial markets. The electric power market is forecast to remain the largest and fastest growing, as low natural gas prices will encourage construction of natural-gas-burning power plants and retirement of coal and nuclear plants, albeit at a slowing rate. Increasing competition from solar and wind energy generation will prevent faster growth. Increases in energy efficiency throughout the various markets will also constrain gains.
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US natural gas production is forecast to increase 3.1% per year through 2023. Producers stand to benefit from continued growth in unconventional production, most notably from shale formations, while output from conventional settings is expected to decline. Production is expected to receive a boost from expanding exports of liquefied natural gas (LNG). LNG liquefaction plants coming online in 2020 are expected to almost double LNG export capacity. In addition, a second wave of LNG plant construction will be completed by the end of the forecast period, leading to an expected rapid increase in exports of LNG to overseas markets.
These and other key insights are featured in Natural Gas: United States. This report forecasts to 2023 US natural gas demand and production in cubic feet. Total demand is segmented by market in terms of:
- electric power
- other markets such as lease, plant, and vehicle fuel
To illustrate historical trends, total demand, total production, the various demand segments, and trade are provided in annual series from 2008 to 2018.
Reported demand figures reflect the volume of natural gas delivered to consumers, in addition to that consumed as lease fuel, plant fuel, and for pipeline and distribution use. Production refers to dry natural gas production, also known as consumer-grade natural gas. Dry natural gas production excludes natural gas liquids such as plant liquids and lease condensate that are removed from the gas stream at processing plants. Re-exports of natural gas are excluded from demand and trade figures.
About Freedonia Focus Reports
Each month, The Freedonia Group – a division of MarketResearch.com – publishes over 20 new or updated Freedonia Focus Reports, providing fresh, unbiased analysis on a wide variety of markets and industries. Published in 20-30 pages, Focus Report coverage ranges from raw materials to finished manufactured goods and related services such as freight and construction. Additional Energy & Resources reports can be purchased at Freedonia Focus Reports or MarketResearch.com.
Analysis is intended to guide the busy reader through pertinent topics in rapid succession, including:
- total historical market size and industry output
- segmentation by products and markets
- identification of market drivers, constraints, and key indicators
- segment-by-segment outlook in five-year forecasts
- a survey of the supply base
- suggested resources for further study
SOURCE The Freedonia Group