Global Natural Gas Outlook: Demand Projections, Regional Trends, and Supply Landscape Transformation
Key Ideas
  • Global natural gas demand is projected to increase by 32% to 5,317 bcm by 2050, with the power sector and industrial applications driving this growth.
  • Hydrogen production demand for natural gas is set to rise significantly, exceeding 480 bcm by 2050, supporting decarbonisation efforts.
  • Asia Pacific is expected to become the largest natural gas-consuming region, with the Middle East and Africa also showing substantial demand growth.
  • The global natural gas supply landscape is shifting towards non-associated conventional resources, with new projects crucial for sustaining long-term supply growth.
The Gas Exporting Countries Forum projects a significant increase in global natural gas demand by 2050, reaching 5,317 bcm, with the power sector and industrial applications being key drivers. Notably, the demand for natural gas in hydrogen production is expected to surge, reflecting the growing role of blue hydrogen in decarbonisation strategies. Regional trends show Asia Pacific surpassing North America as the largest consumer, with the Middle East and Africa also experiencing substantial growth. Despite growth in certain regions, North America and Europe are expected to see declining demand over the coming decades due to energy policies and market maturity. The supply landscape is evolving, with a focus on non-associated conventional resources in regions like the Middle East, Eurasia, and Africa, while North America's unconventional gas production is forecasted to peak before gradually declining. New projects, especially yet-to-find resources, will play a crucial role in maintaining global gas supply growth and offsetting declines from mature fields.
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