Synthetic Natural Gas Market Share to Rise At 23.4% CAGR, To Hit USD 194.53 Billion by 2034 | PMR

The growing demand for clean energy sources is boosting the synthetic natural gas market.

New York, USA, Dec. 12, 2024 (GLOBE NEWSWIRE) — Market Figures

The global synthetic natural gas market size is projected to grow from USD 23.76 billion in 2024 to USD 194.53 billion by 2034, at a CAGR of 23.4%, according to a new report by Polaris Market Research.

Market Overview

Synthetic natural gas narrates an assortment of natural gas options that are in proximity to configuration and attributes to natural gas. SNG can be emanated from coal, biomass and blended utilizing renewable energy. Relying on the source fuel, SNG can be low carbon or even carbon-liberated alternative for fossil fuels. It can be mingled and utilized identically with organic gas in all applications. Liquefied or compressed SNG can be conveyed or reserved in the gas grid.

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Key Insights from Report

• The market for synthetic natural gas is significantly shaped by the growing endeavors to decrease carbon discharge.
• The synthetic natural gas market segmentation is mainly based on source, technology, application, and region.
• Based on the source segment, the coal segment is expected to experience the highest CAGR during the forecast period.
• By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.

Synthetic Natural Gas Market Scope:

Market’s Growth Drivers

Technological Progressions: Technological progressions in gas to liquid technology are improving the generation of synthetic natural gas from an assorted gamut of feedstock, which is propelling the market. Further, government inducement and directives encouraging the usage of cleaner energy sources are notably providing for market expansion and contributing to the synthetic natural gas market growth.

Green Energy Solutions: Government inducements encouraging renewable energy solutions play an important part in driving market growth. These inducements are important for promoting funding for green energy technologies that can be exploited for SNG production. Instances of such inducements involve feed-in tariffs, which assure remission for green electricity generation.

Growing Energy Security: The growing focus on energy security worldwide has driven the market revenue framing both demand influence and tactical funding. Energy safety worries emanate from the requirement to sanction dependable and continual approaches to energy sources amidst geopolitical unpredictability, supply disturbance, and ecological provocations linked with fossil fuels.

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List of Synthetic Natural Gas Market Key Players

• Air Liquide
• Air Products and Chemicals, Inc
• BASF SE
• Methanex
• Sasol
• Shell
• Synthesis Energy Systems, Inc.
• The Linde Group
• Yankuang Group

Geographical Analysis

Asia Pacific accounted for the largest synthetic natural gas market share. This is due to the escalating demand for clean energy sources in nations such as India and China. Additionally, technological innovations in SNG generation procedures render the process economical and productive, which escalated its demand in the market. The wealth of natural gas reservoirs in nations such as Indonesia and Australia that offer dependable feedstock for SNG generation is expected to boost the market growth.

North America is also expected to grow at the highest CAGR during the forecast period owing to the support of the progressions in several technologies, such as hydraulic fracturing technology, so as to withdraw extensive proportions of gas from shale genesis, which caused excess supply. Further, the entrenched framework in the region for natural gas dissemination and conveyance renders it economical and productive conveyance of synthetic natural gas to consumers.

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SNG Market Segmentation

By Source Outlook

• Coal
• Biomass
• Renewable Energy

By Technology Outlook

• Anaerobic Digestion & Fermentation
• Thermal Gasification
• Power to Gas
• Fluidized Bed Gasifier
• Entrained Flow Gasifier

By Application Outlook

• Transportation
• Power Generation
• Industrial
• Grid Injection

By Regional Outlook

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
  • Middle East & Africa
• Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

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