Urban Gas Market Size, Share, Growth, and Industry Growth by Type (Natural Gas, Manufactured Gas and Liquefied Petroleum Gas) By Application (Residential, Commercial, Public Building and Manufacturing Industries) Regional Forecast By 2031

Urban Gas Market Report Overview

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The global urban gas market size is expected to be USD 28791.57 billion in 2021 and the market is projected to touch USD 42202.77 million by 2031, exhibiting a CAGR of 3.9% during the forecast period.

The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

Urban gas is a combustible blend of hydrocarbon gases that is utilized as fuel across a range of end-use industries. During the processing of petroleum crude oil and natural gas, it is made from fossil fuels. Urban gas is widely utilized in several applications in the healthcare, agricultural, construction, and automotive sectors, hence it is anticipated that the global market for urban gas will grow steadily throughout the forecast period. Because it is economical and effective, cooking with liquefied petroleum gas is a popular activity in both household and commercial settings.

Burying dead plants and animals’ results in the production of natural gas. Natural gas is produced as a result of a process that is set off by the intense heat and pressure that come with burying dead plants and animals. Natural gas is extracted using specialized or cutting-edge production processes. Unconventional gas is the name for the gas. Gas hydrates, tight gas, coal bed methane, shale gas, and tight gas are examples of unconventional gases. The discovery of unconventional oil and gas was a significant development for the global oil sector.

COVID-19 Impact: Temporary Bans on Manufacturing and Processing to Challenge the Market Growth

Lockdown measures established in response to the COVID-19 pandemic led to temporary bans on manufacturing and processing, as well as import and export, across a range of industries, which reduced consumer demand for urban gas. Market growth was reduced as a result. On the other hand, a recovery in the urban gas market is anticipated.

LATEST TRENDS

"Search of Green Solution to Boost the Market"

Companies are now forced to search for green solutions as a result of growing awareness of environmental concerns and the enforcement of strict rules and regulations by governmental regulatory agencies. Urban gas is being utilized as a substitute for gasoline and diesel more and more, according to recent changes in the market. Gas from cities is a clean fuel. For businesses, using urban gas offers a practical answer. Thus, it is anticipated that the urban gas market would be driven throughout the forecast period by an increase in demand for urban gas in emerging nations like India, Indonesia, Brazil, Mexico, and Nigeria for transportation, cooking, and many other industrial purposes.

Urban Gas Market Segmentation

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• By Type Analysis

By type, market is segmented into natural gas, manufactured gas and liquefied petroleum gas. The natural gas segment will dominate the market in the coming years.

• By Application Analysis

Based on applications, the market is classified into residential, commercial, public building and manufacturing industries. The residential segment will lead the global share through 2031.

DRIVING FACTORS

"Urbanization and Industrialization to Propel the Market Growth"

Over the past few years, there has been a major global expansion in urbanization, industrialization, and globalization. However, due to cheaper labor and infrastructural costs, the flow of investment has shifted from developed to developing countries. In underdeveloped nations, environmental laws and regulations are also less strict. A corporation will benefit from this to its advantage. Increased investments in industry and urbanization have increased family income as well as the discretionary income of the middle class and lower-middle-class people. As a result, urban gas has been used in the residential and transportation sectors.

"Less Expensive Refining Process to Augment the Demands"

Natural gas may be converted into urban gas without the requirement for an oil refinery; all that is required is a plant for gas separation that can extract the appropriate gases. As a result, producing urban gas from natural gas rather than crude oil in refineries is less expensive. Tankers or pipelines may be used to deliver urban gas that has been extracted.

The urban gas produced from natural gas liquids is therefore anticipated to rule the urban gas market over the projected period based on the aforementioned criteria.

RESTRAINING FACTORS

"Irregular Domestic Supply to Impede the Market"

The primary issues impeding the expansion of the urban gas market are the industry's rapid development in the field of renewable energy and the erratic domestic supply of urban gas.

Urban Gas Market Regional Insights

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"Asia Pacific to Hold the Largest Global Urban Gas Market Share"

A sizeable portion of the worldwide industry was dominated by the Asia Pacific region. During the forecast period, the region is anticipated to have the quickest rate of growth in the worldwide urban gas market. With a larger market share than any other country in the Asia Pacific, China is a significant market for liquefied petroleum gas. Since a few years ago, governments in the area have encouraged the use of urban gas for cooking in rural regions, which is expected to increase demand for urban gas in the future. For instance, the Indian government offers free liquefied petroleum gas cylinders and subsidies to the nation's rural districts. In addition, the region's major market for urban gas is North America.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage "

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead in the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolio.

LIST OF TOP URBAN GAS COMPANIES

• China Resources Gas (Hong Kong)
• Tianjin Energy Investment Group Co., Ltd (China)
• ENN Energy Holdings Limited (China)
• Xinjiang Haoyuan Natural Gas Co. Ltd (China)
• Changchun Gas Co., Ltd (China)
• Beijing Gas Group Company Limited (China)
• PetroChina Kunlun Gas (Hong Kong)
• China Gas Holdings Ltd (Hong Kong)
• Sino Gas & Energy Holdings (China)
• Shenzhen Gas Corporation Ltd (China)
• Towngas (Hong Kong)
• CPC Jinhong Energy Investment Co., Ltd (China)
• China Oil and Gas Group (Hong Kong)
• Shanxi Provincial Natural Gas Co., Ltd (China)
• Tian Lun Gas Group (China)

REPORT COVERAGE

The market research study examines the worldwide market in detail, focusing on important elements such as leading players, product/services or type, and leading end-use applications. Aside from that, the research analyses major advancements and provides insights into lighting market trends. In addition to the causes indicated above, the paper includes a number of other factors that have contributed to recent growth.