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- Given its versatility, natural gas is projected to continue to play a key role in the energy mix irrespective of the pace of the energy transition, with demand projected to grow substantially in the short term. LNG as a delivery mechanism will assume an increasingly important role in linking geographically disconnected demand and supply centers.
www.mckinsey.com/industries/oil-and-gas/our-insights/global-energy-perspective-2023-natural-gas-outlook
People also ask
What is the future of natural gas?
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Jan 24, 2024 · Global gas demand is projected to grow past 2030 in all scenarios, with a total projected growth of between 10 and 15 percent. Even in faster decarbonization scenarios, growth is expected until 2030–40.
- Background on Rystad Ucube and Gas Market Cube
- Global Natural Gas Markets Under Net Zero Emissions
- Canada’s Role in The Natural Gas Market Energy Transition
Rystad Energy is an independent energy research company providing data, analytics and consultancy services to clients around the globe. UCube is Rystad Energy’s global upstream database, including production and economics (costs, revenues, and valuations) for more than 80,000 assets, covering the portfolios of more than 3,500 companies. The UCube d...
Under the Rystad Energy base case, global natural gas demand grows from 3,985 billion cubic metres (bcm) per year in 2021 to 4,522 bcm in 2032, before increasing slightly to 4,522 bcm per year in 2035. This represents an increase of over 13 per cent (see Figure 1). Natural gas demand is particularly robust in Asia and Africa over the next decade an...
Russia’s invasion of the Ukraine has focused attention on finding alternative supplies for Europe, giving impetus to longdelayed projects to ship Canadian LNG abroad (Financial Post, 2022). Much of the 45 per cent emissions reduction target for natural gas production and processing in Canada will be met through methane reductions (the federal gover...
Jan 6, 2020 · To understand how today’s decarbonization policies could affect the gas market, we need to start with a clear view of demand. McKinsey’s North American gas model shows that demand will continue to grow from 95 billion cubic feet per day (bcfd) to 125 bcfd by 2035 and then plateau (Exhibit 2).
- Illustration of the scenarios in EF2023. Description. Description: This figure provides an overview of the three core scenarios in EF2023, including a description of the pace of global climate action and climate action in Canada.
- End-use energy use, by fuel, all scenarios. Click to enlarge. Description. Description: These three stacked area charts show end-use energy use by fuel in each scenario.
- Electricity use by sector, Global Net-zero Scenario. Click to enlarge. Description. Description: This stacked area chart shows projected electricity demand in the Global Net-zero Scenario in the residential, commercial, industrial, transportation, and hydrogen sectors.
- Change in electricity generation from 2021 to 2050, by fuel, Global Net-zero Scenario. Click to enlarge. Description. Description: This column chart shows changes in electricity generation between 2021 and 2050 in the Global Net-zero Scenario, by technology.
Feb 26, 2021 · From 2035 to 2050, gas demand will decline by 0.4 percent. This relatively moderate decline is due to hard-to-replace gas use in the chemical and industrial sectors, which limits the impact of an accelerating decline in gas used for power.
Feb 12, 2024 · We forecast increases in natural gas prices as demand for natural gas grows faster than supply in 2024. In 2022 and 2023, increases in natural gas supply (domestic natural gas production and imports) exceeded the increases in natural gas demand (domestic consumption and exports).
Natural gas is a major fuel for multiple end uses — electricity, industry, heating — and is increasingly discussed as a potential pathway to reduced oil dependence for transportation.
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