Asian countries are the main contributors of the increase in demand for natural gas. This is because China is the principal consumer of this material, counting with 40% of its increment
Natural gas helps reduce environmental pollution and CO2 emissions. This material can easily move oil and coal as an energy fuel. It contributes to a much more eco-friendly energy system. It represents a challenge in terms of market prices and reduction in methane emissions in its supply chain.
China represents 40% of the increase in demand for natural gas, a result of the government’s goal of reducing environmental pollution.
The country obtained an 18% growth in the consumption of natural gas, but could decrease this percentage, due to a slower increase in its economy.
Countries such as Bangladesh, India and Pakistan are also part of this list of gas consumers. The International Energy Agency analyzes that the growth in demand for natural gas is due to an increase in the development of these countries, in order to meet the needs of its population.
Despite the strong competition between renewable energy and coal, the demand for natural gas continues to rise. It’s industrial use could increase to 3% until the year 2024, which represents half of the increase in consumption.
Liquefied Natural Gas for the IEA
The IEA produced the Gas 2019 annual report, which states that there is a very important role for Liquefied Natural Gas (LNG) in the sea. This alternative fuel will have a rapid growth due to a series of standards on the sulfur content, established for the year 2020.
After several years suspended, LNG recovered to a greater extent in 2018 and is expected to continue increasing in 2019. The demand for liquefied natural gas will also allow the development of markets and greater globalization.
The demand for natural gas as a fuel could be affected by the challenges in the economic area.
Establishing price mechanisms remains a challenge for rapidly increasing economies to ensure the sustainable development of this material. It will require much more than the current market reforms.