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Global natural gas demand is expected to grow at an annual rate of 1.
6 percent through 2024, with Chinese consumption accounting for more than
a third of demand growth during that period, the IEA said Friday.
According to the IEA, China is promoting the use of natural gas for power generation, residential use, and reducing coal use to improve air quality under its "blue sky" initiative, which plays an important role
in driving global natural gas demand growth.
"China's average natural gas demand growth rate of 8% over the forecast period is lower than the double-digit growth rate of slowing economic growth in recent years, but will still account for around 40% of global demand growth in the coming years," said
Keisuke Sadamori, Director of the IEA's Bureau of Energy Markets and Security.
Looking at several regions, the Asia-Pacific region will remain the largest source of natural gas consumption growth in the medium term, growing by an average of 4% per year and accounting for about
60% of total consumption growth by 2024.
At the same time, demand from the United States, the Middle East and North Africa will contribute to the growth
of global demand.
Europe's gas demand will benefit from the closure of coal and nuclear power plants, but the room for growth will be limited
by renewable energy expansion and lower heating demand.
In terms of application markets, the industrial sector is expected to be a strong source of growth, accounting for nearly half of global growth, replacing coal power generation as the main growth driver
.
In the liquefied natural gas market (LNG), trade volumes are expected to reach 54.
6 billion cubic meters by 20124, up from 43.
2 billion cubic meters
in 2018.
By 2024, China will be the largest LNG importer at 10.
9 billion barrels, ahead of Japan
.
By 2024, the United States is expected to surpass Qatar and Australia as the world's largest LNG exporter, reaching 11.
3 billion cubic meters, and the United States, Australia and Russia will account for 90%
of the increase in global LNG exports, the IEA said.
In Europe, domestic production continues to decline as the Groningen field in the Netherlands is phased out and the North Sea is depleted, and the supply gap will widen to 33.
6 billion cubic meters by 2024, an increase of nearly 5 billion cubic meters
per year.
Global natural gas demand is expected to grow at an annual rate of 1.
6 percent through 2024, with Chinese consumption accounting for more than
a third of demand growth during that period, the IEA said Friday.
According to the IEA, China is promoting the use of natural gas for power generation, residential use, and reducing coal use to improve air quality under its "blue sky" initiative, which plays an important role
in driving global natural gas demand growth.
"China's average natural gas demand growth rate of 8% over the forecast period is lower than the double-digit growth rate of slowing economic growth in recent years, but will still account for around 40% of global demand growth in the coming years," said
Keisuke Sadamori, Director of the IEA's Bureau of Energy Markets and Security.
Looking at several regions, the Asia-Pacific region will remain the largest source of natural gas consumption growth in the medium term, growing by an average of 4% per year and accounting for about
60% of total consumption growth by 2024.
At the same time, demand from the United States, the Middle East and North Africa will contribute to the growth
of global demand.
Europe's gas demand will benefit from the closure of coal and nuclear power plants, but the room for growth will be limited
by renewable energy expansion and lower heating demand.
In terms of application markets, the industrial sector is expected to be a strong source of growth, accounting for nearly half of global growth, replacing coal power generation as the main growth driver
.
In the liquefied natural gas market (LNG), trade volumes are expected to reach 54.
6 billion cubic meters by 20124, up from 43.
2 billion cubic meters
in 2018.
By 2024, China will be the largest LNG importer at 10.
9 billion barrels, ahead of Japan
.
By 2024, the United States is expected to surpass Qatar and Australia as the world's largest LNG exporter, reaching 11.
3 billion cubic meters, and the United States, Australia and Russia will account for 90%
of the increase in global LNG exports, the IEA said.
In Europe, domestic production continues to decline as the Groningen field in the Netherlands is phased out and the North Sea is depleted, and the supply gap will widen to 33.
6 billion cubic meters by 2024, an increase of nearly 5 billion cubic meters
per year.
