Global Gas Demand Expected to Exceed 5 Trillion Cubic Meters by 2050

According to the “2050” report prepared by the Gas Exporting Countries Forum (GECF), global natural gas consumption was recorded at 4 trillion 15 billion cubic meters in 2022.

It is expected that this consumption will increase by 34% to reach 5 trillion 360 billion cubic meters by 2050.

The report lists significant factors contributing to the demand increase, including population and economic production growth, improvement in air quality, reduction in greenhouse gas emissions, and policies aiming for the transition from coal and oil to gas.

The demand growth solely from the electricity generation sector is calculated to be 500 billion cubic meters.

The report suggests a decrease in the inclination towards coal-fired power plants, stating:

“As the share of renewable energy sources increases, natural gas-fired electricity generation is expected to play an increasingly vital role by providing essential flexibility and backup support to solar and wind energy and hydroelectricity during drought periods. From a regional perspective, it is expected that a significant portion of the future increase in natural gas demand will come from rapidly growing Asia-Pacific markets and gas-rich Middle Eastern and African countries.”

Accordingly, it is estimated that 52% of the global demand increase will originate from the Asia-Pacific region.

source: prepared by Melisa Beğiç

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