(MENAFN- The Peninsula) Gas Demand is growing and it is expected to continue to grow for the next 25 years. Over the period 2015-2040, global gas demand is expected to grow by 1.6 percent per year, where the market share of gas is likely to increase from 21 percent in 2015 to over 25 percent 25 percent in 2040, noted the Global Gas Outlook 2040 released yesterday by Gas Exporting Countries Forum (GECF) in its secretariat at Tornado Tower, West Bay.
'Gas demand is set to increase in every region. The bulk of the additional gas demand will come from non-OECD Asia, North America and the Middle-East, said Dr Seyed Mohammad Hossein Adeli, Secretary General, GECF in his presentation.
'The power sector is expected to be by far the biggest source of additional gas demand. Gas use in the power sector is projected to growth by 2.2 percent per year, which is faster than global gas demand growth of 1.6 percent. Thus, the power setor's share of global gas demand increases form 35 percent in 2015 and 2040, he added.
Primary energy demand is set to increase by 30 percent between 2015-2040. Over the next 25 years, primary energy demand is expected to grow by 1 percent per annum. Gas demand will rise by 50 percent over the outlook period, increasing form almost 3,500 bcm in 2015 to over 5,200 bcm by 2040, noted the report.
Power sector gas demand is expected to rise strongly by 900 bcm between 2015 and 2040 and reaches over 2100 bcm by the end of 2040, added the report.
Fossil fuels will remain the main source of energy mix with over 75 pecenr share in 2040, but down from 80 percent.
Global gas marketed production has increased since 1990 at 2.5 percent average growth rate until 2015. 'In the coming 25 years, the average global production growth rate is expected to be at 1.6 percent ( 2.1 percent up to 2020). Thus, global gas production is expected to increase by almost 50 percent on top of today's output, said the report.
It is estimated that currently global gas trade represent around 30 percent of all global gas marketed production.
'This share is expected to remain at that level by 2040 due to many domestic developments that will happen is some key regions lik non-OECD Asia and North & Latin America, noted the report.
Renewables (excluding hydro) are expected to grow from 1,697 metric tons of oil equivalent (mtoe) in 2015 (12% of the global demand) to 2,762 mtoe in 2040 (16% of global demand) while nuclear is expected to see even faster growth from 663mn mtoe to 1.195bn mtoe over the 25-year period, raising its share from 5% to 7%.
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