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IEA: International gas demand to increase by over 100B cubic meters
(MENAFN) Global gas demand is projected to increase by over 100 billion cubic meters, representing a growth of 2.5 percent this year, largely fueled by the ongoing expansion in rapidly growing Asian markets, according to recent analysis from the International energy Agency (IEA). The report highlights that the combined gas needs of the Middle East and Africa are expected to rise by 3 percent annually by 2024, reflecting the increasing reliance on Natural gas in these regions.
In the first half of 2024, global gas demand grew by 3 percent compared to the same period last year, surpassing the historical average growth rate of 2 percent observed between 2010 and 2020. This surge indicates a significant shift in energy consumption patterns, as natural gas becomes an increasingly important energy source for power generation, industrial processes, and heating.
Natural gas is often viewed as a cleaner alternative to coal and oil, contributing to the global energy transition as countries strive for more sustainable energy solutions. The IEA noted that the natural gas market has entered a phase of more pronounced growth, with initial estimates suggesting that demand has increased at a rate significantly above its historical averages during the first half of the year. This trend underscores the vital role that natural gas will continue to play in the global energy landscape.
In the first half of 2024, global gas demand grew by 3 percent compared to the same period last year, surpassing the historical average growth rate of 2 percent observed between 2010 and 2020. This surge indicates a significant shift in energy consumption patterns, as natural gas becomes an increasingly important energy source for power generation, industrial processes, and heating.
Natural gas is often viewed as a cleaner alternative to coal and oil, contributing to the global energy transition as countries strive for more sustainable energy solutions. The IEA noted that the natural gas market has entered a phase of more pronounced growth, with initial estimates suggesting that demand has increased at a rate significantly above its historical averages during the first half of the year. This trend underscores the vital role that natural gas will continue to play in the global energy landscape.
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