28 June 2018

IEA forecasts global gas consumption pass 4 trillion cubic meters mark by 2022

The International Energy Agency (IEA) has published a gas market outlook through 2023. According to this forecast, global gas demand will grow with average annual growth rates of 1.6% over the reviewed period. Therefore, global natural gas consumption will grow to 4.1 trillion cubic meters in 2023, from 3.74 trillion cubic meters in 2017. The symbolic mark of 4 trillion cubic meters will be passed by 2022.

China will remain the main driver for global gas demand growth. By 2023, China’s gas consumption will have grown by 60%, which will correspond to 37% of the global gas demand growth. In 2019, China will replace Japan as the world’s largest gas importer.

IEA indicates that the role of LNG on the global gas markets is gaining momentum. Today, LNG corresponds to 1/3rd of the global gas trade and its share will grow to 40% by 2023. Asia will remain the key market for LNG supplies as the region in contrast to Europe doesn’t enjoy an extensive network of import pipelines. China together with such emerging markets as India and Pakistan will make up 90% of global LNG demand growth in the coming six years.

IEA analysts predict 40% of the global gas demand growth will fall on industry sector and 26% on electricity generation.

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