Global gas pooling mechanism market is expected to grow significantly over the next seven years on account of increasing energy demand. Rapid urbanization coupled with population expansion is a major factor driving energy demand. Gas pooling mechanism combines domestic field produced gas into liquefied natural gas (LNG) in order to provide affordable gas for power and fertilizer industries. Rapid industrialization in emerging economies of Asia Pacific and Latin America is expected another major driver for global market growth.
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Gas based power plants are gaining wide popularity owing to no harmful emissions coupled with low installation cost. Reduced dependency on fertilizer imports coupled with increasing power availability is expected to remain a key driver for global gas pooling mechanism market over the next seven years. Gas Utilization Policy ensures proper gas allocation among various end-use industries, which is expected to positively impact global market growth. Fertilizer and power generation sectors hold maximum potential for gas pooling mechanism market.
Gas pooling mechanism market is expected to grow significantly owing to stable pricing and long gestation investments. Crude oil price volatility is expected to hamper gas pooling market and pose challenges to market participants. Increasing regulations against depletion of conventional sources is projected to act as a constraint for global market growth. High risk involved with commercial contracts due to re-gasified and high LNG prices is another factor hampering global market growth. Increasing natural gas application in end-use industries such as power generation, transportation, industrial, fertilizers and hydrogen production is expected to provide lucrative opportunities to industry participants and augment global market growth.
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North America emerged as the leading regional market for gas pooling mechanism and is expected to dominate over the forecast period owing to highly developed industrial setup and increasing energy demand in U.S. Canada is expected to exhibit significant growth due to high demand from end-use industries. Asia Pacific is expected to witness high growth rate owing to rapid industrialization and burgeoning demand for energy in emerging markets such as China, India and Japan. Middle East nations are expected to generate significant demand owing to increasing industrialization.
Key players operating in the gas pooling mechanism market include Royal Dutch Shell, PetroChina, Gazprom, ExxonMobil, Kuwait Petroleum Corp., Abu Dhabi National Oil Co., Saudi Aramco, Oil & Natural Gas Corporation Ltd. (ONGC), Pemex and Chevron.
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