GECF Predicts Growth in Natural Gas Demand Until 2050

SEATTLE (Oil Monster): India's natural gas demand is expected to expand by 4.5% annually until 2050, according to the Gas Exporting Countries Forum's (GECF) Global Gas Outlook study. By 2050, it is anticipated that the demand will have increased from 66 billion cubic meters (bcm) in 2023 to 223 bcm. The transportation, power, and industrial sectors will be the main drivers of demand.

The research states that in addition to the 24,500 km of transmission pipelines currently in place, the nation intends to add another 10,000 km to its network of natural gas pipelines. Bottlenecks in the infrastructure are probably going to be removed by the planned expansion.

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Approximately 36% of the anticipated increase in demand between 2023 and 2050 will come from the industrial sector. The manufacturing, petrochemical, and fertilizer sectors will be the primary drivers of the sector's 57 bcm increase in demand.

By 2050, the transportation sector's demand for natural gas is expected to reach 40 bcm, growing at an annual rate of 6.4%. The power sector will also drive demand growth, albeit more slowly because of unfavorable policies.

According to GECF, the nation's LNG imports would increase significantly from 22 million tonnes (mt) in 2023 to 130 mt by 2050. Additionally, it is anticipated that the LNG infrastructure will grow from 51 mt/a in early 2024 to 135 mtpa by 2050.

It should be mentioned that the government of the nation has pledged to investing approximately $67 billion over the next five to six years in order to improve the infrastructure for natural gas.