BAKU, Azerbaijan, October 3. For the entirety of 2024, global gas demand is projected to grow by more than 2.5%, adding just over 100 billion cubic meters (bcm) and reaching a new all-time high of 4,200 bcm, according to the data from the International Energy Agency (IEA), Trend reports.
IEA indicates that global natural gas consumption surged by 2.8% year-on-year in the first three quarters of 2024 (Q1-Q3 2024), surpassing the average 2% growth rate recorded between 2010 and 2020. The rapid rise in demand was primarily fueled by the fast-growing markets in Asia, which accounted for the majority of this increase.
However, estimates suggest that gas demand growth slowed to below 2% in Q3 2024, due in part to recovering demand that began in the second half of 2023. Higher gas prices also played a role in curbing the growth rate in the third quarter of this year.
The Asia-Pacific region is expected to drive nearly 45% of this increase. Industry and energy sector use is emerging as the key driver behind the rise in gas consumption, accounting for over half of the demand growth. This is largely supported by continued economic expansion in Asia’s fast-growing markets.
The recovery of industrial gas demand in Europe is also contributing to global growth, although it remains significantly below pre-crisis levels.
Looking ahead to 2025, the IEA forecasts global gas demand to increase by another 2.3% (nearly 100 bcm). As in 2024, Asia is anticipated to account for more than half of the additional demand, underscoring the region's pivotal role in shaping the global energy market.