According to the International Energy Agency (IEA), global gas demand is likely to increase at an annual rate of 1.6% until 2023 and reach 4,100 bcm thanks to the steady consumption growth in the Asia-Pacific region and especially in China. However, other countries in south and south-east Asia such as India will decisively contribute to this trend as well.
In total, more than 360 bcm of consumption will be added by 2023, which is even more than the additional consumption growth trend reached over the last 6 years. By 2023, industry will account for 44% of the gas demand while power generation will make up 25%. The LNG trade share is expected to surge and reach 45% of the global gas trade market in 2023.
The Chinese gas market will continue to lead the global gas markets development with a forecast annual growth rate of 8% for the next 5 years and will contribute to 37% of the 2017-2023 increase in consumption growth. This is mainly driven by the last governmental policies, which aim at curbing air pollution and favour the use of gas instead of coal, in particular for heating and power generation purposes. The country is also set to become the world's largest gas importer in 2019 and overtake Japan.