GCC Natural Gas Market is Expected to Register a CAGR of 4.5% by 2032 | FMI

The global GCC Natural Gas market is anticipated at US$ 48.89 Billion in 2021. The GCC natural gas market share will be influenced by the widening need to fulfill burgeoning domestic demand, achieve self-sufficiency, and reinforce energy security, thereby, garnering US$ 79.35 Billion in 2032, recording a CAGR of 4.5% from 2022-2032. The market is likely to secure USD 51.09 Billion in 2022.

Shifting regulatory policies toward energy transition and sustainable energy sources, driven by integrated energy considerations, will enhance the size of the GCC natural gas market. For example, the UAE’s “Energy Strategy 2050” strives to reduce the carbon emissions of power generation by 70% while boosting the percentage of clean energy in the net energy mix from 25% to 50% by 2050.

The GCC natural gas market share will be influenced by the widening need to fulfill burgeoning domestic demand, achieve self-sufficiency, and reinforce energy security. According to the 2017 BP Energy Outlook, energy consumption in the Gulf region is expected to rise by 54% by 2040, with natural gas accounting for more than 60% of the increase. The industry landscape will be stimulated by the rising demand for clean fuel from power plants and the desalinization industry.

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Key Takeaways:

  • Qatar is projected to grow at a CAGR of 5.6% CAGR during the forecast period.
  • Saudi Arab is projected to grow rapidly 3.3% at a CAGR of 5.6% CAGR during the forecast period.
  • Cooking attributed for more than 11% of the GCC natural gas market share in 2018.
  • Natural gas production in Saudi Arabia has also grown substantially, rising from 99.5 billion cubic meters in 2015 to 113 billion cubic meters in 2020.
  • Saudi Aramco, the country’s national oil company, announced an additional USD 7 billion in investment plans.

“To meet the changing demands of consumers, players are making significant investments in the GCC natural gas industry. Heavy investments aid in the novel development and offer various benefits, which is expected to positively expand the market in forecast period.”

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Key Segments Covered in the GCC Natural Gas Industry Survey

GCC Natural Gas Market by Product:

  • Unconventional Natural Gas Products
  • Conventional Natural Gas Products

GCC Natural Gas Market by Application:

  • Residential Natural Gas
  • Commercial Natural Gas
  • Industrial Natural Gas

GCC Natural Gas Market by End Use:

  • Natural Gas for Transportation
  • Natural Gas for Steam Generation
  • Natural Gas for Cooking
  • Natural Gas for Space Heating
  • Natural Gas for Other End Uses

GCC Natural Gas Market by County:

  • Saudi Arabia Natural Gas Market
  • UAE Natural Gas Market
  • Kuwait Natural Gas Market
  • Qatar Natural Gas Market
  • Oman Natural Gas Market
  • Bahrain Natural Gas Market

Competitive Landscape

Key players in the global GCC Natural Gas market include Royal Dutch Shell, Exxon Mobil, GAZPROM, Chevron, Total, ConocoPhillips, Statoil, Occidental Petroleum Corporation, Lukoil, British Petroleum, Petroleum Development Oman, General Electric, Qatar Petroleum, Eni, ONGC Videsh, Rosneft, Bahrain Petroleum Company, Saipem, Streamline Innovations Inc. among others. Recent key developments among players are:

  • In November 2021, Italy’s Saipem declared that it had won a USD 750 million engineering, procurement, and construction contract from Saudi Aramco for work on several kilometers of pipeline required for the Jafurah gas project.
  • Streamline Innovations Inc. (Streamline) and Zamil Group Trade & Services (Zamil), a trading company and supplier to the energy sector, announced a partnership in January 2022 to market and deploy Streamline’s environmentally forward hydrogen sulfide (H2S) treatment solutions in Saudi Arabia. Zamil will act as Streamline’s agent in the country under the terms of the agreement.

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More Valuable Insights

Future Market Insights, in its new offering, presents an unbiased analysis of the Global GCC Natural Gas market presenting a historical analysis from 2015 to 2021 and forecast statistics for the period of 2022-2032.

The study reveals essential insights on the basis By Connectivity (Wired, Wireless), End-Use (Residential, Commercial), Product Type (Input devices, Output devices, Storage Devices) & Region (North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America)

Which are the Countries Boosting the Global GCC Natural Gas Market?

By 2032, the Saudi natural gas market is predicted to expand by more than 3.7 percent. The increasing emphasis on unconventional gas production, combined with an increase in consumption levels, will facilitate industry growth.

For example, Saudi Aramco, the country’s national oil company, announced an additional USD 7 billion in investment plans to increase the exploration of shale gas resources in the coming years to establish the country’s extensive shale gas potential.

In 2020, the Kingdom of Saudi Arabia announced plans to develop unconventional natural gas reserves in the eastern Jafurah field, which could provide an opportunity for firms with competence in unconventional resources and augment the capacity required for storage and pipelines.

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Table of Content

1. Executive Summary

1.1. Global Market Overview

1.2. Demand Side Trends

1.3. Supply Side Trends

1.4. FMI Analysis and Recommendations

2. Market Overview

2.1. Market Coverage / Taxonomy

2.2. Market Introduction and Definition

3. Market Background and Foundation Data Points

3.1. Need of the Hour for Industries

3.2. GCC Natural Gas – Strategic Priorities

3.3. Life Cycle Stage

3.4. Importance of Technology

3.5. Use Cases of GCC Natural Gas

3.6. Forecast Factors: Relevance and Impact

3.7. Investment Feasibility Matrix

3.8. PESTLE Analysis

3.9. Porter’s Five Forces Analysis

3.10. Market Dynamics

3.10.1. Drivers

3.10.2. Restraints

3.10.3. Opportunity Analysis

3.10.4. Trend

4. GCC Natural Gas Market Demand (US$ Mn) Analysis 2017-2021 and Forecast, 2022-2032

4.1. Historical Market Value (US$ Mn) Analysis, 2017-2021

4.2. Current and Future Market Value (US$ Mn) Projections, 2022-2032

4.2.1. Y-o-Y Growth Trend Analysis

4.2.2. Absolute $ Opportunity Analysis

To Continue TOC…

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