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.
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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.
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
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