The global GCC Natural Gas market is anticipated at US$ 48.89B 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$ 79.35B 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.
Key Takeaways from the Market Study
- 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." Said the research analyst of Future Market Insights.
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.
These insights are based on a report onGCC Natural Gas Market by Future Market Insights