GCC Natural Gas Market Valuation to Surpass US$ 85,799.6 Million by 2033 | FMI

The GCC natural gas market size is projected to cross a valuation of US$ 55,248.7 million in 2023. It is predicted to attain a valuation of US$ 85,799.6 million by 2033. The market is expected to thrive at a CAGR of 4.5% from 2023 to 2033.

Natural gas is becoming recognized as a greener alternative to coal and oil for power generation and other industrial operations as worldwide demand for energy rises. The natural gas market is developing, notably in the Gulf Cooperation Council (GCC) region, as a result of this rising demand.

The Gulf Cooperation Council (GCC) nations, which also include Saudi Arabia, Qatar, the United Arab Emirates, Kuwait, Bahrain, and Oman, have large natural gas deposits. To fulfill local and worldwide demand, these nations are making use of their abundant resource base by investing in the exploration and production of natural gas.

The GCC nations have long relied significantly on oil as their main source of income. Nevertheless, companies are becoming more aware of the need to diversify their energy mix to maintain sustainability over the long run and lessen reliance on a single resource.

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The GCC nations are increasing their infrastructure and production capacity for natural gas since it offers a realistic alternative for diversification. The GCC region’s natural gas industry is growing, which helps with attempts to diversify the economy. The GCC nations may expand their economies beyond the oil industry by expanding their natural gas resources and related sectors. This could also draw investments and provide new job possibilities.

Key Takeaways from GCC Natural Gas Market Report:

• The GCC natural gas industry size developed at a CAGR of 4.0% from 2018 to 2022.
• In 2018, the market size stood at US$ 43,580.1 million.
• The market size stood at US$ 52,021.8 million in 2022.
• Cooking contributed more than 11% of the GCC natural gas market share in 2022.
• The unconventional natural gas market is forecast to increase by more than 9.8% by 2033.
• By 2033, the Saudi natural gas market is predicted to expand by more than 3.9%.

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Recent Developments Observed by FMI:

• In June 2022, QatarEnergy inked a contract with ConocoPhillips (COP.N) for the Gulf state’s North Field East extension, a large liquefied natural gas (LNG) project in the world, together with TotalEnergies and Eni.
• Saipem, an Italian company, declared in November 2021 that Saudi Aramco had awarded it a US$ 750 million engineering, procurement, and construction contract for the building of numerous kilometers of pipeline needed for the Jafurah gas project.
• To promote and implement Streamline’s ecologically sound hydrogen sulfide (H2S) treatment solutions in Saudi Arabia, the two companies Streamline Innovations Inc. (Streamline) and Zamil Group Trade & Services (Zamil), a trading firm and supplier to the energy industry, announced their agreement in January 2022. According to the deal, Zamil is going to represent Streamline across the nation.

GCC Natural Gas Market Segmentation

By Product:

• Unconventional
  • Gas
    • Shale Gas
    • Tight Gas
    • Others
  • Transfer Mode
    • LNG
    • LPG
    • CNG
    • Others
• Conventional
  • Transfer Mode
    • LNG
    • LPG
    • CNG
    • Others

By Application:

• Residential Natural Gas
• Commercial Natural Gas
  • Hotels
  • Hospitals
  • Educational Institutes
  • Government Buildings
  • Others
• Industrial Natural Gas
  • Cement
  • Food & Beverages
  • Metal
  • Power Plants
  • Others

By End Use:

• Transportation
• Steam Generation
• Cooking
• Space Heating
• Others

By Country:

• Saudi Arabia
• UAE
• Kuwait
• Qatar
• Oman
• Bahrain

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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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