The GCC natural gas market is poised for substantial growth over the next decade, with projections indicating a rise from USD 55,248.7 million in 2023 to USD 85,799.6 million by 2033, achieving a steady compound annual growth rate (CAGR) of 4.5%, according to a recent report by Future Market Insights.
The unconventional natural gas sector in the GCC is expected to witness a significant uptick, with forecasts predicting an increase of more than 9.8% by 2033. This surge is driven by regional efforts to monetize non-conventional reserves, thereby reducing dependency on imported energy resources. Oman, in particular, has been a frontrunner in joining the unconventional oil and gas production boom.
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The growth is primarily driven by evolving regulatory policies that promote the shift towards sustainable energy sources. Countries in the GCC region are actively revising their energy strategies to incorporate a greater proportion of clean energy, thereby impacting market dynamics significantly. A notable example is the UAE’s Energy Strategy 2050, which aims to achieve a 70% reduction in carbon emissions from power generation and intends to elevate the share of clean energy in the national energy mix from 25% to 50% by 2050.
Furthermore, the GCC holds some of the world’s largest and most profitable natural gas reserves, such as the North Field in the Persian Gulf, which is shared by Iran and Qatar. Recognized by the International Energy Agency (IEA) as the world’s largest gas reserve with an estimated 1,800 trillion cubic feet (TCF) of in-situ gas, the field offers low-cost development opportunities that are likely to attract continued investment.
The market’s expansion is also supported by significant industrial development within the GCC, particularly in sectors like power generation, water desalination, petrochemicals, refining, and fertilizers. Government initiatives aimed at diversifying economies and promoting industrialization are expected to further enhance the market outlook.
By 2033, the Saudi Arabian natural gas market alone is expected to grow by more than 3.9%, bolstered by a strategic focus on increasing unconventional gas production and rising consumption levels. Saudi Aramco’s recent announcement of an additional US$ 7 billion investment to explore shale gas resources underscores the nation’s commitment to tapping into its extensive shale gas potential.
The development of unconventional natural gas reserves, such as Saudi Arabia’s Jafurah field, is set to open new avenues for firms specializing in unconventional resource technologies, further boosting the need for enhanced storage and pipeline capacities.
Who are the Top Players in the Market?
Key players in the global GCC Natural Gas industry 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.
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Recent Key Developments Observed by FMI:
- In November 2021, Italy’s Saipem declared that it had won a US$ 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 environmentally forward hydrogen sulfide (H2S) treatment solutions in Saudi Arabia. Zamil may act as Streamline’s agent in the country under the terms of the agreement.
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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