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MarketersMEDIA / Newsroom / GCC Natural Gas Market will expand at 4%+ CAGR to hit USD 50 billion by 2024

GCC Natural Gas Market will expand at 4%+ CAGR to hit USD 50 billion by 2024

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Qatar natural gas market is expected to exceed 50 million tons by 2024 as positive consumer outlook toward LNG production accompanied by abundant availability of natural gas reserves will propel the industry growth.

— UAE natural gas market is predicted to witness robust growth on account of positive outlook toward diversification of energy. The Government of UAE has set a target to consolidate 24% of its contribution from renewable resource under its National Agenda 2021.

The GCC Natural Gas Market is expected to hit USD 50 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Rising concern to maintain fossil fuel sustainability along with stringent regulations to reduce environmental impact will drive the GCC natural gas market size. For instance, in November 2016 Saudi Arabia signed Intended Nationally Determined Contribution and Paris agreement which aims to reduce 130 Mt of CO2 annually by 2030.

Increasing need to suffice demand for electricity from high energy intensive industries will propel the GCC natural gas market size. Ability to offer cost effectiveness, environmental proximity and low electricity generation cost will make its adoption preferable over other alternates. For instance, as per BP energy outlook, total energy utilization in GCC region is anticipated to witness growth over 50% by 2040, where natural gas is projected to gain over 60% escalation.

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CNG natural gas market is projected to surpass USD 3 billion by 2024. Shifting trend toward energy security coupled with rising number of automotive vehicle will boost the product demand. In Saudi Arabia, passenger vehicle sales are predicted to grow by 50%.

Unconventional natural gas Market is set to expand over 9% by 2024. Rising demand for clean fuel from high energy intensive industry will positively influence the industry landscape. Non-toxins, ability to provide greater efficiency and less carbon emission are some of the eminent features which will positively influence the business outlook.

Positive outlook toward development of tight gas and shale reserves with abundant availability of unconventional reserves will fuel the Bahrain natural gas market size. In 2018, operators across Bahrain discovered 80 billion barrels of tight oil in the off-coast region which in turn will positively sway the industry dynamics.

Increasing investment towards the development of unconventional natural gas reserves along with growing demand for energy will propel the Saudi Arabia natural gas market share. For instance, Saudi Aramco announced to invest USD 7 billion for the development of shale gas reserves.

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Major industry participants across GCC natural gas market include Exxon Mobil, Total, Occidental Petroleum Corporation, General Electric, ONGC Videsh, Royal Dutch Shell, Statoil, Petroleum Development Oman, Bahrain Petroleum Company, ConocoPhillips, Qatar Petroleum, Rosneft, GAZPROM, British Petroleum, Lukoil, Eni, Chevron.

Contact Info:
Name: Arun Hegde
Email: Send Email
Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/gcc-natural-gas-market

Source URL: https://marketersmedia.com/gcc-natural-gas-market-will-expand-at-4-cagr-to-hit-usd-50-billion-by-2024/469293

Source: MarketersMedia

Release ID: 469293

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