Press release
What are the Growth Drivers of GCC Natural Gas Market? Exxon Mobil, ConocoPhillips, Bahrain Petroleum Company, Eni, Lukoil, Chevron, Royal Dutch Shell, ONGC Videsh, General Electric, Occidental Petroleum Corporation
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.
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GCC Natural Gas Market is predicted to reach over USD 50 Billion by 2024. Stringent government mandates to reduce emissions along with rising concerns pertaining to fossil fuel sustainability will positively influence the GCC natural gas market. In 2016, Saudi Arabia projected the Nationally Determined Contribution (NDC) target that aims to curb 130 metric tons of CO2 per year by 2030.
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.
Eminent participants across the GCC natural gas market includes Qatar Petroleum, GAZPROM, British Petroleum, Exxon Mobil, ConocoPhillips, Bahrain Petroleum Company, Eni, Lukoil, Chevron, Royal Dutch Shell, ONGC Videsh, General Electric, Occidental Petroleum Corporation, Petroleum Development Oman, Statoil, Rosneft, Occidental Petroleum Corporation and Total.
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%.
In 2017, the residential application accounted for over 12% of GCC natural gas market share owing to the expanding middle class population along with brisk economic growth. In 2018, World Bank predicted a growth rate of over 1.5% with respect to Saudi Arabian economy.
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Increasing focus toward development of non-conventional reservoirs with an aim to minimize dependency on imports will fuel the GCC natural gas Market. Low electricity generation cost, environmental proximity and cost effectiveness will make the product adoption preferable over other alternatives. According to BP energy outlook, natural gas is predicted to witness growth over 60% where total energy utilization is projected to gain over 50% escalation by 2040.
Ongoing investments for the development of unconventional NG reserves along with escalating demand of energy will complement the Saudi Arabia natural gas Market. Saudi Aramco announced investment of USD 7 billion toward development of shale gas reserves.
Table of Content:
Chapter 1. Methodology & Scope
Chapter 2. Executive Summary
Chapter 3. GCC Natural Gas Industry Insights
Chapter 4. GCC Natural Gas Market, By Product
Chapter 5. GCC Natural Gas Market, By Application
Chapter 6. GCC Natural Gas Market, By End Use
Chapter 7. GCC Natural Gas Market, By Country
Chapter 8. Company Profiles
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