Press release
Middle East and Africa (MEA) Compressed Natural Gas (CNG) Market Projected to Grow at a CAGR of 12.0% by 2027|Leading Key Players- National Iranian Gas Company, Emirates National Oil Company, Qatar Fuel Company Q.P.S.C.
Research Nester
In the report BP Statistical Review of World Energy 2019, natural gas consumption in the Middle East and in Africa reached to 475.6 million tonnes oil equivalent from 326.8 million tonnes oil equivalent, and 129.0 million tonnes oil equivalent from 85.1 million tonnes oil equivalent in-between 2010-2018.
The statistics portray the increasing consumption of energy in Middle East and Africa (MEA) owing to the demand for energy from the increasing number of projects in the domestic, service and infrastructure sectors in the region. Moreover, rise in the demand for energy in the power and industrial sector, which together accounted for 69% of the total increase in the energy consumption, are some of the factors anticipated to drive the growth of the Middle East and Africa (MEA) compressed natural gas (CNG) market.
The Middle East and Africa (MEA) compressed natural gas (CNG) market is anticipated to record a CAGR of 12.0% during the forecast period, i.e. 2019-2027 and is further slated to achieve a market value of USD 21,980.9 million by 2027 from 9,341.1 million in 2020. The market is thriving on account of growing adoption of natural gas for use in several applications coupled with the growing need of the nation to lower its dependency on oil as a source of energy and thereby be less susceptible to the volatility of oil products in the market. Moreover, presence of large natural gas reserves in the nation in nations such as Iran and Qatar, along with the focus of the nation towards the diversification of its power supply are some of the factors anticipated to promote towards the growth of the Middle East and Africa (MEA) compressed natural gas (CNG) market.
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The MEA CNG market is segmented by source into associated, non-associated and unconventional gas. Among these segments, non-associated segment is anticipated to hold the largest market share of around 56.7% and attain a CAGR of around 11.7% during the forecast period on account of low cost of extraction of gas which is inducing oil drillers to explore the crucial gas reserves present in the region, such as Karan, Arabiyah and Hasbah.
However, concerns for requirement of high investment for setting up gas pipeline distribution infrastructure is estimated to act as a barrier to the growth of the Middle East and Africa (MEA) compressed natural gas (CNG) market over the forecast period.
This report also studies existing competitive scenario of some of the key players of the Middle East and Africa (MEA) compressed natural gas (CNG) market, which includes profiling of National Iranian Gas Company, Emirates National Oil Company (ENOC), Qatar Fuel Company Q.P.S.C. (WOQOD), Abu Dhabi National Oil Company and Badeal.
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The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled "Middle East and Africa (MEA) Compressed Natural Gas (CNG) Market - Regional Demand Analysis & Opportunity Outlook 2027", analyses the overall MEA CNG industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the Middle East and Africa (MEA) compressed natural gas (CNG) market in the near future.
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