The GCC natural gas market is projected to grow substantially from 2023 to 2033. According to the research report published by Future Market Insights, the global market is anticipated 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.
To meet the changing demands of consumers, players are making significant investments in the GCC natural gas industry. Heavy investments aid in novel development and offer various benefits, which are expected to positively expand the market in the forecast period.
| Attributes | Details |
|---|---|
| GCC Natural Gas Market Share (2022) | US$ 53,021.8 million |
| GCC Natural Gas Market Share (2023) | US$ 55,248.7 million |
| GCC Natural Gas Market Share (2033) | US$ 85,799.6 million |
| GCC Natural Gas Market Share (2023 to 2033) | 4.5% |
| GCC Natural Gas Market Attraction | The increasing emphasis on unconventional gas production and an increase in consumption levels may drive industry growth over the forecast period. |
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Strict Regulatory Policies to Propel the Market Growth
Shifting regulatory policies toward energy transition and sustainable energy sources, driven by integrated energy considerations, may enhance the size of the GCC natural gas market. For example, the UAE's Energy Strategy 2050 strives to reduce the carbon emissions of power generation by 70% while boosting the percentage of clean energy in the net energy mix from 25% to 50% by 2050.
Growing concerns about the sustainable development of fossil fuels, associated with stringent regulations to minimize environmental impact, may compel the size of the market. In light of the positive outlook for energy diversification, the UAE natural gas market is predicted to increase significantly. For example, the UAE government set a target of 24 percent renewable resource contributors in the National Agenda 2021.
Domestic Needs and Industrial Usage to Expand the Market Growth
The market share may be influenced by the widening need to fulfill burgeoning domestic demand, achieve self-sufficiency, and reinforce energy security. According to the 2017 BP Energy Outlook, energy consumption in the Gulf region is expected to rise by 54% by 2040, with natural gas accounting for more than 60% of the increase. The rising demand for clean fuel from power plants and the desalinization industry may stimulate the industry landscape. Some features that may increase product penetration across the region are the ability to offer greater efficiency, lower carbon emissions, and non-toxins. Increasing investment in the development of unconventional natural gas reserves, combined with rising energy demand, may accelerate Saudi Arabia's natural gas market share.
High Cost to Have an Impact on the Global GCC Natural Gas Market
The high cost is expected to stifle the growth of the GCC natural gas industry over the forecast period.
Principal Consultant
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 witnessed considerable growth in the following years, accounting for US$ 52,021.8 million in 2022.
Natural gas is considered a significantly cleaner fossil fuel than coal and oil. When burned, it produces fewer greenhouse gas emissions and other pollutants, making it a more ecologically responsible choice. Natural gas is being evaluated as a transitional fuel that may help cut emissions while the globe transitions to renewable energy sources as global environmental concerns and attempts to mitigate climate change grow.
Not only are the GCC nations increasing their natural gas output for internal use, but also for export. To boost international exports, they are making investments in Liquefied Natural Gas (LNG) infrastructure, such as LNG terminals and shipping facilities. This enables them to take advantage of their natural gas supplies and the rising demand for LNG throughout the world.
| Historical CAGR (2018 to 2022) | 4.0% |
|---|---|
| Forecasted CAGR (2023 to 2033) | 4.5% |
The unconventional natural gas industry is forecast to increase by more than 9.8% by 2033. Increased emphasis on monetizing regional non-conventional reserves to reduce reliance on imports may stimulate industry growth. For example, Oman was the first Gulf economy to join the unconventional oil and gas production boom.
Abundant reserves with high-margin and low-cost development opportunities may propel the conventional natural gas market. For example, the North Field natural-gas condensate field in the Persian Gulf is the world's prominent gas reserve. According to the International Energy Agency (IEA), the field comprises an estimated 1,800 TCF of in-situ gas, which is conveyed primarily by Iran and Qatar. Substantial development in elevated industries such as power, water desalination, petrochemicals, refining, and fertilizers has necessitated widespread use. Government-supported industrialization, as well as approaches to diversify the economy, may enhance the company's outlook even more.
The residential natural gas demand may enlarge as a necessary consequence of an expanding population base, rapid urbanization, and a notable increase in energy consumption levels. Cooking and heating applications compel viable markets in the residential sector. Cooking contributed more than 11% of the GCC natural gas industry share in 2022. In a residential setting, NG may reach temperatures of over 1,100 °C, making it a viable domestic cooking fuel. The prolonged low price index is the most crucial component in its increasing adoption as alternative cooking fuel.
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By 2033, the Saudi natural gas market is predicted to expand by more than 3.9%. The increasing emphasis on unconventional gas production, combined with an increase in consumption levels, may facilitate industry growth. For example, Saudi Aramco, the country's national oil company, announced an additional US$ 7 billion in investment plans to increase the exploration of shale gas resources in the coming years to establish the country's extensive shale gas potential.
In 2020, the Kingdom of Saudi Arabia announced plans to develop unconventional natural gas reserves in the eastern Jafurah field, which could provide an opportunity for firms with competence in unconventional resources and augment the capacity required for storage and pipelines.
Natural gas production in Saudi Arabia has also grown substantially, rising from 99.5 billion cubic meters in 2015 to 113 billion cubic meters in 2020. An upsurge in output is likely to boost the sector's growth. The country has an integrated gas gathering, processing, and transmission system known as the master gas system (MGS). This system is utilized for the transportation of natural gas, both associated and non-associated, to produce NGLs (natural gas liquids). Natural gas consumption is expected to grow as demand for NGLs rises.
The Qatar natural gas market may be influenced by favorable regulatory policies toward large-scale monetization of regional reserves. Furthermore, the country lifted its self-imposed moratorium on the development of the offshore North Field, the world's prominent gas reservoir, which may strengthen the business outlook even more. Since the mainstream of the country's gas-producing fields is in the Persian Gulf, the upstream segment is expected to dominate the market during the forecast period. The gas basins, including the South Pars field, are in the country's north and are produced by both Iran and Qatar.
The South Pars is a Persian Gulf natural-gas condensate field. It is the world's prominent natural gas field, with Iran and Qatar sharing ownership.
The natural gas field accounts for the widespread of the country's natural gas production. Qatar Petroleum (QP) awarded Tecnicas Reunidas, a Spanish engineering firm, an engineering, procurement, and construction (EPC) contract for its North Field Expansion Project in August 2021. The project may consist of four new LNG trains, with a capacity of 32 million tonnes per year, and is expected to begin in 2025. (MPTA)
Manufacturers are adopting various marketing strategies such as new product launches, geographical expansion, mergers and acquisitions, partnerships, and collaboration to identify the interest of potential buyers and create a larger customer base.
For instance, ConocoPhillips is an American corporation founded on August 30, 2002. Following agreements with TotalEnergies and Eni, QatarEnergy signed a deal with ConocoPhillips (COP.N) in June 2022 for the Gulf state's North Field East expansion, the world's prominent liquefied natural gas (LNG) project.
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.
Key industry players invariably pursue extended geographical presence, technological innovations, and strategic business-led collaborations to attain a dominant market position.
Recent Key Developments Observed by FMI:
Key Players in the GCC Natural Gas Industry:
The market is valued at US$ 55,248.7 million in 2023.
The market rose at a 4% CAGR from 2018 to 2022.
The market is likely to experience a 4.5% CAGR through 2033.
The global market size is estimated to reach US$ 85,799.6 million in 2033.
The unconventional natural gas industry is forecast to increase by more than 9.8% by 2033.
1. Executive Summary
1.1. GCC Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Country
3.9.2. By Key Countries
3.10. Country Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. GCC Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Units) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Units) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. GCC Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Product
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Product, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Product, 2023 to 2033
5.3.1. Unconventional
5.3.1.1. Shale Gas
5.3.1.2. Tight Gas
5.3.1.3. LNG
5.3.1.4. LPG
5.3.1.5. CNG
5.3.1.6. Others
5.3.2. Conventional
5.3.2.1. LNG
5.3.2.2. LPG
5.3.2.3. CNG
5.3.2.4. Others
5.4. Y-o-Y Growth Trend Analysis By Product, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Product, 2023 to 2033
6. GCC Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Application
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By Application, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By Application, 2023 to 2033
6.3.1. Residential
6.3.2. Commercial
6.3.2.1. Hotels
6.3.2.2. Hospitals
6.3.2.3. Educational Institutes
6.3.2.4. Government Buildings
6.3.2.5. Others
6.3.3. Industrial
6.3.3.1. Cement
6.3.3.2. Food & Beverages
6.3.3.3. Metal
6.3.3.4. Power Plants
6.3.3.5. Others
6.4. Y-o-Y Growth Trend Analysis By Application, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Application, 2023 to 2033
7. GCC Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End Use
7.1. Introduction / Key Findings
7.2. Historical Market Size Value (US$ Million) & Volume (Units) Analysis By End Use, 2018 to 2022
7.3. Current and Future Market Size Value (US$ Million) & Volume (Units) Analysis and Forecast By End Use, 2023 to 2033
7.3.1. Transportation
7.3.2. Steam Generation
7.3.3. Cooking
7.3.4. Space Heating
7.3.5. Others
7.4. Y-o-Y Growth Trend Analysis By End Use, 2018 to 2022
7.5. Absolute $ Opportunity Analysis By End Use, 2023 to 2033
8. GCC Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Units) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (Units) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. Saudi Arabia
8.2.1.2. UAE
8.2.1.3. Kuwait
8.2.1.4. Qatar
8.2.1.5. Oman
8.2.1.6. Bahrain
8.2.2. By Product
8.2.3. By Application
8.2.4. By End Use
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Product
8.3.3. By Application
8.3.4. By End Use
8.4. Key Takeaways
9. Key Countries Market Analysis
9.1. Saudi Arabia
9.1.1. Pricing Analysis
9.1.2. Market Share Analysis, 2022
9.1.2.1. By Product
9.2. 19.1.2.2. By Application
9.2.1.1. By End Use
9.3. UAE
9.3.1. Pricing Analysis
9.3.2. Market Share Analysis, 2022
9.3.2.1. By Product
9.3.2.2. By Application
9.3.2.3. By End Use
9.4. Kuwait
9.4.1. Pricing Analysis
9.4.2. Market Share Analysis, 2022
9.4.2.1. By Product
9.4.2.2. By Application
9.4.2.3. By End Use
9.5. Qatar
9.5.1. Pricing Analysis
9.5.2. Market Share Analysis, 2022
9.5.2.1. By Product
9.5.2.2. By Application
9.5.2.3. By End Use
9.6. Oman
9.6.1. Pricing Analysis
9.6.2. Market Share Analysis, 2022
9.6.2.1. By Product
9.6.2.2. By Application
9.6.2.3. By End Use
9.7. Bahrain
9.7.1. Pricing Analysis
9.7.2. Market Share Analysis, 2022
9.7.2.1. By Product
9.7.2.2. By Application
9.7.2.3. By End Use
10. Market Structure Analysis
10.1. Competition Dashboard
10.2. Competition Benchmarking
10.3. Market Share Analysis of Top Players
10.3.1. By Country
10.3.2. By Product
10.3.3. By Application
10.3.4. By End Use
11. Competition Analysis
11.1. Competition Deep Dive
11.1.1. Royal Dutch Shell
11.1.1.1. Overview
11.1.1.2. Product Portfolio
11.1.1.3. Profitability by Market Segments
11.1.1.4. Sales Footprint
11.1.1.5. Strategy Overview
11.1.1.5.1. Marketing Strategy
11.1.1.5.2. Product Strategy
11.1.1.5.3. Channel Strategy
11.1.2. Exxon Mobil
11.1.2.1. Overview
11.1.2.2. Product Portfolio
11.1.2.3. Profitability by Market Segments
11.1.2.4. Sales Footprint
11.1.2.5. Strategy Overview
11.1.2.5.1. Marketing Strategy
11.1.2.5.2. Product Strategy
11.1.2.5.3. Channel Strategy
11.1.3. GAZPROM
11.1.3.1. Overview
11.1.3.2. Product Portfolio
11.1.3.3. Profitability by Market Segments
11.1.3.4. Sales Footprint
11.1.3.5. Strategy Overview
11.1.3.5.1. Marketing Strategy
11.1.3.5.2. Product Strategy
11.2. 1.1.3.5.3. Channel Strategy
11.2.1. Chevron
11.2.1.1. Overview
11.2.1.2. Product Portfolio
11.2.1.3. Profitability by Market Segments
11.2.1.4. Sales Footprint
11.2.1.5. Strategy Overview
11.2.1.5.1. Marketing Strategy
11.2.1.5.2. Product Strategy
11.2.1.5.3. Channel Strategy
11.2.2. Total
11.2.2.1. Overview
11.2.2.2. Product Portfolio
11.2.2.3. Profitability by Market Segments
11.2.2.4. Sales Footprint
11.2.2.5. Strategy Overview
11.2.2.5.1. Marketing Strategy
11.2.2.5.2. Product Strategy
11.2.2.5.3. Channel Strategy
11.2.3. ConocoPhillips
11.2.3.1. Overview
11.2.3.2. Product Portfolio
11.2.3.3. Profitability by Market Segments
11.2.3.4. Sales Footprint
11.2.3.5. Strategy Overview
11.2.3.5.1. Marketing Strategy
11.2.3.5.2. Product Strategy
11.2.3.5.3. Channel Strategy
11.2.4. Statoil
11.2.4.1. Overview
11.2.4.2. Product Portfolio
11.2.4.3. Profitability by Market Segments
11.2.4.4. Sales Footprint
11.2.4.5. Strategy Overview
11.2.4.5.1. Marketing Strategy
11.2.4.5.2. Product Strategy
11.2.4.5.3. Channel Strategy
11.2.5. Occidental Petroleum Corporation
11.2.5.1. Overview
11.2.5.2. Product Portfolio
11.2.5.3. Profitability by Market Segments
11.2.5.4. Sales Footprint
11.2.5.5. Strategy Overview
11.2.5.5.1. Marketing Strategy
11.2.5.5.2. Product Strategy
11.2.5.5.3. Channel Strategy
11.2.6. Lukoil
11.2.6.1. Overview
11.2.6.2. Product Portfolio
11.2.6.3. Profitability by Market Segments
11.2.6.4. Sales Footprint
11.2.6.5. Strategy Overview
11.2.6.5.1. Marketing Strategy
11.2.6.5.2. Product Strategy
11.2.6.5.3. Channel Strategy
11.2.7. British Petroleum
11.2.7.1. Overview
11.2.7.2. Product Portfolio
11.2.7.3. Profitability by Market Segments
11.2.7.4. Sales Footprint
11.2.7.5. Strategy Overview
11.2.7.5.1. Marketing Strategy
11.2.7.5.2. Product Strategy
11.2.7.5.3. Channel Strategy
11.2.8. Petroleum Development Oman
11.2.8.1. Overview
11.2.8.2. Product Portfolio
11.2.8.3. Profitability by Market Segments
11.2.8.4. Sales Footprint
11.2.8.5. Strategy Overview
11.2.8.5.1. Marketing Strategy
11.2.8.5.2. Product Strategy
11.2.8.5.3. Channel Strategy
11.2.9. General Electric
11.2.9.1. Overview
11.2.9.2. Product Portfolio
11.2.9.3. Profitability by Market Segments
11.2.9.4. Sales Footprint
11.2.9.5. Strategy Overview
11.2.9.5.1. Marketing Strategy
11.2.9.5.2. Product Strategy
11.2.9.5.3. Channel Strategy
11.2.10. Qatar Petroleum
11.2.10.1. Overview
11.2.10.2. Product Portfolio
11.2.10.3. Profitability by Market Segments
11.2.10.4. Sales Footprint
11.2.10.5. Strategy Overview
11.2.10.5.1. Marketing Strategy
11.2.10.5.2. Product Strategy
11.2.10.5.3. Channel Strategy
11.2.11. Eni
11.2.11.1. Overview
11.2.11.2. Product Portfolio
11.2.11.3. Profitability by Market Segments
11.2.11.4. Sales Footprint
11.2.11.5. Strategy Overview
11.2.11.5.1. Marketing Strategy
11.2.11.5.2. Product Strategy
11.2.11.5.3. Channel Strategy
11.2.12. ONGC Videsh
11.2.12.1. Overview
11.2.12.2. Product Portfolio
11.2.12.3. Profitability by Market Segments
11.2.12.4. Sales Footprint
11.2.12.5. Strategy Overview
11.2.12.5.1. Marketing Strategy
11.2.12.5.2. Product Strategy
11.2.12.5.3. Channel Strategy
11.2.13. Rosneft
11.2.13.1. Overview
11.2.13.2. Product Portfolio
11.2.13.3. Profitability by Market Segments
11.2.13.4. Sales Footprint
11.2.13.5. Strategy Overview
11.2.13.5.1. Marketing Strategy
11.2.13.5.2. Product Strategy
11.2.13.5.3. Channel Strategy
11.2.14. Bahrain Petroleum Company
11.2.14.1. Overview
11.2.14.2. Product Portfolio
11.2.14.3. Profitability by Market Segments
11.2.14.4. Sales Footprint
11.2.14.5. Strategy Overview
11.2.14.5.1. Marketing Strategy
11.2.14.5.2. Product Strategy
11.2.14.5.3. Channel Strategy
12. Assumptions & Acronyms Used
13. Research Methodology
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GCC Natural Gas Market
