GCC Natural Gas Market will retain moderate CAGR to cross $50 billion by 2024
SELLBYVILLE, Del., July 12, 2018 /PRNewswire-iReach/ — Global GCC Natural Gas Market is poised to beat USD 50 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. 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.
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.
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Qatar natural gas market is predicted to surpass 50 million tons by 2024. Positive consumer outlook toward LNG production accompanied by abundant availability of natural gas reserves will propel the market penetration. The Government of Qatar, in 2018, announced its plans to boost LNG production by 30% from 77 to 100 million metric tons per annum by 2023.
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.
Browse key industry insights spread across 315 pages with 420 market data tables & 39 figures & charts from the report, “GCC Natural Gas Market” in detail along with the table of contents:
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.
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.
Focus toward abundant availability of unconventional gas coupled with development of tight & shale gas reserves will foster the Bahrain natural gas market growth. In 2018, companies across Bahrain recovered 80 bbl. of tight oil which in turn will positively influence the industry dynamics.
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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.
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.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights