The GCC Natural Gas Market size crossed USD 40 billion in 2017 and is set to expand at more than 4% by 2024
Sellbyville, DE -- (SBWIRE) -- 03/06/2019 -- GCC natural gas market will exceed USD 50 Billion by 2024. Rising concern to maintain fossil fuel sustainability along with stringent regulations to reduce environmental impact will drive the GCC Natural Gas Market. 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.
GCC Natural Gas Market has been a recipient of the concerns related to energy security and climatic changes due to increasing fossil fuel consumption. In a bid to strengthen the regional sustainable energy scenario, GCC countries including Kuwait, UAE, Bahrain, Saudi Arabia, Qatar, and Oman have been planning to increase the dependency on sustainable energy sources for curbing carbon footprints. In accordance, they have apparently set long-term goals that are certain to favorably stimulate GCC natural gas industry.
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Growing need to cater burgeoning domestic demand, achieve self-sufficiency and reinforce energy security will drive the GCC natural gas market share. According to the 2017 BP Energy Outlook, energy consumption across the Gulf region is projected to increase by 54% by 2040, with natural gas representing over 60% of growth. Population growth, improved standards of living, urbanization, and industrialization across the regional economies will further fuel the industry growth.
As the growing energy need for domestic industries reduces the economic dependency of most of the Gulf countries on oil exports, owing to the increasing gas production, GCC natural gas industry is certain to observe an upsurge. Powered by regulatory support and growing gas exploration activities, GCC natural gas market is expected to register a CAGR of more than 4% over 2018-2024.
Unconventional natural gas market is anticipated to witness growth over 9% by 2024. Growing demand for clean fuel from power plant and water desalination industry will stimulate the industry landscape. Ability to offer greater efficiency, less carbon emissions and non-toxins are some of the features which will enhance the product penetration across the region.
Abundant reserves featuring high-margin and low-cost development opportunities will propel the conventional natural gas market. For instance, the North Field natural-gas condensate field located in the Persian Gulf is the world's largest gas reserve. According to the International Energy Agency (IEA), the field holds an estimated 1,800 TCF of in-situ gas majorly shared by Iran and Qatar.
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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.
Eminent 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.