GCC Natural Gas Market Size – By Product, By Application, By End Use, Analysis, Share, Growth Forecast, 2025 - 2034

GCC Natural Gas Market Size

The GCC natural gas market size was valued at USD 30.7 billion in 2024 and is estimated to grow at a CAGR of 4.4% from 2025 to 2034, due to regulatory policies focused on energy transition and sustainable sources, driven by fuel diversification concerns. Increasing domestic demand, and efforts to strengthen energy security.
 

Population and urbanization growth, rising living standards, and industrial development across various economies will complement the industry landscape. Additionally, the increasing focus on gas-to-power projects, which are crucial for meeting the rising electricity demand across the region, coupled with the technological advancements in gas production will boost the industry growth.
 

GCC Natural Gas Market Trends

GCC natural gas industry is set to grow owing to combination of rising domestic demand, growing infrastructure investments, and a shift towards low carbon energy sources. The regional nations are focusing on meeting domestic energy needs, particularly for power generation, desalination, and industrial processes, along with the presence of untapped hydrocarbon potential will cater to the industry outlook.
 

For instance, in May 2024, A new gas discovery in Sharjah's onshore Al Hadiba field, located in north of Al Sajaa Industrial Area shows potential for substantial gas reserves, though specific quantities await confirmation through upcoming well testing procedures. The Sharjah National Oil Corporation completed the drilling operations and plans to conduct tests to evaluate the field's development potential.
 

GCC Natural Gas Market Analysis

The industrial segment is anticipated to cross USD 38 billion by 2034. The industrial applications of natural gas are expanding rapidly as countries seek to diversify their economies, reduce carbon emissions, and enhance energy efficiency. Furthermore, the growing adoption of natural gas as a replacement fuel for oil and coal in various energy-intensive industries, including metal and cement manufacturing, keeping a lower carbon footprint, thereby, abiding by the stricter environmental regulations will further contribute to the industry growth.
 

The natural gas market from transportation natural gas segment is projected to witness a CAGR of over 4.5% through 2034, driven by the need for cleaner, more efficient energy sources and a broader push towards sustainability. Moreover, compressed natural gas (CNG) and liquefied natural gas (LNG) have emerged as a preferred alternatives to traditional fuels including diesel and gasoline across the transport sector, offering lower emissions and cost-effective solutions.
 

Natural gas utilization across steam generation is set to grow significantly owing to the widespread adoption across energy-intensive sectors, including power generation, water desalination, petrochemical processing, refining operations, and fertilizer manufacturing, among others. The market continues to expand as governments implement supportive policies for industrial development and pursue economic diversification strategies, creating favorable conditions for sustained growth in these sectors.

Saudi Arabia natural gas market is set to reach USD 15 billion by 2034. increasing focus on unconventional gas production and rising consumption levels. Regulatory policies supporting the monetization of regional reserves contribute to market expansion. growing exploration and production activities, supported by favorable fiscal policies aimed at reducing import dependency further augmenting the industry landscape.
 

For instance, in July 2024, Saudi Aramco in the Eastern Province and Empty Quarter regions discovered multiple oil and gas fields. The findings comprise two unconventional oil fields, an Arabian light oil reservoir, and several gas deposits. Moreover, availability of substantial proven reserves across the nation, increasing domestic production capacity and reduced dependence on gas imports, will contribute to the industry growth.
 

GCC Natural Gas Market Share

Companies operating in the GCC natural gas industry are focusing on geographic expansion, developing new technologies, and forming strategic partnerships to enhance their competitive position. The industry landscape continues to evolve through mergers and acquisitions, leading to increased market consolidation and shaping industry dynamics. market share.
 

GCC Natural Gas Market Companies

Major players operating across the industry include:

• ADNOC
• Bahrain Gas
• BP
• Chevron
• ConocoPhillips
• Dubai Petroleum
• ENI
• Equinor
• ExxonMobil
• Lukoil
• Occidental
• PDO
• Petrobras
• Qatar Energy
• Rosneft
• Saudi Aramco
• Shell
• TotalEnergies
   

GCC Natural Gas Industry News

• In June 2024, Abu Dhabi National Oil Company has moved forward with its plans to build a liquefied natural gas facility in Ruwais, UAE. This new plant will boost the company's yearly gas exports by 9.6 million tons. A USD 5.5 billion contract for engineering and construction has been granted to a group consisting of Technip Energies NV, JGC Holdings Corp., and NMDC Energy. The project marks a significant step in Adnoc's international growth, building on its recent ventures in U.S. and Mozambique LNG operations.
   
• In June 2024, Aramco announced contracts worth over USD 25 billion across its plans to boost the natural gas production. The contracts worth about USD 12.4 billion are in line with the Phase 2 development of unconventional gas field located in Jafurah along with many other agreements across drilling & expansion of other fields. Moreover, the commitments are introduced in line with the company’s ambition to propel the sales gas output progress of above 60% by 2030 as compared to the 2021 levels.
   

The GCC natural gas market research report includes in-depth coverage of the industry with estimates & forecast in terms of “Million Tonnes” and “USD Million” from 2021 to 2034, for the following segments:

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Market, By Product

• Unconventional
  • Shale
  • Tight
  • Others
• Conventional
  • LNG
  • LPG
  • CNG
  • Others

Market, By Application

• Residential
• Commercial
  • Hotels
  • Hospitals
  • Education institutes
  • Government buildings
  • Others
• Industrial
  • Cement
  • Food & Beverages
  • Metal
  • Power plants
  • Others

Market, By End Use

• Transportation
• Steam generation
• Cooking
• Space heating
• Others

The above information has been provided for the following countries:

• Saudi Arabia
• UAE
• Qatar
• Oman
• Kuwait
• Bahrain