The GCC natural gas market is forecasted to grow to $79.35bn by 2032, expanding at a CAGR of 4.5%.
Its growth will be driven by burgeoning domestic demand, the need to achieve self-sufficiency, and reinforcing energy security, according to Future Market Insights.
Shifting regulatory policies toward energy transition and sustainable energy sources, driven by integrated energy considerations, will also spur growth.
Saudi Arabia – where natural gas production in the Kingdom has risen from 99.5 bcm in 2015 to 113 bcm in 2020 – is projected to grow 3.3%, at a CAGR of 5.6% during the forecast period, fuelled by Aramco which has annnounced an additional $7bn investment.
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