Middle East Natural Gas Market Size (2024 - 2029)

Middle East Natural Gas Market Size Summary

The Middle East natural gas market is experiencing a resurgence, having rebounded to pre-pandemic levels after the setbacks caused by COVID-19. The market is poised for growth, driven by increasing demand across the chemical, industrial, and transportation sectors. Technological advancements in extraction methods are creating new opportunities for market players, although volatility in crude oil prices remains a challenge. Saudi Arabia is expected to be the fastest-growing country in the region's natural gas market, with a significant increase in the share of natural gas in its total energy demand. The power generation segment is anticipated to see substantial growth, supported by rising electricity generation and gas production, despite some declines in other countries like Kuwait and the UAE.

Saudi Arabia plays a pivotal role in the Middle East natural gas market, being one of the largest producers globally. The country's extensive infrastructure, including the master gas system, facilitates the efficient capture, processing, and transportation of natural gas. This infrastructure supports the production of natural gas liquids, aligning with the growing demand for these products. The government's focus on boosting gas production to reduce carbon emissions further propels market growth. The market is moderately consolidated, with key players such as Saudi Aramco, BP PLC, Total Energies SE, Royal Dutch Shell PLC, and Exxon Mobil Corporation actively participating. Collaborative efforts, like the development of the Durra offshore gas resource by Saudi Arabia and Kuwait, highlight the region's commitment to expanding its natural gas capabilities.