Research Nester has released a report titled “Middle East and Africa (MEA) Compressed Natural Gas (CNG) Market – Regional Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the Middle East and Africa (MEA) compressed natural gas (CNG) market in terms of market segmentation by source and by end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The Middle East and Africa (MEA) compressed natural gas (CNG) market is segmented by source into associated, non-associated and unconventional gas, out of which, non-associated segment is anticipated to hold the largest market share of around 56.7% and attain a CAGR of around 11.7% during the forecast period 2020-2027 owing to low cost of extraction of gas. The region is blessed with some of the crucial non-associated gas fields in the country, such as Karan, Arabiyah and Hasbah. Rising interests amongst oil drillers to explore these gas reserves is further contributing towards the growth of the segment in the MEA CNG market.
The MEA CNG market is growing on the back of growing need of the region to be less susceptible to the volatility of oil products in the market along with increasing adoption of natural gas for use in several applications and focus of the region to depend less on oil required for the generation of electricity. The CNG market in MEA region is also growing on the back of increasing focus for growing the production capacity and trade of natural gas as the region is blessed by large natural reserves in nations such as Iran and Qatar. The Middle East and Africa (MEA) compressed natural gas (CNG) market accounted for a market value of USD 9,341.1 million and it is expected to grow at a CAGR of 12.0%, over the forecast period of 2020-2027 by attaining a market share of USD 21,980.9 million in the year 2027.
Increasing Demand For Energy
In one of the statistical report namely BP Statistical Review of World Energy 2019, consumption of natural gas in the Middle East peaked to 475.6 million tonnes oil equivalent from 326.8 million tonnes oil equivalent in-between 2010-2018 and that in the Africa peaked to 129.0 million tonnes oil equivalent from 85.1 million tonnes oil equivalent in-between the same period.
Energy consumption around the world have grown manifold on the back of growing number of industries, increasing number of vehicles, increasing population and several others. In the MEA region, consumption in the power and industrial sector have seen a sudden upsurge in growth, and both these sectors together accounted for 69% of the total increase in the energy consumption. Moreover, increasing number of projects in the domestic, service and infrastructure sectors are also adding up to the increasing consumption of energy thereby raising the demand for energy, which is anticipated to drive the growth of the MEA CNG market in the upcoming years.
However, concerns regarding lack of infrastructure which might need huge investments for setting up of the infrastructure raising the investment costs is anticipated to affect negatively towards the growth of the MEA CNG market.
This report also provides the existing competitive scenario of some of the key players of the MEA CNG market, which include company profiling of National Iranian Gas Company, Emirates National Oil Company (ENOC), Qatar Fuel Company Q.P.S.C. (WOQOD), Abu Dhabi National Oil Company and Badeal. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the MEA CNG market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.