Saudi Arabia LPG Market Expected to register a high CAGR through 2028
The petrochemical industry's expansion, increased
consumer demand from the residential and commercial sectors are expected to drive the demand in Saudi Arabia LPG
Market.
According to
TechSci Research report, “Saudi Arabia LPG Market-
By Region, Competition, Forecast & Opportunities, 2028”, Saudi Arabia LPG
Market is predicted to rise over the course of the projection period as some of
the factors that are projected to boost market expansion include increased
awareness of the benefits of using liquefied petroleum gas (LPG) as a
substitute for fossil fuels and the rising acceptance of clean and green energy
sources in both developed and developing countries.
The
amount of solar energy produced in Saudi Arabia is minimal compared to the
country's overall electricity production, which is almost entirely based on
fossil fuels. Oil comes in second with 41% of the power mix, with gas making up
59%.
Based on source, non-associated
gas accounted for the largest revenue share; non-associated gas accounted
for the largest revenue share when broken down by source with the growth in LPG
production from unconnected gas wells. Due to increased LPG demand from
numerous industrial applications, the market is expected to grow. There are
numerous fuel sources in many places. For instance, while the Saudi Arabia
region relies on refineries to produce its gas, North America primarily obtains
its gas through suppliers for natural gas processing. Refineries are one of the
most significant global providers of different gases. The majority of revenue
came from natural energy sources, and it is expected that they will continue to
increase rapidly over the next few years.
Based on the application segment,
the chemical application segment is expected to witness the fastest growth in
terms of revenue over the forecast period. The residential sector dominated the
global market in terms of share in 2020 as a result of the spike in demand for
liquefied petroleum gas for home applications such as space and water heating,
cooking, and power generation. It also has benefits such as low cost, efficient
use of energy, and environmental friendliness, which will further support
market progress in the years to come. Due to its low impact on ozone layer
depletion, liquefied petroleum gas is also replacing chlorofluorocarbon and
hydrofluorocarbon as a refrigerant. Because of this, there is now more room for
usage in the commercial and residential sectors, such as heating and
ventilation in addition to cooking.
In terms of regional
analysis, the Saudi Arabia LPG Market is segmented into Northern
& Central, Western, Eastern, and Southern. Northern & Central
Region will dominate the market as the consumption of LPG is increasing in the
city Al-Riyadh, as the city has large residential sector.
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Key market players
in the Saudi Arabia LPG Market include:
- NGC
Energy
- Saudi
Arabian Oil Company (Saudi Aramco)
- Saudi
National Gas & Industrialization Company (GASCO)
- Repsol
YPF
- Saudi
Gas Cylinder Factory (Enagas)
- Maritime
Industrial Services (MIS)
- Rawabi
Holding
- Dalma
Energy
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The growth of the
Saudi Arabia market for liquefied petroleum gas is being driven by an increase
in demand for LPG from various operations. In addition, the implementation of
strong government regulations against environmental pollution is one of the key
factors driving market expansion between 2021 and 2030. Yet, the industry's
increasing influx of renewable energy sources and the sporadic domestic LPG
supply are the main obstacles to its growth. However, it is expected that
government measures promoting the use of LPG over conventional fuels and the
increase in gas consumption in cars would provide attractive growth chances for
the leading companies to maintain their position in the market in the years to
come.
“The Saudi Arabia
LPG market is predicted to expand over the anticipated period. A few of the
reasons that are projected to promote market expansion include the expanding
acceptance of clean and green energy sources in both developed and developing
nations, as well as the increased awareness of the benefits of using liquefied
petroleum gas (LPG) as an alternative to fossil fuel. Technology is predicted
to play a vital role in the market's growth in addition to the rising number of
government efforts targeted at training rural communities to migrate from
conventional cooking fuels such as kerosene, wood, and coal to LPG, and number
of other factors will also propel the market,” said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based global management consulting
firm.
“Saudi Arabia LPG Market –Segmented
By Application (Residential, Industrial, Commercial, Agriculture,
Transportation), By Source (Refinery, Associated Gas, Non-Associated Gas), By Cylinder
Capacity (5kg, 11-12.6kg, 13-14.2kg, 15-16.5kg, 19-29.5kg, More Than 29.5Kg), By Region, Size, Share, Trends,
Opportunity, and Forecast. 2018-2028”, has evaluated the future growth potential of Saudi Arabia LPG Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision-makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Saudi Arabia LPG
Market.
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