UAE LNG Market to Grow at 7.6% Through 2025: TechSci Research Report
NEW YORK, December 14, 2016 /PRNewswire/ --
Growing demand from power generation sector, increasing use of domestic natural gas for enhanced oil recovery and favorable prices of LNG to drive UAE LNG market
According to TechSci Research report "UAE LNG Market Demand & Supply Analysis, By Region, By Application, By LNG Terminal, Competition Forecast and Opportunities, 2011-2025", UAE market for LNG is projected to grow at a CAGR 7.6% during 2016-2025, due to decline in supply of domestic natural gas, implementation of government policies supporting adoption of LNG based power generation and shift towards use of cleaner energy. In 2015, LNG was mostly consumed for power generation in natural gas based power plants, and large metal and petrochemical industries. Increasing urbanization and growing industrialization are expected to positively influence UAE LNG market during 2016-2025.
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"UAE LNG Market"
Abu Dhabi and Dubai dominated UAE LNG market in 2015, on the back of increasing use LNG for addressing primary and standby power needs. These regions are also one of the highest per capita electricity consumers in the world. In 2015, the country's electricity consumption increased to 114.47 TWh, from 107.00 TWh in 2014. Qatar Petroleum, Dolphin Energy, Excelerate Energy and Uniper SE are the major suppliers of LNG in the UAE. In 2016, Abu Dhabi Gas Industries (GASCO), a joint venture between ADNOC, Shell and Total chartered the Floating Storage Regasification Unit (FSRU) and the terminal started importing LNG from Excelerate Energy, a US based company.
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"Low domestic production and rising demand for natural gas from key end user segments has widened demand-supply gap for LNG in the UAE. In 2013, UAE imported 0.41 MMT of LNG and registered a capacity utilization rate of only 13.67%. LNG supply market in the country is anticipated to increase due to its cost competitiveness against locally produced natural gas, capacity additions through installation of floating storage regasification unit and implementation of favorable government policies. Moreover, easy availability of LNG from Qatar, Australia, Canada, Iran, etc., and growing need for environment-friendly fuels are expected to aid growth in the UAE market for LNG during the forecast period", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"UAE LNG Market Demand & Supply Analysis, By Region, By Application, By LNG Terminal, Competition Forecast and Opportunities, 2011-2025" has evaluated the LNG market across seven Emirates of the UAE and provides statistics and information on market structure, industry behaviour and trends. The report includes market projections and potential demand forecasting. The report intends to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyses emerging trends along with essential drivers, challenges, and opportunities available in LNG market in the UAE.
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