Saudi Arabia topped GCC industrial gas market due to increasing infrastructural activities and rising demand from the regional chemical industry, a research note issued by Persistence Market Research (PMR) on GCC industrial gas market outlook and analysis for 2019-2029 reported. Additionally, Saudi Arabia is expected to grow at a compounded annual growth rate (CAGR) of 6%.
The GCC industrial gas market is likely to account for $1 billion by the end of 2019 and is expected to grow at a CAGR of 6% for the forecast period, citing Reuters.
The PMR report added that UAE and Qatar are expected to hold prominent market shares in terms of both volume and value after Saudi Arabia, owing to various infrastructural developments and growing chemical industries in the two countries.
The total value of contracts for large-scale projects awarded in the GCC has been estimated at $172 billion in 2015. Ongoing investments in large-scale infrastructure projects and rampant investment in the core industrial sector is expected to drive the demand for industrial gases through 2029.