Market Size of Kuwait Oil and Gas Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Kuwait Oil & Gas Market Analysis
The Kuwaiti oil and gas market is expected to register a CAGR of over 3% during the forecast period. Factors, such as increased resilience of ambitious target of achieving crude production to 4 million barrels per day by end of 2020, along with the presence of an estimated 101.5 billion barrels (bbl) of oil reserves as of 2018, are expected to drive the oil and gas market during the forecast period. Moreover, several downstream projects are also underway, which are likely to bolster the market in the coming years. However, the volatile crude oil prices and the government's plan to increase the share of renewables in the energy mix are expected to hinder the growth of the market.
- Kuwait's downstream sector is expected to be the fastest-growing segment, owing to increased investments and upgradation projects in the refinery sector during the forecast period.
- Price reforms by the government and increase in demand for energy efficiency are expected to create several opportunities for the market players in the Kuwaiti oil and gas market.
- Despite the decline in global oil prices, Kuwait signaled continued commitment to its stated production targets and investment program, and it has ambitious oil and gas production targets, which are expected to drive the market during the forecast period.
