South Korea Oil and Gas Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 3.8% (2024-2032)
The heavy reliance on imports in South Korea to meet its energy needs, due to lack of domestic oil and gas reserves, represents one of the key factors propelling the market growth. According to the latest report by IMARC Group, the South Korea oil and gas market size is projected to exhibit a growth rate (CAGR) of 3.8% during 2024-2032.
South Korea Oil and Gas Industry Trends and Drivers:
The heavy reliance on imports in South Korea to meet its energy needs, due to lack of domestic oil and gas reserves, represents one of the key factors propelling the market growth. South Korea is investing in international oil and gas assets and establishing long-term supply agreements to ensure stable energy supply and mitigate geopolitical tensions and global oil price fluctuations.
In addition, the country is upgrading its refining capacity to process a broader range of crude oils and export refined products. Governing agencies in the country are encouraging refinery modernization and advancements in refining technologies that improve efficiency and reduce environmental impact, thereby supporting the growth of the market. Expanding port infrastructure and development of storage facilities is enabling the country to handle large volumes of oil and gas and distribute these essential resources to meet domestic needs and facilitate regional trade.
Besides this, the increasing demand for natural gas for power generation and industrial use is contributing to the market growth. As the country is aiming to reduce its reliance on coal and lower greenhouse gas emissions, natural gas in the form of liquefied natural gas (LNG) is becoming a favored energy source. Investments in LNG infrastructure, such as terminals, storage, and distribution networks, are supporting this shift towards a cleaner energy mix, which is bolstering the market growth. Companies are also adopting advanced technologies to enhance the efficiency and environmental performance of oil and gas operations, aligning with the broader energy strategy to reduce emissions in the country.
Technological advancements, such as artificial intelligence (AI) and the Internet of Things (IoT), are optimizing processes across exploration, production, and refining, reducing costs and improving operational safety. The proactive energy policies are encouraging domestic and foreign investments in the oil and gas sector, promoting a stable and predictable environment. Furthermore, the hydrogen production from natural gas and development of carbon capture and storage (CCS) technologies is supporting the decarbonization of the oil and gas sector and aligning with global sustainability goals, thereby offering a favorable market outlook in South Korea.
Download sample copy of the Report: https://www.imarcgroup.com/south-korea-oil-gas-market/requestsample
South Korea Oil and Gas Industry Segmentation:
The report has segmented the market into the following categories:
Sector Insights:
- Upstream
- Midstream
- Downstream
Regional Insights:
- Seoul Capital Area
- Yeongnam (Southeastern Region)
- Honam (Southwestern Region)
- Hoseo (Central Region)
- Others
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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