Beyond Dawlish

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.

Download sample copy of the Report: https://www.imarcgroup.com/south-korea-oil-gas-market/requestsample

South Korea Oil and Gas Industry Trends and Drivers:

South Korea heavy reliance on imports to meet its energy requirements due to the lack of domestic oil and gas reserves is one of the major factors driving the market growth. South Korea is investing in international oil and gas assets and establishing long-term supply agreements to ensure a stable energy supply and mitigate geopolitical tensions and global oil price fluctuations. In addition, the country is upgrading its refining capacity to process a wide range of crude oil and export refined products. Governing agencies in the country are encouraging refinery modernization and advancement in refining technologies that improve efficiency and reduce environmental impact, thereby supporting market growth. Expansion of port infrastructure and development of storage facilities are enabling the country to handle large volumes of oil and gas and distribute these essential resources to meet domestic needs and facilitate regional trade.

In addition, the growing demand for natural gas for power generation and industrial use is contributing to the market growth. As the country aims to reduce its dependence on coal and reduce greenhouse gas emissions, natural gas in the form of liquefied natural gas (LNG) is becoming a preferred energy source. Investments in LNG infrastructure, such as terminals, storage, and distribution networks, are supporting this shift towards a cleaner energy mix, which is fueling market growth. Companies are also adopting advanced technologies to enhance the efficiency and environmental performance of oil and gas operations, aligning with the country broader energy strategy to reduce emissions. Technological advancements, such as artificial intelligence (AI) and the Internet of Things (IoT), are optimizing processes in exploration, production, and refining, reducing costs and improving operational safety. Proactive energy policies are encouraging domestic and foreign investments in the oil and gas sector, promoting a stable and predictable environment. Furthermore, the development of hydrogen production from natural gas and carbon capture and storage (CCS) technologies are supporting the decarbonization of the oil and gas sector and aligning with global sustainability goals, offering a favorable market outlook in South Korea.

Our report provides a deep dive into the market analysis, outlining the current trends, underlying South Korea oil and gas market demand, and growth trajectories.

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.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a 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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