![Kuwait Power Market Size Kuwait Power Market - Market Summary](https://s3.mordorintelligence.com/kuwait-power-market/kuwait-power-market-size-image-1735452531501.webp)
Study Period | 2020 - 2030 |
Base Year For Estimation | 2024 |
Forecast Data Period | 2025 - 2030 |
Historical Data Period | 2020 - 2023 |
CAGR | 3.00 % |
Market Concentration | High |
Major Players![]() *Disclaimer: Major Players sorted in no particular order |
Kuwait Power Market Analysis
The Kuwait Power Market is expected to register a CAGR of greater than 3% during the forecast period.
- Natural gas is increasing its share in the Kuwait energy mix and is expected to be the fastest-growing segment in the market, supported by the country's diversification of its electricity generation supply portfolio by replacing crude oil with natural gas.
- Kuwait has abundant availability of solar irradiance and receives solar energy throughout the year. This has created enormous opportunities in the renewable sector to exploit solar energy from the sunniest sites in the country, with the government's target of 15% in the country's overall electricity mix by 2030.
- Despite the decline in global oil prices, Kuwait signaled continued commitment to its stated production targets and investment programs and has ambitious oil and gas production targets, which are expected to drive the power generation during the forecast period.
Kuwait Power Market Trends
Natural Gas to be the Fastest Growing Market
- Kuwait plans to substitute natural gas for oil in the power generation sector, with an aim to address the government's plant for climate change and also to retain oil-export revenues for savings and investment within the country. Therefore, natural gas is expected to be the fastest-growing segment during the forecast period for Kuwait's power market.
- According to UNDP, Kuwait's natural gas production is expected to grow from 17.4 billion cubic meters to 27.3 billion cubic meters in 2035. Moreover, Kuwait is favoring the use of natural gas in combined-cycle and steam plants for power generation and increasing share of natural gas-fired power plants with upcoming projects that are likely to bolster the natural gas segment in the upcoming years.
- Moreover, Kuwait uses electricity for water desalination and petrochemical production, as well as for enhanced oil recovery techniques for boosting oil production and being reliant on LNG imports to meet the demand. Therefore, natural gas is being used to meet most of the water desalination process.
- Moreover, with natural gas being a clean source of energy and with the government's target to reduce emissions from power generation, natural gas increased its share from 40% in 2005 to more than 47% in 2018.
![Kuwait Power Market Trends Kuwait Power Market - Power Generation Share](https://s3.mordorintelligence.com/kuwait-power-market/1586784715995_kuwait-power-market_Power_Generation_Mix_%28%25%29%2C_by_Fuel%2C_Kuwait%2C_2019.webp?q=0.6799504948832387)
Ambitious Oil and Gas Production Targets Driving the Market
- Kuwait has planned to invest over USD 100 billion between 2018 and 2023 in the oil and gas industry to boost production. These investments are majorly done, in order, to increase the crude production capacity from the current levels of crude oil and natural gas production.
- Moreover, for the natural gas, Kuwait will increase production from 200 million billion cubic feet (bcf) per day to several folds by 2025 and beyond.
- At present, nearly all of Kuwait's crude oil production comes from onshore fields, but there are also active attempts to expand offshore production capacity. New investments are expected to be done in offshore oil and gas exploration and production in the coming years.
- Also, Kuwait has begun chemical injection into a heavy oil field in the north of the country. The enhanced oil recovery (EOR) technique, which improves the mobility of residual oil through the reservoir, is the first of its kind to be applied in the Middle East and will attract investments by many oil and gas companies.
- Therefore, the above-mentioned factors are expected to increase the production and drive the power market during the forecast period.
Kuwait Power Industry Overview
The Kuwaiti power market is moderately consolidated. Some of the key players are Kuwait Petroleum Corporation, ABB Ltd, General Electric Company, Siemens AG, and Al-Ahleia Switchgear Co. K.S.C.C.
Kuwait Power Market Leaders
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Kuwait Petroleum Corporation
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General Electric Company
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Siemens AG
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Al-Ahleia Switchgear Co. K.S.C.C
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ABB Ltd.
- *Disclaimer: Major Players sorted in no particular order
![Kuwait Power Market Concentration Market Concentration - Kuwait Power Market.png](https://s3.mordorintelligence.com/kuwait-power-market/kuwait-power-market_Market_Concentration_-_Kuwait_Power_Market.webp)
Kuwait Power Industry Segmentation
The Kuwaiti power market report includes:
Power Generation | Oil |
Natural Gas | |
Renewables |
Kuwait Power Market Research FAQs
What is the current Kuwait Power Market size?
The Kuwait Power Market is projected to register a CAGR of greater than 3% during the forecast period (2025-2030)
Who are the key players in Kuwait Power Market?
Kuwait Petroleum Corporation, General Electric Company, Siemens AG, Al-Ahleia Switchgear Co. K.S.C.C and ABB Ltd. are the major companies operating in the Kuwait Power Market.
What years does this Kuwait Power Market cover?
The report covers the Kuwait Power Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Kuwait Power Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Kuwait Power Industry Report
Statistics for the 2025 Kuwait Power market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Kuwait Power analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.