Liquefied Natural Gas (LNG) Market is Projected to Grow at a CAGR of 5.00% by 2030
According to ChemAnalyst report, “Liquefied Natural Gas Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, Liquefied Natural Gas (LNG) market has witnessed significant growth as it reached 390 million tonnes in 2020 and is anticipated to achieve a healthy global CAGR of 5.00% in the forecast period until 2030. Due to rapid industrialization and urbanization, the demand of natural gas is rapidly increasing owing to the growing number of power related construction projects, which is likely to boost the Liquefied Natural Gas market across the globe in the span of next ten years. Being cost effective, safe, and the cleanest-burning fossil fuel along with having numerous environmental advantages, it is expected to accelerate the demand of Liquefied Natural Gas globally, which will further augment the Liquefied Natural Gas market in the future.
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Liquefied Natural Gas (LNG) is a liquid form of natural gas which is cooled down at approximately -162ºC in temperature. It is extensively used for the transportation and storage purposes. Liquefied Natural Gas is generally colorless, odorless, non-corrosive, and significantly non-toxic by nature. The natural gas liquefaction process involves the removal of certain components including hydrogen sulphide, helium, dust, benzene, water, heavy hydrocarbons, carbon dioxide, and other components that can freeze under the low temperatures, which is then condensed into liquid by cooling it to −260° Fahrenheit.
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The Advancements made in the cryogenic storage, production processes, and transportation effectively created the opportunities to commercialize NG into the market across the globe. Furthermore, the developments in the Liquefied Natural Gas storage and shipment, also introduced a reliability in connections and networks which was once impossible. The arrival of large-scale cryogenic storages made it possible to create long term gas storage reserves. These reserves of Liquefied Gas have become a crucial means for networks to handle local peak requirements. Liquefied Natural Gas is widely used to heat homes, run highly efficient electric power plants, manufacture chemicals and fertilizers, and fuel trucks, cruise ships, cargo vessels, and others. Liquefied Natural Gas is primarily used for the storage and transportation of the natural gas from the source to a destination. Whereas, on the large scale, Shipment of natural gas can be done across the oceans. LNG is expected to become a mainstream fuel for transportation needs in coming years. It is currently being evaluated for off-road, over-the-road trucking, marine, and train applications.
Global Liquefied Natural Gas Market is segmented on the basis of application, end, sales channel and region. Depending upon the applications, the Liquefied Natural Gas market is segregated into transportation fuel, power generation, and others. The transportation fuel segment holds the major share of the LNG market owing to the increasing usage of LNG as a fuel in vehicles especially in the APAC region. As China is the major leader for using LNG vehicles, followed by Japan, which is the biggest exporter of LNG, surging demand for LNG in the APAC region is likely to accelerate the LNG Market across the globe over the next few years. Growing demand for Liquefied Natural Gas for the power generation purposes as it is piped into homes, industries, and businesses, where it is burnt to generate electricity, is expected the bolster the market of LNG around the world until 2030. A number of power generation projects especially in emerging economies including China, India, and others, will further drive the demand of LNG in the future. A substantial fall in the prices, as well as fuel switching costs, are propelling the industry growth in the power generation and transportation applications.
The Liquefied Natural Gas market was negatively affected across the globe due to the spread of coronavirus. Government authorities in emerging countries caused countrywide lockdowns and strict regulations, which led to the severe decline in demand of Liquefied Natural Gas during the first of 2020. Power generation facilities were drastically affected due to the coronavirus pandemic. Halt in the transportation services resulted in zero shipment of natural gas across remote locations during the lockdown. Once the operation resumes and the lockdowns are uplifted, the demand for LNG by major end-use industries is likely to boost the global market in the future.
Region wise, the APAC region dominates the Liquefied Natural Gas market across the globe owing to the continuously rising investments in LNG infrastructure development and increasing awareness about the benefits of eco-friendly products across several end-use industries. The demand of LNG is expected to surge in India due to the increasing consumption of gas-based facilities along with the robust growth of economy, which will boost the LNG market in the APAC region.
Liquefied Natural Gas Market Analysis: Plant Capacity, Production, Operating Efficiency, Demand & Supply, Application, End Use, Distribution Channel, Region, Competition, Trade, Customer & Price Intelligence Market Analysis, 2015-2030”, some of the major players operating in Liquefied Natural Gas market include Total, Chevron Corporation, Exxon Mobil Corporation, China Petroleum & Chemical Corporation, Petronet LNG Limited, Royal Dutch Shell, China National Petroleum Corporation, Petroliam Nasional Berhad (PETRONAS), Snam SPA, PetroChina Company Limited, Equinor ASA, Gazprom, Eni SpA, ConocoPhillips Company, and Others.
“Rapidly growing demand of Liquefied Natural Gas for transporting fuel or natural gas across remote locations and different countries is expected to boost the LNG across the globe in the forecast period until 2030. A number of initiatives for the construction of several power generation projects in emerging countries such as China and India are likely to increase the demand of Liquefied Natural Gas, which will further accelerate the LNG market globally in the next few years. Rising investments in the development of LNG infrastructures and increasing awareness regarding the benefits of eco-friendly products across various end-use industries will further drive the LNG market in upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm promoting ChemAnalyst worldwide.
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