Liquefied Natural Gas (LNG) Market expected to reach USD 20.28 Billion by 2025 with CAGR of 12.45%
By: AB Newswire
September 16, 2020 at 19:08 PM EDT
Liquefied Natural Gas (LNG) Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2019-2025- Increasing demand for cleaner energy sources in various industries particularly in the field of transport industry is anticipated to drive growth of Global Liquefied natural gas (LNG) Market.
Liquefied Natural Gas (LNG) Market is valued at USD 8.92 Billion in 2018 and expected to reach USD 20.28 Billion by 2025 with CAGR of 12.45% over the forecast period.
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Market Analysis of Liquefied Natural Gas (LNG)-
LNG is a clear, colourless and non-toxic liquid which forms when natural gas is cooled to -162ºC for shipping and storage. This form of natural gas offers various benefits for consumers and the environment such as; it is versatile, safe, clean-burning and abundant. It is mainly shipped in special ocean-going ships or tankers between export terminals, where natural gas is liquefied, and import terminals, where LNG is returned to its gaseous state or regasified. After regasification it can be made available for a variety of uses. The most common use is power generation at a natural gas fired power plant but other uses include being a raw material for products like paints, antifreeze, fertilizer, plastics, dyes and medicine, or as a fuel used for industrial purposes, such as producing steel, glass, brick and electricity, paper, clothing and for residential and businesses purposes, such as heating, cooking and drying clothes. LNG is now also emerging as a cost-competitive and cleaner transport fuel, especially for shipping and heavy-duty road transport.
Global Liquefied natural gas (LNG) Market report is segmented on the basis of application and region & country level. Based on application, the liquefied natural gas (LNG) market is classified into power generation, mining & industrial, transportation and others.
The regions covered in this Liquefied Natural Gas (LNG) Market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, the market of Liquefied Natural Gas (LNG) is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Middle East Asia (UAE, Saudi Arabia, Egypt) GCC, Africa, etc.
Some major key players for Global Liquefied natural gas (LNG) Market are Royal Dutch Shell, Total SA, ExxonMobil, BP Plc, PetroChina, China Petroleum and Chemical Company, Chevron, Conoco Philips and others.
Increasing Demand for Cleaner Energy Sources in Various Industries Particularly in the Field of Transport Industry Drives the Growth of Global Liquefied natural gas (LNG) Market
LNG is the cleanest fossil fuel. It represents an excellent alternative to reduce greenhouse gas emissions and help combat global warming. The major factor driving the growth of global liquefied natural gas (LNG) market is increasing demand for cleaner energy sources in various industries particularly in the field of transport industry. In addition to providing direct environmental benefits as a fuel, natural gas and it can also help to promote the use of renewable fuels. And in terms of inconvenience caused to local residents, trucks fuelled by LNG are half as noisy as the equivalent diesel-fuelled trucks; consequently, urban areas where truck traffic is prohibited due to noise pollution can be accessed at certain times of the day. In France, almost 26,000 towns and villages have a geographical location that prevents them from being connected to the mains gas network. Homes in these areas are forced to use home heating fuel or electricity which are very expensive than natural gas. The desire of communities and private individuals to control their budgets is shared by industrial players, seeking an economically stable and accessible source of energy. LNG is an alternative to fuel oil, LPG and coal, enabling industrial players to make savings in terms of both energy supply costs and equipment maintenance costs.
Furthermore, a study by the National Energy Technology Laboratory entitled Life Cycle Greenhouse Gas Perspective on Exporting Liquefied Natural Gas from the United States found that the use of U.S. LNG exports for power production in European and Asian markets will not increase GHG emissions, on a life cycle perspective, when compared to regional coal extraction and consumption for power production. Thus all these advantages of liquefied natural gas (LNG) are anticipated to drive the demand of liquefied natural gas (LNG) within the forecast period. Furthermore, increasing global natural gas liquefaction capacity is expected to foster the market growth within the forecast period. However, high installation cost for liquefied natural gas systems and lack of infrastructure facilities may hamper the market growth. Moreover, technology improvement in floating solution may reduce unit production cost of LNG and can create opportunities for the further growth of the market.
Asia Pacific is Expected to Dominate the Global Liquefied Natural Gas (LNG) Market
The global liquefied natural gas (LNG) market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East & Africa. Asia Pacific is expected to account for the largest market share of global liquefied natural gas market owing to its rising liquefaction capacity and exports of liquefied natural gas. For example, Qatar is the largest exporter of LNG in the world. The country’s LNG exports stood at 104.8 billion cubic metres (bcm) last year, according to the BP Statistical Review of World Energy 2019. Qatar also plans to increase its LNG exports capacity by 43% and develop its North Field Expansion project, adding about 32mtpa of liquefied gas to the market from 2024. And With LNG exports of 91.8bcm last year, Australia stands at the second spot in the list. Malaysia occupies third place in the list, with LNG exports of 33bcm in 2018. Middle East is anticipated to gain the second position in the global liquefied natural gas market within the forecast period owing to increasing use of LNG in power generation field.
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