According to the report titled ‘European Liquified Natural Gas (LNG) Market Size study, by Application (Transportation Fuel, Power Generation, Mining & Industrial) and Regional Forecasts 2020-2027’, available with Market Study Report, European liquified natural gas (LNG) market is expected to register an appreciable growth during 2020-2027.
 

Surging fuel demand, along with growing usage of natural gas in various industries, such as mining and power generation, is primarily driving the growth of European liquified natural gas (LNG). Demand for natural gas in Europe rose to 465.7 billion cubic meters in 2017 from 449.3 billion cubic meters in 2016, according to Statista.
 

For those uninitiated, Liquified Natural Gas (LNG) is natural gas cooled to a liquid state at approximately -260 degree Fahrenheit, for storage and shipping purpose. The volume of natural gas in gaseous state is 600 times larger than that in its liquid state. Storage in liquid state allows natural gas to be shipped to areas not reached by pipelines, facilitating market growth.
 

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In 2018, there were 29 LNG terminals in Europe with sales capacity of about 227 billion cubic meters annually, as per Gas Infrastructure Europe (GIE). At these terminals, LNG is restored to its gaseous state and transported to distribution firms, power plants, and industrial customers by pipeline. Hence, the presence of an overwhelming number of LNG terminals is stimulating European liquefied natural gas (LNG) industry outlook.
 

However, rising environmental cognizance and growing acceptance of renewable energy sources are likely to hinder liquefied natural gas (LNG) market remuneration in Europe over the study period.
 

Based on application spectrum, the industry is bifurcated into mining & industrial, power generation, and transportation fuel. From the regional perspective, European liquified natural gas (LNG) market is segmented into Italy, Spain, France, Germany, U.K., and Rest of Europe.
 

Major players impacting European liquified natural gas (LNG) industry trends are Novatek Europe Limited, INPEX Corporation, PJSC Gazprom, Statoil ASA, British Petroleum, Total SA, Royal Dutch Shell PLC, Exxon Mobil Corporation, and Chevron Corporation.