Worldwide liquefied natural gas market is expected to reach a valuation of $19.73 billion by 2026, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the biotechnology market based on type, application and region.
Some key insights pertaining to the global LNG market included in the report are:
- The demand for natural gas has surged significantly and has witnessed a premium yearly growth of 1.6% between the year 2015 to 2040.
- Natural gas consumption has increased from more than 3.5 tscm in 2014 to nearly 5.2 tscm by 2040.
- The World Gas Model has planned its production reliant on the lowest cost, accounting the transportation to market via LNG or pipeline along with the cost of production that are dependent upon contractual obligations.
- Global LNG capacity has grown by 50% between 2015 to 2020, with numerous new projects presently undergoing construction and set to enter service thereby impacting the liquefied natural gas (LNG) market.
- A new wave of forthcoming LNG projects are planned between the years 2024 to 2030 and the third phase is set to commence in 2035, propelling the LNG market.
In terms of regional growth, the U.S. has been a strong contributor in boosting demand for LNG, with expectations of hosting six projects by 2020. Canada is also estimated to introduce three installation projects in the Pacific Coast for liquefaction, two post 2020 and one by 2035. Another key region is Africa, which is projected to play a crucial role in boosting the demand for LNG directly, which will further boost Liquefied Natural Gas industry share. Novel liquefaction capacities are slated to be started in Angola, Cameroon, Mozambique, Tanzania, and Equatorial Guinea by 2025. Moreover, an offline capacity is anticipated to re-enter into services by the end of 2023.
The Asia Pacific market is currently a highly lucrative regional segment of the liquefied natural gas (LNG) market owing to burgeoning energy demand in the region. Several projects are underway, which are likely to facilitate price discovery within the Asian market. Nations like Singapore, China, and Japan are presently the region's emerging trading hubs which have introduced LNG pricing indexes to boost transparency in price formation.
Power generation sector has been one of the biggest consumers in the recent past, consisting numerous technology developments for the use of LNG as fuel. It is also a direct alternative to diesel in the power generation industry. Replacing the supply of diesel fuel with liquefied natural gas is safe, economical, and an undeniably clean option, which will favor LNG market growth in the future.
Industrial and mining markets have also been potential application sectors for Liquefied Natural Gas. LNG finds significance as a major energy source across many power generation stations worldwide including boilers, fluid bed dryers, and rotary kilns. The increasing application segments of LNG are likely to augment the liquefied natural gas (LNG) market size over the foreseeable years.
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The leading industry participants profiled in the liquefied natural gas (LNG) market report comprise of ExxonMobil, Gazprom, Royal Dutch Shell, China National Petroleum Corporation, Chevron, BP, Statoil, Total, Eni, ConocoPhillips, INPEX, Freeport Liquefaction LLC, Next Decade, Kitsault Energy, NIOC, Petronas, Novatek, Sempra Energy, Rosneft, Stewart Energy, Steelhead LNG, Woodfibre LNG, Veresen, and Woodside.
The report also delivers a comprehensive analysis of the liquefied natural gas (LNG) market drivers, restraints, and opportunities over the estimated timeline. An in-depth analysis of the market in terms of application type and regional landscape is also included in the report. In addition to this, company profiles of market majors have been documented in the report under business overview, product benchmarking, financials, and recent developments.