LNG Market is expected to grow at a robust CAGR

Global LNG Market is expected to grow owing to stable pricing and abundant global supply throughout the forecast period.

 

According to TechSci Research report, “LNG Market - Global Industry Size, Share, Trends, Opportunity, and Forecast 2019-2029”, the Global LNG Market is expected to register robust growth during the forecast period. As the world grapples with the challenges of climate change and air pollution, there is a growing global consensus on the need to reduce greenhouse gas emissions. Natural gas, when used for energy generation, emits significantly fewer carbon dioxide (CO2) and other pollutants compared to coal and oil. This environmental concern has led to increased interest in natural gas and, by extension, LNG, as a cleaner energy source.

The global push to reduce greenhouse gas emissions and combat climate change presents a significant opportunity for LNG. Natural gas is considered a cleaner-burning fossil fuel compared to coal and oil, and it can serve as a transition fuel as the world moves toward a low-carbon energy future. LNG plays a pivotal role in this transition, especially in regions where coal is a dominant source of energy.

 

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Based on LNG infrastructure, the LNG Regasification Facilities segment is expected to dominate the market during the forecast period. The economic viability of LNG regasification facilities is a critical consideration. While regasification terminals are essential for accessing LNG, they represent a significant capital investment. Terminal operators must efficiently manage operational costs to ensure that LNG remains a competitive and affordable energy source. Advances in technology, including energy-efficient regasification processes, have played a role in managing operational costs and increasing the competitiveness of LNG. Sustainability and environmental concerns are increasingly influencing the design and operation of LNG regasification facilities. Efforts are being made to minimize the environmental impact of regasification through improved energy efficiency, emissions reduction, and carbon capture and storage (CCS) technologies. These facilities are also addressing concerns related to water use, emissions, and habitat preservation in ecologically sensitive areas. Government policies and regulations play a crucial role in shaping the growth of LNG regasification facilities. Many countries provide incentives and regulatory frameworks to support the development and operation of regasification infrastructure. Regulatory bodies often focus on safety standards, environmental protection, and the security of LNG supply chains. In conclusion, LNG regasification facilities are indispensable components of the global LNG market, ensuring the availability of natural gas for a wide range of energy applications. Their strategic importance, coupled with evolving trends such as flexibility, environmental considerations, and energy security, highlights their significance in the global energy landscape and their potential for continued growth and adaptation in the years to come.

Based on product type, the Industrial segment is projected to dominate the market throughout the forecast period. LNG is also finding applications in the industrial transportation sector. Industrial fleets, such as long-haul trucks, buses, and ships, are increasingly being powered by LNG. The cost savings and reduced emissions associated with LNG as a transportation fuel make it an attractive option for industries with large vehicle fleets. Moreover, it helps these industries comply with stringent emissions regulations and sustainability targets. Many industrial facilities use combined heat and power (CHP) systems, also known as cogeneration, to simultaneously produce electricity and useful thermal energy. LNG can be employed in CHP systems, where natural gas engines generate electricity, and the waste heat is captured and used for heating or cooling processes. This approach enhances energy efficiency and reduces greenhouse gas emissions, making it an appealing choice for energy-intensive industries. The industrial segment of the global LNG market is expected to witness continued growth, driven by increasing industrialization and demand for cleaner energy sources. Emerging markets, particularly in Asia, are playing a significant role in this growth, as industries in these regions seek more sustainable energy options to meet their expanding needs. To support this demand, the construction of new LNG infrastructure, such as regasification terminals and industrial LNG facilities, is taking place worldwide. Industrial consumers of LNG often prioritize economic considerations. LNG offers cost advantages, with stable and competitive pricing compared to other fossil fuels. The economic viability of LNG in industrial applications is underpinned by factors such as operational efficiency, supply security, and the ability to integrate it into existing industrial processes. In conclusion, the industrial segment of the global LNG market is experiencing substantial growth and transformation. Industries are increasingly turning to LNG for its environmental benefits, cost advantages, and flexibility in meeting their energy needs.

 

Key market players in the Global LNG Market are:-

• Qatar Petroleum
• Royal Dutch Shell Plc
• Exxon Mobil Corporation
• Chevron Corporation
• TotalEnergies SE
• BP p.l.c.
• Oao Novatek
• Cheniere Energy, Inc.
• Woodside Energy Group Ltd
• PetroChina Company Limited

 

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“The Global LNG Market in Asia Pacific is poised to be the dominant force in the industry. The Asia Pacific region is witnessing substantial investments in LNG infrastructure. This includes the development of LNG import terminals, expansion of regasification capacity, and the construction of LNG receiving vessels, such as Floating Storage and Regasification Units (FSRUs). These infrastructure investments are crucial for ensuring a reliable and diversified LNG supply.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“LNG Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By LNG Infrastructure (LNG Liquefaction Plants, LNG Regasification Facilities and LNG Shipping), By Product Type (Residential, Commercial and Industrial), By Region, and By Competition, 2019-2029” has evaluated the future growth potential of Global LNG Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global LNG Market.

 

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