Report Description

Australia Liquified Natural Gas Market is anticipated to grow at a steady pace in the forecast period 2024-2028 & growing at a solid CAGR in the forecast period. In the upcoming years, the market's expansion is projected to be fueled by the rising demand for electric power generated by renewable energy sources. During the next eight years, market growth is predicted to be aided by an increasing focus on projects involving distributed power & utilities.

A fossil fuel developed deep underneath the earth's crust is natural gas. Several substances are present in natural gas. The main component of natural gas is methane (CH4), a molecule with one carbon atom and four hydrogen atoms. Natural gas that has been chilled to a liquid form, at around -260° Fahrenheit (161° Celsius), for transportation and storage, is known as liquefied natural gas (LNG). Natural gas's volume in the liquid form is around 600 times less than that in the gaseous state. Natural gas may now be delivered to locations that pipelines are unable to reach. Liquid natural gas has several benefits, such as being energy-efficient, cleaner fuel, reducing emissions, and having a range of uses, such as fuel for home kitchen appliances, fuel for the fertiliser industry, and fuel for the transportation sector, among others.

Economic Feasibility of LNG

High cost of liquefaction: The market for LNG has been constrained despite its potential for export because of the high cost of liquefaction and production.

Losses: During the liquefaction process, 10% to 25% of the gas's energy is lost.