According to Coherent Market Insights, the global liquefied natural gas market was valued at US$ 7.23 Billion in 2016, is projected to exhibit an impressive CAGR of 12.8% over the forecast period (2017 – 2025).
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Key Trends and Analysis of the Liquefied Natural Gas Market:
Liquefied natural gas (LNG) is a composition of methane and some mixture of ethane that has been cooled down to liquid form for ease and safety of storage or transport. Increase in demand for LNG from industrial and transportation sectors is a key driver for growth of the global liquefied natural gas market. Natural gas is one of the fastest growing fossil fuels, owing to increase in the global supply of shale gas, tight gas, and coal-bed methane. Henceforth, the global oil and gas industry is estimated witness a significant rise in unconventional oil and gas resources. For instance, according to the US EIA, a shale gas production in the US increased from 1,293 bcf in 2007 to 18,589 bcf in 2017. Increase in natural gas production has resulted in a rise in the production of LNG that is expected to fuel growth of the global liquefied natural gas market.
However, an insufficient pipeline infrastructure in remote areas, high installation cost for liquefied natural gas systems, and supply infrastructure is likely to hamper the industry growth. Furthermore, factors such as an expiration of exports contracts, stringent government regulations, and lack of infrastructure facilities are expected to restraint the market growth.
The global liquefied natural gas market is segmented on the basis of application and region. Among application, power generation segment held the dominant position in the market in 2017, owing to increasing adoption of liquefied natural gas in electricity generation and rising preference for the cleaner sources of energy for power generation. For instance, according to Mexico’s National Energy Ministry (SENER), in January 2017, more than 60% of Mexico’s electric capacity additions are come from natural gas fired power plants, and expected to increase natural gas-fired generating capacity between 2016 and 2020.
Asia Pacific held dominant position in the global liquefied natural gas market in 2017, and is projected to maintain its dominance during the forecast period, owing to increasing liquefaction capacity and exports of regional liquefied natural gas projects. In Asia Pacific region, countries such as China, Japan, South Korea, and India, are expected to witness significant growth in the Asia Pacific liquefied natural gas market in the coming future. According to International Gas Union (IGU), in 2017, Asia Pacific remained the largest importing region in the global LNG market. Moreover, Middle East is accounted for the second largest share in global liquefied natural gas market, owing to increased use in power generation. According to Oil & Gas Journal reports, Middle East is a one of the world’s largest concentrations of natural gas and Qatar was one of the largest LNG exporter in 2017.
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