Liquefied Natural Gas Market– Statistics And Analysis & Forecast To 2030Posted by Mrudula Karmarkar on October 25th, 2022 The global liquefied natural gas marketsize is expected to reach USD 208.85 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 8.1% from 2022 to 2030. The growing demand for electric power through clean energy sources is likely to propel the market growth over the coming years. A growing focus on projects related to distributed power & utility is anticipated to bolster the market growth over the next eight years. The projected growth in natural gas in the power generation business is also likely to create more demand for liquefied natural gas (LNG) across various countries. The power generation application segment accounted for the largest volume share of 47.44% in 2021. Growing demand for NG also helps in reducing the emission of harmful greenhouse gas emissions. Increased usage of this fuel in the mining, industrial and power generation sectors has displayed a significant change over the historic period. A decline in the prices, as well as low fuel switching costs, are enhancing the industry growth in the transportation and power generation application. The supply chain of the LNG and ancillary industries was affected due to the shutdown of production facilities, especially in the Asia Pacific as it was the epicenter of the COVID-19. The manufacturing and energy & power sectors globally experienced a considerable slowdown due to the COVID-19. Additionally, local and international travel restrictions, quarantine requirements, and lockdowns further delayed shipments of LPG that were in process of being delivered. Diesel and petrol have been the default options for vehicle fuels. However there has been a shift from traditional fuel to available better choices on the market such as natural gas that give the same performance in terms of power, acceleration, and cruising speed, but with added financial and environmental benefits. LNG is typically less expensive than diesel giving lower running costs over the medium to long distances and the lowest total cost of ownership compared to conventional fuels. It also has strong environmental benefits that improve air quality by reducing greenhouse gas emissions. Others application includes natural gas used in the mining industry, chemical industry, food processing, and other industries. For mines operating in remote areas which do not have access to grid-connect electricity, in many such cases, natural gas-powered generators provide peak and baseload generation for electricity and heat. To Request Sample Copy of this report, click the link: https://www.grandviewresearch.com/industry-analysis/liquefied-natural-gas-lng-market/request/rs1 The growing demand for electric power through clean energy sources is likely to propel market growth over the coming years. A growing focus on projects related to distributed power & utility is anticipated to bolster the market growth over the next eight years. The projected growth in natural gas in the power generation business is also likely to create more demand for liquefied natural gas (LNG) across various countries. Coal is the major source of generating electricity worldwide; however, considering the degradation of coal reserves and its adverse environmental impact, there has been a rise in the use of natural gas and other renewable sources of energy for the production of electricity. Liquefied Natural Gas Market Report Highlights
The country has a diverse energy mix, wherein natural gas accounts for the largest share in North America of 23.20% in terms of primary energy production in the country. Policymakers are focusing on developing sustainable energy generation sources, which, in turn, is anticipated to increase the demand for LNG in the country. The demand for natural gas for power generation and transportation fuel is witnessing a growth in the country owing to the presence of a well-established gas infrastructure coupled with the growing oil & gas industry and augmenting industrial activities. According to Energy Information Administration, natural gas surpassed coal as the most common source of electricity generation in the U.S. in 2016. This would continue in the forecast period and would lead to enhancement in gas power plants with the expected rise in power demand in the country which would further boost the demand for LNG during the forecast period. The market is characterized by the presence of several key players and a few media and small-scale regional players. Many of the companies have their sector that they focus on and have a very high penetration in that sector. In February 2020, ExxonMobil India LNG Limited has signed a Letter of Cooperation with Indian Oil Corporation Limited and Chart Industries, Inc. to establish a system of transportation infrastructure to expand gas access in India. Virtual pipeline systems deliver liquefied natural gas by road, rail, and waterways to areas not connected by physical pipelines. Some of the prominent players operating in the global liquefied natural gas market are:
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