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Liquefied Natural Gas Market

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Global liquefied natural gas market share across North america, asia-pacific, middle-east regions. LNG Market size was US$ 7.23 billion in 2016 and is expected to witness a CAGR of 12.8% in terms of revenue over the forecast period (2017 – 2025).
Liquefied Natural Gas Market Segmented By Insights, Size,
Share, Opportunity Analysis, and Industry Forecast till 2025
Liquefied natural gas is an odorless and colorless liquid, which is formed by
cooling natural gas to -1620C. The liquefaction process shrinks the volume of
gas by 600 times, making it easier to store and ship. When liquefied natural gas
reaches to its destination, it is again converted into gas by regasification process
and transported through vessels and pipes to end-use consumers. Liquefied
natural gas is an emerging fuel due to its cleanest burning nature as compared to
petrol, diesel, and other fuels. Key drivers such as increasing demand for clean
source of energy by end-use industries, government initiatives to strengthen gas
pipeline infrastructure, and significant growth in global natural gas liquefaction
capacity are expected to fuel growth of the global liquefied natural gas market
over the forecast period. According to International Gas Union report, the global
nominal natural gas liquefaction capacity is increased to 336.7 million tons per
year in 2017, which was accounted to 304.4 million tons per year in 2015.
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The liquefied natural gas market is highly fluctuating market due to larger
dependency on oil prices. Mostly, spot price of liquefied natural gas in emerging
markets is set via oil linkage. Moreover, changing trade and sales strategies
across every region is propelling growth of the market. For instance, in Europe,
wholesale gas is sold via long term contracts, whereas, in North America, gas
prices are set at liquid trading hubs.
On the basis of application, power generation segment was the dominant
segment with the highest market share in 2016 and is estimated to be the leading
segment in the market over the forecast period. The increase in the power
generation segment is owing to rising awareness and preference for cleaner
sources of energy for power generation. For instance, according to Mexico’s
National Energy Ministry (SENER), over 60% of Mexico’s electric capacity
additions will be from natural gas-fired power plants, estimated for the period
2016-2020.
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Author
pallavi.reddy
pallavi.reddy307   documents Email
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