The
global Liquefied Natural Gas (LNG) Market is expected to
reach USD 20.6 billion by 2025, growing at a CAGR of 12.7%, according to a new
report by Grand View Research, Inc. Rising focus on development and expanding
gas pipeline infrastructure and growing demand for natural gas from downstream
sectors is a crucial driving factor for the industry.
Decreasing LNG prices
along with execution of favorable government rules and regulations, which are
attracting FDIs & tax schemes are also conducive to industry growth.
Cumulative emphasis of adequate support infrastructure in numerous economies is
anticipated to enhance product demand in the construction sector, since the
product is used in building equipment.
On the contrary,
insufficient channel infrastructure is supplementing demand for small scale
projects to source natural gas for key consumers in remote areas, specifically
in the power generation and industrial manufacturing verticals. Rapid
urbanization, industrialization and increasing projects supporting power, gas
& petrochemical distribution are projected to positively provide stimulus
to the industry.
Power generation
accounted for 46% of the volume share in 2016, and is anticipated to grow at
over 6.9% CAGR from 2017 to 2025. Power generation plants are gradually
shifting from naphtha-based feedstock towards LNG in order to provide
cost-competitiveness and enhanced delivery times while also receiving support
in the form of favorable regulations encouraging these trends.
Browse full report by Grand View
Research :
Further key findings from the report suggest:
·
The
global LNG market demand exceeded 265 million tons in 2016 and is expected to
grow at a CAGR of 6.5% from 2017 to 2025
·
Transportation
is emerged as the largest application in 2016 and is estimated to generate
revenue over USD 3.6m billion by 2025 owing to widespread adoption of
sustainable resources in place of conventional fuels
·
Prices
in North America are expected to be dependent upon the Henry Hub model, while
demand in South Africa is likely to continue being unpredictable on account of
civil unrest and fluctuating supply dynamics
·
Europe
is likely to witness moderate progress with rising competition from Russia and
Norwegian piped natural gas (PNG). Africa is expected to remain a rapidly
developed market with new production strategies in the Cameroon and development
anticipated in Mozambique.
·
Asia
Pacific consumption patterns are projected to remain exponentially high over
the next decade owing to various developments across emerging economies,
especially in the power generation and transportation market. The region is
expected to grow at a CAGR of 6.5% from 2016 to 2025
·
Key
players including Chevron, Exxon Mobil, PetroChina, Total SA, Stat oil, Eni
S.p.A., BP plc, Royal Dutch Shell, Conoco Philips and CPCC dominated the sector
accounting for over 60% of the total volume in 2016
Browse more reports of
this category by Grand View Research: http://www.grandviewresearch.com/industry/construction-and-utilities
Grand View Research has
segmented the global liquefied natural gas market on the basis of application,
and region:
LNG
Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
Power
Generation
·
Transportation
Fuel
·
Mining
& Industrial Applications
LNG
Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2014 - 2025)
·
North
America
o
U.S.
o
Canada
·
Europe
o
Germany
o
France
o
UK
·
Asia
Pacific
o
China
o
India
o
Japan
·
Latin
America
o
Brazil
o
Mexico
·
Middle
East & Africa
o
UAE
o
Qatar
Access
press release by Grand View Research: http://www.grandviewresearch.com/press-release/global-liquefied-natural-gas-lng-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based
market research and consulting company, registered in the State of California
and headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
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