Industry Background:
Liquefied natural gas (LNG) is natural gas that has been cooled to a liquid state (liquefied), at about -260° Fahrenheit, for shipping and storage. The volume of natural gas in its liquid state is about 600 times smaller than its volume in its gaseous state in a natural gas pipeline. This liquefaction process, developed in the 19th century, makes it possible to transport natural gas to places natural gas pipelines do not reach and to use natural gas as a transportation fuel. Where natural gas pipelines are not feasible or do not exist, liquefying natural gas is a way to move natural gas from producing regions to markets, such as to and from the United States and other countries. Asian countries combined account for the largest share of global LNG imports.
According to AMA Research, the market for Liquid Natural Gas (LNG) is expected to register a CAGR of 8.1% during the forecast period to 2030. This growth is primarily driven by Preference For Liquid Natural Gas (LNG) In Developing Economies
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Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | MT |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Energy & Resources sector in the Asia Pacific region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as BP (United Kingdom), Shell (Netherlands), Chevron (United States), Exxon Mobil (United States), Total (France), PetroChina (China), Equinor (Norway), Sinopec (China), Gazprom (Russia) and Woodside Petroleum Ltd. (Australia), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
On 24th June 2019, Air BP and China National Aviation Fuel Group (CNAF) today announced the signing of a joint venture agreement to operate a general aviation fuel business in Southwest China, covering Sichuan Province, Guizhou Province and Chongqing Municipality.
On 1st June 2019, Chevron U.S.A. Inc. a wholly owned subsidiary of Chevron Corporation has completed the acquisition from Petrobras America Inc. of all the outstanding shares and equity interests of Pasadena Refining System, Inc. (PRSI) and PRSI Trading LLC for 350 million dollars excluding working capital.The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.
Influencing Trend:
Increasing Shift towards Modular Technology
Market Growth Drivers:
Preference For Liquid Natural Gas (LNG) In Developing Economies, Adoption Of Natural Gas Vehicles Due To Fluctuating Oil Prices and Rising Energy Consumption With Growing World Population
Challenges:
Lack of Infrastructure Facilities
Restraints:
Government Initiatives And Progressing LNG Projects and Use of LNG in Maritime
Opportunities:
Government Initiatives And Progressing LNG Projects and Use of LNG in Maritime
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Liquid Natural Gas (LNG) Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Liquid Natural Gas (LNG) Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Liquid Natural Gas (LNG) players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Liquid Natural Gas (LNG) Study Sheds Light on
The Liquid Natural Gas (LNG) Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Liquid Natural Gas (LNG) industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Liquid Natural Gas (LNG) industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.