Industry Background:
Growing energy consumption, increasing demand for natural gas vehicles and the rising urban population will help to boost the global liquid natural gas market in the forecasted time period. Liquefied Natural Gas (LNG) is a liquid form of natural gas, which is composed mainly of methane and other gases such as Propane, Ethane, Butane, and Nitrogen. LNG liquefaction is a process in which Natural Gas is transformed into Liquefied Natural Gas by cooling it in a liquefaction plant which makes it more proficient to transport. It is used in various industries such as construction & dairy products, food processing, manufacturing, furnaces, fluid bed dryers, mining, power generation sector and rotary kilns. Due to low emission rate of carbon, it is also used as alternative fuels in many modes of transports such as rails, trucks ships (ferries), and natural gas vehicles and is also used by domestic users for cooking & heating purposes.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia- Pacific |
Unit | Value (USD Million) |
Key Companies Profiled | 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) |
According to AMA, the market for Liquid Natural Gas is expected to register a CAGR of 8.1% during the forecast period to 2030. This growth is primarily driven by Growing Demand in the Electric Power Sector and Growing LNG Spot Market and Increasing Shift towards Modular Technology.
Globally, a noticeable market trend is evident Government Support towards Usage of Liquid Natural Gas in Industrial Sectors
The Energy & Resources sector in the North America 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. The rising number of players expected to enter the global market is predicted to enhance the competition level as well as encourage the growth of the overall market shortly. Players are anticipated to focus on the development of new compounds, which is likely to encourage the growth of the global market throughout the forecast period.
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.
Influencing Trend:
Government Support towards Usage of Liquid Natural Gas in Industrial Sectors and Increasing Demand for LNG Bunkering
Market Growth Drivers:
Growing Demand in the Electric Power Sector and Growing LNG Spot Market and Increasing Shift towards Modular Technology
Challenges:
Stringent Regulations Associated With Liquid Natural Gas
Restraints:
Expiration of Exports Contracts and Lack of Infrastructure Facilities
Opportunities:
High Adoption in Developing Countries Due To Growing Industrial Sectors and Increasing Liquefaction Capacity and Exports of Regional LNG Projects and Increasing LNG Imports by Developing Countries
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 mostly 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 growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
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 in Liquid Natural Gas Market
- Analysis about New Entrants in Liquid Natural Gas Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Liquid Natural Gas Study Sheds Light on
The Liquid Natural Gas Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Liquid Natural Gas 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 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.