Planned LNG Market to Garner $58.9 Billion by 2030, registering a CAGR of 9.9%
Increase in technological advancement and rise in demand for LNG from Asia-Pacific drive the growth of the global planned LNG market. North America contributed the highest share in 2019, and will maintain its dominance throughout the forecast period.
Global planned LNG market was valued at $102.2 billion in 2019, and is projected to reach $58.9 billion by 2030, growing at a CAGR of 9.9% from 2020 to 2030. Inclusion of regasification and liquefaction capacity at LNG terminals is known as planned LNG. The global planned LNG market is witnessing significant growth, owing to increasing demand for LNG. The demand for LNG is increasing in Asia-Pacific, owing to factors such as the presence of emerging economies, growing populations, and rise in gas-fired power requirements and others. This increase in demand for LNG in Asia-Pacific correspondingly increases the regasification capacity at a considerable pace. Some of the countries where the liquefaction capacity is more in Asia-Pacific are Australia, Indonesia, and Malaysia. Moreover, U.S. is increasing its liquefaction capacity at considerable pace. Addition of liquefaction capacity in 2019 helped U.S. to become the third-largest LNG producer in world overtaking Russia, and Malaysia.
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The planned LNG market is analyzed on the basis of three segments. The segments are technology, end-user industry, and region. Based on the technology, the market is categorized into liquefaction and regasification. On the basis of end-use industry, the market is classified into residential, commercial, and industrial. On the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA (Latin America, Middle East, and Africa). Planned LNG market share is analyzed across all main regions.
On, the basis of technology, liquefaction has garnered highest share in the market in 2019 in terms of volume as well as revenue. This is attributed to factors such as increase in new export terminals or expansion of existing capacity of export terminals in major exporting countries such as U.S., Qatar, Australia, and others.
On, the basis of end-use industry, industrial has garnered highest share in the market in 2019 in terms of volume as well as revenue. This is attributed to factors such as rise in demand for energy from industrial sector from developed as developing regions.
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The analysis covers in-depth information of the major industry participants. The key players operating and profiled in the market include Royal Dutch Shell plc, Exxon Mobil Corporation, LNG Croatia LLC, Energy Transfer LP, Cheniere Energy, Inc., Freeport LNG, PETROBRAS, Sempra Energy, ConocoPhillips Company, Equinor ASA, Korea Gas Corporation, Venure Global LNG, and Gasum.
Other players in the value chain of the market include Tokyo Gas Co Ltd, Hitachi, Petronet LNG Ltd, Samsung C&T Corporation CTCI Resources Engineering Inc., and others.
• The outbreak of coronavirus (COVID-19) has negatively affected the LNG sector. The majority of the LNG regasification projects have stopped their operations during lockdown.
• These LNG regasification projects are based in countries such as India and China. These regions are among the major demand centers for LNG. However, China is the worst affected nation by coronavirus in Asia which may affect the global market.
• The prime projects such as Soko Floating and Tangshan development (expansion) that were anticipated to get started in 2020 might get delay because of the global lockdown.
Key Findings Of The Study
• The planned LNG market is analyzed from 2019 to 2027
• Depending on the technology, the liquefaction segment is projected to grow at the highest CAGR of nearly 28.9%, in terms of revenue, during the forecast period
• Region wise, North America is expected to register the CAGR of nearly 20.0%, in terms of revenue, in the coming future
• By end-use industry, the industrial segment is estimated to exhibit the CAGR of 9.7%, in terms of revenue
• Asia-Pacific dominated the planned LNG market with a share of over 40.0% in 2019, in terms of volume
• A comprehensive analysis of the factors that drive and restrain the market growth is provided in the report
• The qualitative data in this report aims at the market dynamics, planned LNG market trends, and developments in the industry
• The planned LNG market size in provided in terms of volume and revenue
Release ID: 89034849