Liquefied Natural Gas Market Research Report Size, share, Growth & Forecast till 2027
LNG Market
The factors
driving the growth of LNG Market includes rise in the energy consumption around
the world, degradation of coal reserves and increasing application of LNG for
food processing, Bottling of beverages and manufacturing dairy products. As per
the World Energy & Climate Statistics Yearbook- 2022, the world energy
consumption rebounded by 5% in 2021, after declining from 4.5% in 2020, which
will boost the LNG Market Growth
in the approaching years. In addition, the growing focus towards using
cleaner sources of energy, rise in Government’s expenditure on power related
projects, increasing use of LNG as a fuel in the Automotive Industry, and rise
in the crude oil prices across the globe, are some of the additional factors
supplementing the LNG Market share. As per the data available at Statista,
the revenue expenditure by the Central and State Governments in India has
increased from INR 734.11 billion in 2014 to reach more than 1.4 trillion in
2018, which is expected to boost the LNG Market size
in the coming years. As per the LNG Market Outlook The rising
emphasis on reducing greenhouse gas emissions, increasing disposable incomes,
growing investments by leading players on research and development and rapid
urbanization, are further contributing to the market growth.
However, the
growth of LNG Market is hindered due to inadequate pipeline infrastructure in
the developing countries.
The leading
players operating in the market are China Petrochemical Corporation, Equinor
ASA, Canadian Natural, Exxon Mobil Corporation, Chevron Corporation, Total,
Royal Dutch Shell PLC, Gazprom, PetroChina Company Limited, and BP p.l.c.,
among others.
Application: Segment Analysis
According to the
LNG Market Analysis, the Power Generation segment is projected to grow
at a significant CAGR during the forecast period. Rise in the prices of crude
oil, growing emphasis on using cleaner sources of energy and rapid
urbanization, are some of the factors responsible for the segment’s growth.
Regional: Segment Analysis
As per the LNG
Market Forecast, the Asia-Pacific region is anticipated to expand at a
remarkable CAGR over the forecast period. Rise in the energy consumption, rise
in the number of infrastructure projects, expansion of the Automotive Industry,
increasing Government’s expenditure on the construction of pipelines, high
population growth rates and improvements in the living standards, are some of
the important factors augmenting the market growth in Asia-Pacific region.
Market Segmentation
Global Liquefied Natural Gas (LNG) Market by Application
·
Transportation
·
Power Generation
·
Mining & Industrial
·
Others
Global Liquefied Natural Gas (LNG) Market
by Region
·
Asia Pacific
o
China
o
Japan
o
India
o
Rest of APAC
·
North America
o
United States of
America
o
Canada
·
Europe
o
United Kingdom
o
Germany
o
France
o
Spain
o
Rest of Europe
·
RoW
o
Brazil
o
South Africa
o
Saudi Arabia
o
UAE
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