403
Sorry!!
Error! We're sorry, but the page you were
looking for doesn't exist.
Global LNG Market Share, Analysis And Forecast To 2030
(MENAFN- Straits Research)
LNG is an odorless, colorless liquid produced by cooling natural gas to -162 degrees Celsius. The liquefaction process reduces the volume of gas by 600 times, making it easier to transport and store. When this gas reaches its destination, it is converted back into gas through a regasification process and transported to consumers via vessels and pipelines. Liquefied Natural gas is an emerging fuel because it burns cleaner than gasoline and diesel. During the forecast period, the global market for liquefied natural gas is anticipated to be propelled by significant growth in global natural gas liquefaction capacity, as well as vital growth drivers such as rising demand for a clean source of energy from various end-use industries and government initiatives to strengthen gas pipeline infrastructure.
Market Dynamics
Growing Demand for Gas For Power Generation to Drive the Global LNG Market
Natural gas production and consumption have increased significantly over the past several years due to countries shifting from coal to natural gas as their primary source of cleaner energy. In 2019, global natural gas production reached 3989.3 billion cubic meters (bcm), up from 3318.9 bcm in 2012. The United States, with a production volume of 920,9 billion cubic meters in 2019, and Russia, with a production volume of over 679 billion cubic meters, are the leading producers of natural gas globally.
Natural gas consumption has increased from 3322 bcm in 20212 to 3,929.2 bcm in 2019 due to the rising demand for natural gas for power generation. As more nations pledge to reduce carbon emissions, this pattern is anticipated to continue. Moreover, European countries are likely to experience an increase in demand for gas-based power generation as they strive to meet the 2015 Paris Agreement goal. Consequently, the growing demand for LNG is anticipated to stimulate investment in the LNG terminal and LNG carrier during the forecast period, thereby driving the market under study.
Merging LNG Market in Africa Region to Provide Opportunities for the Global LNG Market
After several years of decline, Africa is poised to become the leading region for LNG production. The region has tremendous potential for commercial gas production. As of 2020, however, the large gas fields remain undeveloped due to a lack of infrastructure, and the operators producing the associated gas in large quantities are flaring this gas.
The region's refining industry is largely underdeveloped. The majority of oil-producing African nations, such as Nigeria, Egypt, etc., rely on imports to meet their demand for refined oil. With the implementation of new IMO regulations, the shipping industry in the region can no longer use traditional heavy oil. Due to a lack of refining infrastructure, companies such as BP, Eni, etc., are likely to rely on imports of low-sulfur-content marine fuel, whose demand is anticipated to exceed supply capacity in the near future. Therefore, alternative fuels, such as LNG, have significant potential to penetrate the region's bunkering market.
In addition, the rising demand for gas, particularly LNG, and the increasing pressure from the international community to end gas flaring have led to a rise in investment in the construction of gas transportation and gas processing infrastructure. For instance, Nigeria LNG planned a seventh LNG train, which received the final investment decision in December 2019 (FID). The train's commissioning would increase Nigeria's LNG capacity to 4 million Mt per year. In addition, Nigeria LNG announced in May 2020 the signing of the EPC contract for its Train 7 project, which, along with the debottlenecking of the existing six trains, will add approximately 8 MTPA of capacity to the Bonny Island facility, bringing the total to about 30 MTPA by 2025. It is anticipated that such ambitious plans to increase its LNG capacity will create enormous opportunities for the global LNG market in the coming years.
Key Highlights
The global LNG market reported a market value of USD 63 billion in 2021. It is estimated to reach an expected value of USD 533 billion, growing at a CAGR of 26.8% during the forecast period (2022-2030).
Based on LNG infrastructure, the global LNG market is further segmented into LNG liquefaction plants, LNG regasification facilities, and LNG shipping. The LNG liquefaction plants segment accounted for the largest market during the forecast period.
.Based on LNG trade, the global LNG market is bifurcated into import and export.
Regional Insights
Based on the Region, the global LNG market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
Asia-Pacific accounted for the largest market share during the forecast period. The Asia-Pacific region remains the primary import source. LNG imports demonstrated a gradual recovery due to the unusually cold weather in certain nations. During the forecast period, several new terminals are anticipated to assist the region in meeting the rising gas demand. The nation is expected to rank among the top Asia-Pacific countries in terms of investment. The market under consideration is anticipated to expand due to the growing demand for LNG as a marine fuel, stimulating investment in LNG infrastructure.
Europe is the second largest region. . Europe is one of the most significant LNG-importing regions in the world. In recent years, numerous receiving terminals with diverse service options have appeared in Europe. In addition to regasification, the airports offer services such as reloading, transshipment, LNG bunkering, and truck loading. Europe is expected to continue importing substantial quantities of LNG for the duration of the forecast period to satisfy its demand for natural gas. Increasing LNG volumes discharged at Europe's regasification terminals are anticipated to propel the market.
North America is the third largest region. North America is one of the regions with the most rapidly expanding LNG markets in terms of LNG exports and the development of LNG infrastructures, such as LNG liquefaction facilities and storage terminals. The three major LNG markets in the region, namely the United States, Canada, and Mexico, are anticipated to grow rapidly over the forecast period. In addition, it is expected that these countries will export more LNG than natural gas pipelines. The Freeport LNG facility is a significant project that has aided the United States in increasing its export capacity for LNG, thereby contributing to the expansion of the regional market. North America is one of the fastest-growing markets for LNG exports and related infrastructure developments, such as LNG liquefaction plants and storage terminals. The United States, Canada, and Mexico are the region's three largest LNG markets, which are anticipated to experience significant growth over the forecast period.
Competitive Landscape
The key players in the global LNG market are
JGC Holdings Corporation
Chiyoda Corporation
Bechtel Corporation
Technip FMC PLC
Fluor Corporation
Royal Dutch Shell PLC
Gasum OY
ENN Energy Holdings Ltd
Engie SA
Gazprom Neft Plsc (Parent Company)
Market News
June 2022- Chiyoda Corporation Chiyoda Corporation announced their newly developed“O&M Mother” service as part of their EFEXIS. This would help to visualize the plant's status and provide real-time advanced diagnosis/analysis technology to support the operation, maintenance, and integrity of the plant.
March 2022- Tellurian Inc. announced that it had issued a limited notice to proceed to Bechtel Energy Inc. under its executed Engineering, Procurement, and Construction (EPC) contract to begin construction of phase one of the Driftwood LNG terminal export facility.
March 2022- Fluor Corporation announced that its joint venture team Green Line Extension Constructors, comprised of Fluor, Balfour Beatty Infrastructure, Inc., Herzog Contracting Group, and The Middlesex Corp., has completed the construction of the Union Square Branch of the Green Line Extension light rail project for the Massachusetts Bay Transportation Authority (MBTA).
Global LNG Market: Segmentation
By LNG Infrastructure
LNG Liquefaction
LNG Regasification Facilities
LNG Shipping
By LNG Trade
Import
Export
By Region
North America
Europe
Asia-Pacific
South America
Middle East and Africa.
Market Dynamics
Growing Demand for Gas For Power Generation to Drive the Global LNG Market
Natural gas production and consumption have increased significantly over the past several years due to countries shifting from coal to natural gas as their primary source of cleaner energy. In 2019, global natural gas production reached 3989.3 billion cubic meters (bcm), up from 3318.9 bcm in 2012. The United States, with a production volume of 920,9 billion cubic meters in 2019, and Russia, with a production volume of over 679 billion cubic meters, are the leading producers of natural gas globally.
Natural gas consumption has increased from 3322 bcm in 20212 to 3,929.2 bcm in 2019 due to the rising demand for natural gas for power generation. As more nations pledge to reduce carbon emissions, this pattern is anticipated to continue. Moreover, European countries are likely to experience an increase in demand for gas-based power generation as they strive to meet the 2015 Paris Agreement goal. Consequently, the growing demand for LNG is anticipated to stimulate investment in the LNG terminal and LNG carrier during the forecast period, thereby driving the market under study.
Merging LNG Market in Africa Region to Provide Opportunities for the Global LNG Market
After several years of decline, Africa is poised to become the leading region for LNG production. The region has tremendous potential for commercial gas production. As of 2020, however, the large gas fields remain undeveloped due to a lack of infrastructure, and the operators producing the associated gas in large quantities are flaring this gas.
The region's refining industry is largely underdeveloped. The majority of oil-producing African nations, such as Nigeria, Egypt, etc., rely on imports to meet their demand for refined oil. With the implementation of new IMO regulations, the shipping industry in the region can no longer use traditional heavy oil. Due to a lack of refining infrastructure, companies such as BP, Eni, etc., are likely to rely on imports of low-sulfur-content marine fuel, whose demand is anticipated to exceed supply capacity in the near future. Therefore, alternative fuels, such as LNG, have significant potential to penetrate the region's bunkering market.
In addition, the rising demand for gas, particularly LNG, and the increasing pressure from the international community to end gas flaring have led to a rise in investment in the construction of gas transportation and gas processing infrastructure. For instance, Nigeria LNG planned a seventh LNG train, which received the final investment decision in December 2019 (FID). The train's commissioning would increase Nigeria's LNG capacity to 4 million Mt per year. In addition, Nigeria LNG announced in May 2020 the signing of the EPC contract for its Train 7 project, which, along with the debottlenecking of the existing six trains, will add approximately 8 MTPA of capacity to the Bonny Island facility, bringing the total to about 30 MTPA by 2025. It is anticipated that such ambitious plans to increase its LNG capacity will create enormous opportunities for the global LNG market in the coming years.
Key Highlights
The global LNG market reported a market value of USD 63 billion in 2021. It is estimated to reach an expected value of USD 533 billion, growing at a CAGR of 26.8% during the forecast period (2022-2030).
Based on LNG infrastructure, the global LNG market is further segmented into LNG liquefaction plants, LNG regasification facilities, and LNG shipping. The LNG liquefaction plants segment accounted for the largest market during the forecast period.
.Based on LNG trade, the global LNG market is bifurcated into import and export.
Regional Insights
Based on the Region, the global LNG market is segmented into North America, Europe, Asia-Pacific, South America, and the Middle East and Africa.
Asia-Pacific accounted for the largest market share during the forecast period. The Asia-Pacific region remains the primary import source. LNG imports demonstrated a gradual recovery due to the unusually cold weather in certain nations. During the forecast period, several new terminals are anticipated to assist the region in meeting the rising gas demand. The nation is expected to rank among the top Asia-Pacific countries in terms of investment. The market under consideration is anticipated to expand due to the growing demand for LNG as a marine fuel, stimulating investment in LNG infrastructure.
Europe is the second largest region. . Europe is one of the most significant LNG-importing regions in the world. In recent years, numerous receiving terminals with diverse service options have appeared in Europe. In addition to regasification, the airports offer services such as reloading, transshipment, LNG bunkering, and truck loading. Europe is expected to continue importing substantial quantities of LNG for the duration of the forecast period to satisfy its demand for natural gas. Increasing LNG volumes discharged at Europe's regasification terminals are anticipated to propel the market.
North America is the third largest region. North America is one of the regions with the most rapidly expanding LNG markets in terms of LNG exports and the development of LNG infrastructures, such as LNG liquefaction facilities and storage terminals. The three major LNG markets in the region, namely the United States, Canada, and Mexico, are anticipated to grow rapidly over the forecast period. In addition, it is expected that these countries will export more LNG than natural gas pipelines. The Freeport LNG facility is a significant project that has aided the United States in increasing its export capacity for LNG, thereby contributing to the expansion of the regional market. North America is one of the fastest-growing markets for LNG exports and related infrastructure developments, such as LNG liquefaction plants and storage terminals. The United States, Canada, and Mexico are the region's three largest LNG markets, which are anticipated to experience significant growth over the forecast period.
Competitive Landscape
The key players in the global LNG market are
JGC Holdings Corporation
Chiyoda Corporation
Bechtel Corporation
Technip FMC PLC
Fluor Corporation
Royal Dutch Shell PLC
Gasum OY
ENN Energy Holdings Ltd
Engie SA
Gazprom Neft Plsc (Parent Company)
Market News
June 2022- Chiyoda Corporation Chiyoda Corporation announced their newly developed“O&M Mother” service as part of their EFEXIS. This would help to visualize the plant's status and provide real-time advanced diagnosis/analysis technology to support the operation, maintenance, and integrity of the plant.
March 2022- Tellurian Inc. announced that it had issued a limited notice to proceed to Bechtel Energy Inc. under its executed Engineering, Procurement, and Construction (EPC) contract to begin construction of phase one of the Driftwood LNG terminal export facility.
March 2022- Fluor Corporation announced that its joint venture team Green Line Extension Constructors, comprised of Fluor, Balfour Beatty Infrastructure, Inc., Herzog Contracting Group, and The Middlesex Corp., has completed the construction of the Union Square Branch of the Green Line Extension light rail project for the Massachusetts Bay Transportation Authority (MBTA).
Global LNG Market: Segmentation
By LNG Infrastructure
LNG Liquefaction
LNG Regasification Facilities
LNG Shipping
By LNG Trade
Import
Export
By Region
North America
Europe
Asia-Pacific
South America
Middle East and Africa.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.
Comments
No comment