Large-scale LNG Terminals Market will Reflect Significant Growth Prospects by 2023

With increasing participation of oil and gas producing companies, competition in the global large-scale LNG terminals is predicted to up in the upcoming years, states Transparency Market Research (TMR) in a new report. The immense rise in the demand for LNG due to its clean fuel attributes is attracting hydrocarbon companies to make investments in LNG business. Natural gas companies currently in the market are planning to increase investments in LNG handling and distribution facilities, which will further intensify competition in the large-scale LNG terminals market.

Key companies currently operating in the global large-scale LNG terminals market are Petroliam Nasional Berhad, Royal Dutch Shell plc, Conoco Phillips Company, Exxon Mobil, and Nippon Gas Co. Ltd. among others.

Get Research Report Overview @  https://www.transparencymarketresearch.com/largescale-lng-terminals-market.html 

As per the TMR report, the global Large-scale LNG Terminals Market is likely to clock a CAGR of 3.9% for the forecast period between 2017 and 2023. Growing at this rate, the throughput of 3,687.7 MMTPA in 2017 is likely to become 4,664.7 MMTPA. In terms of technology, regasification terminals hold dominance over liquefaction technology segment. However, liquefaction terminals segment is anticipated to display an increased market share in the years ahead. Driven by the shale gas boom in the U.S., North America is a leading regional marker for large-scale LNG terminals market.

Increasing Uptake of LNG as Transportation Fuel Benefits Market

At present, the demand for natural gas is on the rise as it is the cleanest burning fossil fuel. This is because combustion of natural gas is almost perfect, wherein very few byproducts are emitted into the atmosphere as pollutants. To cater to this, large hydrocarbon companies are participating in natural gas production and its handling and distribution to serve key end-use industries. Liquefied natural gas (LNG) and compressed natural gas (CNG) are increasingly being preferred by large long haul fleet owners as an alternative fuel. LNG contains nearly 2.4 times more energy per diesel gallon equivalent.

The benefits of adopting LNG as a fuel source are not limited to long-haul trucks owners. With heavy-duty commercial vehicles traveling large distances annually, LNG converted vehicles can provide payback period as early as two years. With economic development in several parts of the world, growth of the transportation sector is leading to increasing use of LNG as a transportation fuel. This is attracting investments for construction of large-scale LNG terminals. Construction of large-scale LNG terminals are underway in developed countries to serve long haul fleet owners.

Reinforcement of vehicle emission norms in several countries of North America and South America is leading to the uptake of LNG as a vehicular fuel. For instance, the National Highway Traffic Safety Administration (NHTSA) and Environment Protection Agency (EPA) in the U.S. work in coordination to enable the manufacture of clean vehicles, including small cars and large trucks. Also, Clean Air Act regulates CO2 emissions and fuel standards. These regulations are driving the use of LNG in the transportation sector in the U.S.

Increasing demand for LNG due to environmental reasons is also fuelling the growth of large-scale LNG terminals market. The key advantage of LNG is low carbon CO2 emissions, which makes it a preferable alternative of conventional fossil fuels.

Get PDF Brochure for more Professional & Technical industry insights: https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=8668

Construction Challenges of LNG Terminals slows Growth

However, design and infrastructure challenges associated with the development of large-scale LNG terminals is slowing the growth of this market. Construction of large LNG depots is another key factor impacting the development of large-scale LNG terminals market.

Transparency Market Research is a next-generation market intelligence provider, offering fact-based solutions to business leaders, consultants, and strategy professionals.

Our reports are single-point solutions for businesses to grow, evolve, and mature. Our real-time data collection methods along with ability to track more than one million high growth niche products are aligned with your aims. The detailed and proprietary statistical models used by our analysts offer insights for making right decision in the shortest span of time. For organizations that require specific but comprehensive information we offer customized solutions through adhoc reports. These requests are delivered with the perfect combination of right sense of fact-oriented problem solving methodologies and leveraging existing data repositories.

TMR believes that unison of solutions for clients-specific problems with right methodology of research is the key to help enterprises reach right decision.”

Transparency Market Research
State Tower,
90 State Street,
Suite 700,
Albany NY - 12207
United States

Tel: +1-518-618-1030
USA - Canada Toll Free: 866-552-3453
Email: sales@transparencymarketresearch.com
Website: https://www.transparencymarketresearch.com

This release was published on openPR.