Liquefied Natural Gas Market show significant growth To 2026 by Global Top Players - Royal Dutch Shell, ExxonMobil, Chevron, Total SA, BP Plc, PetroChina, China Petroleum and Chemical Company, and Conoco Philips

Liquefied natural gas is an odorless and colorless liquid, which is formed by cooling natural gas to -1620C. The liquefaction process shrinks the volume of gas by 600 times, making it easier to store and ship. When liquefied natural gas reaches to its destination, it is again converted into gas by regasification process and transported through vessels and pipes to end-use consumers. Liquefied natural gas is an emerging fuel due to its cleanest burning nature as compared to petrol, diesel, and other fuels. Key drivers such as increasing demand for clean source of energy by end-use industries, government initiatives to strengthen gas pipeline infrastructure, and significant growth in global natural gas liquefaction capacity are expected to fuel growth of the global liquefied natural gas market over the forecast period. According to International Gas Union report, the global nominal natural gas liquefaction capacity is increased to 336.7 million tons per year in 2017, which was accounted to 304.4 million tons per year in 2015.

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The liquefied natural gas market is highly fluctuating market due to larger dependency on oil prices. Mostly, spot price of liquefied natural gas in emerging markets is set via oil linkage. Moreover, changing trade and sales strategies across every region is propelling growth of the market. For instance, in Europe, wholesale gas is sold via long term contracts, whereas, in North America, gas prices are set at liquid trading hubs.

According to a study by Coherent Market Insights, the global liquefied natural gas market was valued at US$ 7.23 billion in 2016 and is expected to witness a CAGR of 12.8% in terms of revenue over the forecast period (2017 – 2025).

Market Dynamics

The increasing focus on developing gas pipeline infrastructure and favorable government regulations is projected to fuel growth of global liquefied natural gas market over the forecast period. Asia Pacific held highest revenue share in the global liquefied natural gas market in 2016 and is expected to maintain its dominance in the near future. This is mainly due to presence of largest LNG exporter countries in the region such as Australia, Indonesia, and Malaysia. Increasing utilization of advanced biofuels in transportation sector, as it is a clean and readily available alternative source to fossil fuels, is expected to fuel growth of the liquefied natural gas market over the forecast period.

Detailed Segmentation:

Global Liquefied Natural Gas Market, By Application:
Power Generation
Transportation
Mining & Industrial
Others

Global Liquefied Natural Gas Market, By Geography:
North America
U.S.

By Application:
Power Generation
Transportation
Mining & Industrial
Others

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Key companies covered as a part of this study include Royal Dutch Shell, ExxonMobil, Chevron, Total SA, BP Plc, PetroChina, China Petroleum and Chemical Company, and Conoco Philips

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This release was published on openPR.