Press release
Liquefied Natural Gas Market is expected to witness a CAGR of 12.8% in terms of revenue over the forecast period (2017 – 2025).
Liquefied Natural Gas Market
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).
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On the basis of application, power generation segment was the dominant segment with the highest market share in 2016 and is estimated to be the leading segment in the market over the forecast period. The increase in the power generation segment is owing to rising awareness and preference for cleaner sources of energy for power generation. For instance, according to Mexico’s National Energy Ministry (SENER), over 60% of Mexico’s electric capacity additions will be from natural gas-fired power plants, estimated for the period 2016-2020.
Asia Pacific held highest revenue share of 38% in the global liquefied natural gas market, in 2016 and the region is projected to maintain its dominance over the forecast period. Middle East accounted for the second largest revenue share in global liquefied natural gas market in 2016 and is expected to maintain its position over the forecast period.
Major Players in the Global Liquefied Natural Gas Market
The major players operating in the global liquefied natural gas market include Royal Dutch Shell, ExxonMobil, Chevron, Total SA, BP Plc, PetroChina, China Petroleum and Chemical Company, and Conoco Philips. Key players are strategically investing in the liquefied natural gas market to enhance their product portfolio through collaboration, joint ventures, and merger & acquisitions. For instance, in 2017, Qatar Petroleum’s Wave LNG Solutions and Shell Gas & Power Developments B.V. (Shell) signed a framework agreement to develop liquefied natural gas (LNG) marine fueling – or bunkering – infrastructure at strategic shipping locations across the globe.
Detailed Segmentation:
Global Liquefied Natural Gas Market, By Application:
Power Generation
Transportation
Mining & Industrial
Others
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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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Phone: US +12067016702 / UK +4402081334027
Email: sales@coherentmarketinsights.com
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