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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
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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.
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.
On the basis of region, the global liquefied natural gas market is segmented into North America, Latin America, Asia Pacific, Middle East, Europe, and Africa. In 2016, Asia Pacific was the leading region with the highest market share in the market. The major attributes related to growth of Asia Pacific region in liquefied natural gas market is owing to the significant growth in natural gas liquefaction capacity in countries such as Australia, Malaysia, and Indonesia among others.
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).
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.
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