New Era of The Global Planned LNG Has Begun
According to Allied Market Research, the global planned LNG market is expected to reach $58.9 billion by 2030, growing at a CAGR of 9.9% from 2020 to 2030. The increasing demand for various end-users is one of the prime drivers of the market growth.
What is planned LNG?
The physical transformation of gas into liquid is called liquefaction. On the other hand, regasification refers to the process of transforming liquid LNG into a gaseous form. For this conversion, heat exchangers are used. The establishment of infrastructure required for regasification and liquefaction at LNG terminals is called planned LNG.
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The new era of the global industry has begun and the demand for LNG has skyrocketed. Moreover, several countries permitted planned LNG over the last few years to deal with the ever-growing demand for LNG. However, the outbreak of Covid-19 has caused a delay in the start of operations of LNG projects, which is expected to rise post-pandemic.
Current status of the LNG industry
The LNG industry has been experiencing ups and downs, even before the pandemic. The low prices and oversupply have hampered the global market. However, the LNG market is estimated to witness steady growth as new projects will grow the capacity.
The Covid-19 pandemic hampered every sector across the globe. The reduced demand for gas has added to the oversupply of LNG, developing market volatility. In addition, the lowered oil prices and surge in competition among LNG suppliers have put pressure on gas and LNG producers.
However, on the bright side, the demand for LNG is still greater than fossil fuels due to its lower emission from production as well as combustion and its lower cost compared to available alternatives. The market players aim to focus on capital efficiency, downstream market development, supply-chain optimization, and digital & advanced analytics. This is expected to open lucrative opportunities for the companies in the planned LNG market.
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Future of LNG industry
Recently, the energy giant, Shell received approval for its import project in the Philippines. This is one step toward the delivery of fuel to the country’s power plants. The approval enables Shell to explore several opportunities of importing LNG into the Philippines.
On the other hand, Qatar Petroleum recently invited ship owners to contribute to a tender for the lasting time charter of up to 100 LNG carriers. This is essential for the company’s planned North Field expansion projects and Golden Pass LNG export terminal in the U.S. Such market developments are expected to open new opportunities in the planned LNG industry.
On the other hand, the lower wholesale gas prices are a major concern for the market development. However, this also means that the economics of gas use is more favorable to LNG compared to alternatives such as oil. The recent developments in planned LNG terminals and pipelines to connect the LNG straight to consumers have boosted the demand for LNG more than ever. These factors have accelerated the demand growth across the globe, especially in the Asia-Pacific region.
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