Large-scale LNG Terminals Market will exhibit a 5.78% CAGR over the period between 2015 and 2023

With a host of natural gas producers and suppliers presently operating and an increased number of companies planning to invest more in the sector, the global large-scale LNG terminals market is expected to witness intense competition in the next few years, points a report by TMR. Rising production volumes and significant decline in prices of natural gas have further heightened the bargaining power of buyers in the global market in the past few years. The market features intense competition but also presents sustainable growth opportunities.

The vast surge in the global consumption of LNG, primarily owing to its environmental benefits, has stimulated major oil and gas producers in venturing in the large-scale LNG terminals market in the past few years. Some of the key vendors operating in the highly fragmented market are Petroliam Nasional Berhad (PETRONAS), Exxon Mobil Corporation, Royal Dutch Shell plc., Linde AG, ConocoPhillips Company, and Nippon Gas Co. Ltd.

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Environmental Benefits of LNG to Encourage Consumption

The increased demand for LNG across the globe, and thus the need for development of small- and large-scale LNG terminals, can be majorly attributed to the environmental benefits of LNG over other fuels. LNG possesses excellent replacement potential and can be used as a cleaner as well as a much economic fuel across sectors such as industrial, automobile, and commercial. With the demand for increased utilization of clean fuels gathering strength globally, LNG is expected to occupy a major share in world’s primary energy mix in the next few years. This will play a significant role in the expansion of the global large-scale LNG terminals market.

The increased preference of long-haul vehicle fleet owners to LNG as an alternate fuel owing to its economic and environmental benefits, especially in North and South America, will also foster growth in the global market for large-scale LNG terminals. However, challenges in infrastructure development and lack of persistent demand from end users are some of the key factors limiting the widespread expansion of large-scale LNG terminals on a global front.

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Europe Continues to be Most Attractive Regional Market

Based on factors such as the presence of large-scale LNG infrastructure, demand from end-use segments, adoption of LNG bunkering, and import-export volumes of LNG, Europe was noted to be the most attractive regional market for large-scale LNG market in 2014. Although the region is still struggling to recover from the recent economic turmoil, the rising use of natural gas across mid- and large-sized demand centers have made Europe the place to be for large-scale LNG terminal companies. Europe has also remained the leading regional market for large-scale LNG terminals historically, but is started losing its dominance to Asia Pacific post 2008.

Nevertheless, the Europe large-scale LNG terminals market is expected to witness significant traction in the next few years as strict emission regulation norms will pressure the industrial as well as the commercial sectors to switch from conventional fuels to cleaner ones. In pursuit of meeting the emission reduction targets for 2020, Europe has already commenced the development of its LNG infrastructure. The Europe market for large-scale LNG terminals is expected to exhibit a CAGR of over 10% from 2015 to 2023.

On a whole, the global large-scale LNG terminals market is expected to expand at a 5.78% CAGR from 2015 to 2023, rising from a valuation of 2,684.8 MMTPA in 2014 to 4,664.7 MMTPA in 2023.

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