BANGALORE from India, January 11, 2022 / PRNewswire / – The Global LNG Market is segmented by Type (APCI Liquefaction Technology, Cascade Liquefaction Technology, Other Liquefaction Technology), Application (Transportation Fuel, Power Generation, Mining and Industrial) and Geography – Global Forecast to 2027. It is published in Evaluate reports under the Oil and gas Category.

In 2020, the global liquefied natural gas (LNG) market size was $ 135,420 million and it is expected to achieve $ 205,280 million by the end of 2027, with a CAGR of 5.7% in 2021-2027.

The main growth factors of the LNG market are:

The growing use of LNG as a transportation fuel, for power generation, and in mining and industry is expected to drive the growth of the LNG market. Compared to diesel and fuel oil, LNG can be used as a transportation fuel for trucks and ships, with potential economic and environmental benefits. In addition, heavy trucks powered by LNG in the mining and industrial sectors help reduce fuel costs and increase unit productivity.

LNG is cheaper, cleaner, more efficient and safer to transport and store. These benefits are expected to further increase LNG adoption, thus driving the LNG market.

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TRENDS AFFECTING THE GROWTH OF THE LNG MARKET

The growing demand for clean energy is expected to drive the growth of the LNG market. An LNG power plant emits about half the CO2 than a coal power plant. High efficiency technologies can further reduce emissions. When using a hybrid system with renewables, LNG-to-power allows you to rely on fast-starting engines. On the path to clean energy production, liquefied natural gas (LNG) is an ideal transition fuel. It’s already much cleaner than other fossil fuels, and its consistency makes it a great companion for fluctuating renewables.

In addition, the increasing use of LNG as a transportation fuel is expected to fuel the growth of the LNG market. Liquefied natural gas (LNG) can be used to fuel internal combustion engines. LNG is still in its infancy to become a common transportation fuel. It is being evaluated and tested for applications in on-road trucking, off-road trucking, marine and rail transportation. Despite the fact that there are documented problems with the fuel tanks and the gas supply to the engine, the transition to LNG as a transportation fuel has begun. Because the engines are comparable, LNG competes directly with compressed natural gas as a fuel for natural gas automobiles. There may be cases where LNG trucks, buses, trains and ships could be cost effective to move LNG power with general cargo and / or people to smaller, isolated communities without access to pipelines. or a local gas source.

During the forecast period, the LNG market is expected to be driven by an increase in the number of investments in the sector. The growth of the LNG industry has been propelled by a significant increase in the number of investments made in the region by various organizations, resulting in a significant increase in the production of natural gas and a decrease in gas costs. Due to the lower wholesale costs of natural gas in end-use markets, the profitability of using gas becomes more favorable compared to alternatives such as petroleum. As a result, the LNG market is expected to be driven by lower natural gas prices due to increased investment.

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ANALYSIS OF LNG MARKET SHARES

By type, APCI liquefaction technology is the largest segment, with an LNG market share of over 75%.

Based on the applications, the most important segment is expected to be power generation.

Depending on the region, Asia Pacific is the largest market, with an LNG market share of around 55%, followed by Europe and North America, both having a share of more than 35 percent.

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BEST COMPANIES IN THE LNG MARKET

The world’s three largest manufacturers hold a 30% share.

Some of the major players in the liquefied natural gas (LNG) market include

• ConocoPhillips
• Chénière Energy
• Qatar Oil
• Woodside Oil
• Sinopec Group
• PA
• TOTAL
• Shell
• ExxonMobil
• Chevron.

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SIMILAR REPORTS:

– Global LNG bunkering market the height was evaluated at $ 0.38 billion in 2019, and is expected to reach $ 5.14 billion by 2027, with a CAGR of 45.2% from 2020 to 2027.

– The Global anticipated LNG market the height was evaluated at $ 102.2 billion in 2019, and is expected to reach $ 58.9 billion by 2030, with a CAGR of 9.9% from 2020 to 2030.

– The Global Small-scale LNG market the size should reach $ 67 million by 2027, from $ 48 million in 2020, at a CAGR of 5.6% in 2021-2027.

– The Global LNG floating market the size should reach $ 12,970 million by 2027, from $ 9,459.3 million in 2020, at a CAGR of 4.2% in 2021-2027.

– The Global LNG carrier market the size should reach $ 16,250 million by 2027, from $ 11,930 million in 2020, at a CAGR of 4.1% in 2021-2027.

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